Concessionary purchase

Posted on 22 July 2011 by jamie


Does a deposit have to be saved/paid for a concessionary mortgage purchase in Scotland?

Jamie

I am unable to advise you on any aspect of Scottish Law, but as far as gaining a mortgage is concerned it is not necessary to have an additional personal deposit if you are buying from a relative at a discount.  If you are purchasing from anyone else and they are providing either a builder's or vendor's deposit you will need to have at least a 5% deposit based on the property value.

I believe we can help you and that you would benefit from speaking to one of our independent mortgage advisers.  Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to offer further advice on your situation.

Peter

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