Helpful tips

What does OIRO really mean?

Joe Ford

What does OIRO really mean?

Offers in Regions of

Can you offer lower than the asking price?

In a sellers’ market, you would be foolish to offer less than the asking price (if that price reflects the current market value of the home). While in a buyers’ market, you have less to lose by offering below asking price. Even if the seller rejects your initial offer, they will likely come back with a counteroffer.

Can you offer lower than OIEO?

You can offer less than the offers over price on a house, but be prepared to have your offer rejected. Offers over is similar to offers in excess of (OIEO) but treat it no differently to a guide price. If the house has been on the market for a while the seller may consider your offer, especially if you are proceedable.

What does OIEO mean when selling a house?

Offers In Excess Of

How much deposit do I need?

Before looking at properties, you need to save for a deposit. Generally, you need to try to save at least 5% to 20% of the cost of the home you would like. For example, if you want to buy a home costing £150,000, you’ll need to save at least £7,500 (5%).

Is a 10% deposit enough?

While there are some (but not many) standard deals available at 10%, they’re likely to be expensive. To have a decent choice of deals with competitive rates, you’ll typically have to cough up a deposit of at least 15% (meaning an LTV of 85%).

Can I get a 10% mortgage?

Most lenders now have a mortgage product aimed at those with a deposit of 10% of the purchase price of their property and you may even be able to put down a deposit of just 5% in some cases.

Are any banks offering 95 mortgages?

Government 95% mortgage guarantee scheme Major lenders including Barclays, HSBC, NatWest and Santander have agreed to participate from April, with more, including Virgin Money, likely to join soon after.

What is a 95 mortgage?

A 95% mortgage is as the name suggests – you borrow up to 95% of the value of the property and pay it back in instalments. This means that you’ll have to pay the remainder upfront, as a deposit.

Can I get a mortgage with a 500 credit score?

With a loan backed by the government like an FHA loan and a pretty strong down payment, you can qualify for a loan even with a 500 credit score (however, Rocket Mortgage® has a minimum of 580). For a loan with a 500 credit score, you’ll need a 10% down payment.