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Old 04-20-2009, 03:21 PM
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Default Mortgages? I need some advice please help?

Im a first time buyer and have been told about a shared equity scheme that can be done on new built homes, I have also been told that i can get a 90,000 mortgage on any house but because i cant get much of a deposit my adviser told me to ask the owner to drop 5% off the house price an use that as a deposit.. So say i got a house for 88,000 and i asked them to drop 5% .. does that mean the other 2,000 that's left off the 90,000 mortgage can be used towards the deposit as well or does that have to be my own money?!Its a mortgage advicer! Im prettty sure he knows lol.. IM asking about the extra 2000 thats left over off buying a 88,000 house with a 90,000 morgage can that be used towards a deposit?
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