We called an estate agent today to arrange a house viewing, shortly after they called back saying the purchase would require a massive 50% deposit so we cancelled the booking as this is out of our budget. It simply wasn't worth the time to look at a house that far off our budget.
I forgot to ask at the time, but is this common? What reasons could cause the deposit to be so high for a particular house? I thought the financing agreement would be up to the lender but we had not spoken to the bank at all at this point.
This is in the UK.
I called back and the reason the property required such a high deposit for the mortgage is that it wasn't really liveable in its current condition and needed a lot of work done. According to the agents the banks generally will not loan for properties like this unless the buyer has a lot of cash already to be able to do the renovations, hence the 50% deposit.