Deposit - 8% instead of 10%?

M

Mel

Registered User
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I'm jumping the gun a small bit as i'm still only bidding, and i'm sorry if this is a stupid question...
I'm wondering how the 10% deposit to the vendor is related to the 8% of the mortgage that you come up with yourself?

Do you provide the vendor with the 10%, then draw down the 92% mortgage and they repay you the 2%?

I see on some threads that the vendor will accept in some cases less than 10% as the deposit - would it be easier all round to give them 8%?
 
If the vendor/vendor's solicitor will accept 8% then that's the easiest route. If they insist on 10% you'll get the 2% back from the mortgage cheque - via your solicitor - on completion.

Sarah

www.rea.ie
 
Only If the solicitor does not charge a 2% fee for their services that is :D
 
ya, that's the next part of the sums :eek:
I have indicated to my current sol that I will ask her to do any of this work, but need to agree / get estimate of price...
 
Thanks again Sarah (un)fortunately it won't be more than that, the property wouldn't be worth it.

Is there a fixed fee under 250K?
 
Mel said:
Thanks again Sarah (un)fortunately it won't be more than that, the property wouldn't be worth it.

Is there a fixed fee under 250K?
Click to expand...

Why don't you shop around, check out

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or

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or

[broken link removed]


to name but three, as well as REA.
 
I've decided to arrange finance through an independent broker friend of the family, so at this stage i just need to find the cheapest solicitor/surveyor etc. I've heard horror stories from friends of surveyors given unwritten quotations of €500 and then billing for €1300 a year later for 'conversations' and 'consultations' that they couldn't provide dates/times for.
I'm still green, but this website is a godsend.
 
Mel said:
I've decided to arrange finance through an independent broker friend of the family, so at this stage i just need to find the cheapest solicitor/surveyor etc. I've heard horror stories from friends of surveyors given unwritten quotations of €500 and then billing for €1300 a year later for 'conversations' and 'consultations' that they couldn't provide dates/times for.
I'm still green, but this website is a godsend.
Click to expand...

Ok, but remember it's your money. Never let family friends get in the way of a good deal.

IMO, you would be better of avoiding family friends in these circumstances ;)
 
The broker was recommended to my father by the insurance broker that all our family use; there's a v long and v good track record there, so i have full confidence that it's the right way to go.
Thanks though!
 
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