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%?
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%?