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It’s a paradox really - £10k looks like nothing on the total cost (and spread over a mortgage period) but it’s a shit load of cash up front and could be an insurmountable barrier if you’re already at your limit.
I reckon some kind of auction system would be better for everyone - market determines price instead of estate agents and overly optimistic sellers.
Dramatic_Hammer-
I think that type of system wouldnt be favourited by estate agents who are making incredible amounts of money by pushing up the prices more and more to enable bigger percentages for them.
Estate agents dont really care if the house fails into negative equity as by that point they are long gone.
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I reckon some kind of auction system would be better for everyone
If that was the case, why isn't everyone buying houses at auctions? It's not like they don't exist.
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A lot of houses go at auction here... It's quite the spectacle, it all happens outdoors in front of the house... A place over the road from us was auctioned a couple of weeks back, it was like a mini carnival...
konastab01
Brommers
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This is very good advice.
While its big sums of money, what does 10k really equate to over 5+ years?