A mortgage loophole…….(UK ONLY)…?
I’ve just had a thought and I need to know if it’s feasible or not.
In order for first time buyers to get on to the housing ladder and for sellers to sell their property quickly, would most sellers consider RAISING their asking price by 5 or 10% in order to pay the buyer’s deposit?
Surely that would be the most beneficial solution for all parties involved, or am I way off the mark?
SC – I don't think you understand the question fully. I'm not talking about cash exchanging hands here. It all happens at the exchange of contracts.
I sold my old house to my step-daughter and we did something similar to help her.
However, my house was sold privately and was never advertised. I was letting her have it below market price but she was without any deposit money but earned enough to get the mortgage. Nothing illegal we simply came to an agreement.