F
FTBuyer
Guest
Hi folks,
I currently have a bid on a house (First Time Buyer). If the vendor agrees to the offer I feel like I have gotten good value (my current bid is 66% of guide price - and yes I know a lot of guide prices out there today are unrealistic).
Question relates to finding the 10% deposit required by the Banks. I would be struggling to get this amount but could maybe manage it by asking family (would rather not do this however). One way around this I had thought about would be if I could argue to the Bank that the house I am purchasing for E200k is really worth E250k (and this could be confirmed by Bank panel valuer) and the E50k difference could represent my equity? I realise that this may be very wishfull thinking 'in the current environment'!
Current bid is E200k. Would require a further E30-40k to make the house habitable. As such would be applying for a mortgage of E230-240k less the c. E12k in savings I have. Would be confident that a Bank panel valuer would value the house 'as is' at E250k and maybe E300k once finished.
Would really like to buy the house without having to ask family members to help out. Any advise most appreciated.
I currently have a bid on a house (First Time Buyer). If the vendor agrees to the offer I feel like I have gotten good value (my current bid is 66% of guide price - and yes I know a lot of guide prices out there today are unrealistic).
Question relates to finding the 10% deposit required by the Banks. I would be struggling to get this amount but could maybe manage it by asking family (would rather not do this however). One way around this I had thought about would be if I could argue to the Bank that the house I am purchasing for E200k is really worth E250k (and this could be confirmed by Bank panel valuer) and the E50k difference could represent my equity? I realise that this may be very wishfull thinking 'in the current environment'!
Current bid is E200k. Would require a further E30-40k to make the house habitable. As such would be applying for a mortgage of E230-240k less the c. E12k in savings I have. Would be confident that a Bank panel valuer would value the house 'as is' at E250k and maybe E300k once finished.
Would really like to buy the house without having to ask family members to help out. Any advise most appreciated.