Thursday, July 21, 2011
Another ‘incentive’ is pulled from a stagnant market
From Monday, Halifax Intermediaries will no longer accept applications which contain an element of vendor gifted deposit from private sellers. The change will affect buyers who are receiving a cash incentive from a private vendor who is selling their property. There is no change for customers who are receiving gifted deposits to purchase new build properties from either a professional property developer or builder i.e. builder gifted deposit........Halifax says with a vendor offering a deposit as a gift, the true purchase price and valuation of the property may be distorted which results in the incorrect LTV being calculated, which in turn could result in customers being offered incorrect products.