If a lender offers you 85% mortgage - is this of the valuation or of the purchase price?
Ie If they value a house at £100k and the asking price is £100k, I take it they give you £85k.
But if you knock the seller down to £85k (or get a discount from a family member etc) do you still get £85k or would they only give you 85% of £85k?
Cheers
It depends on the lender. If it's a family member they may accept the £15 as a gifted deposit, if it's a builder you're buying off they may take it as a 15% builders deposit (some lenders accept unlimited builders deposit, but very few though), if it's not either of these, they will lend 85% of what you pay for it.
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