Posted on 16 July 2011 by Saul
Desperate to save but it just can't happen due to tenant rentals . Any company offering builders Gift deposit?
There are numerous developers, both national and local, who offer gift deposits of various sorts. You need to be wary when looking at these and to bare in mind that all of them are an incentive for you to buy on that particular development. You should ask yourself if you are getting a discount or if the price is too high for them to sell in the current climate and in fact the gift just brings it down to the true value.
As far as the deposit is concerned you will find that all lenders will want you to put in at least 5%, even if there is a builders gift deposit. This can be from your own personal savings or a gift from a close relative, but without it you realistically have no chance of getting a mortgage.
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