Would you reveal a high deposit in the offer?

[allthecatsintheworld]

FTB here so sorry if it's a silly question.
I'm offering on a place that I could buy with a high deposit. I'm not sure how to handle this at the offer stage. Surely if I make an offer stating I have a high deposit, they will know that I could eat into it and go higher with my offer? Is it better to say it's 20% for now (and then decide how much to put in later on)?

There isn't a lot of competition for the property, it seems slightly overpriced and I am planning to go in with a below asking offer, but the owners seem in no rush to sell, so they could wait for a better offer.

You don’t mention deposit at all it’s none of their business .

Why would you be mentioning your deposit at all? Have you been asked?

I suspect your estate agent will ask to see proof of deposit along with your mortgage agreement before deeming you as proceed-able.

Oh good question, I assumed that's part of the offer, but apparently I was wrong! So do I just tell them the number and that's it?

Yes

We lost out to buyers with a higher deposit than us a couple of times. As a seller a higher deposit buyer is more attractive when you think your house will be downvalued, I guess. Meaning that a mortgage lender will offer less to borrow.

But no op, just offer your figure and nothing else. They'll prob see what your deposit is when they request your proof of funds.

Absolutely 100% yes, it used to be my job to pass on offers and your offer isn’t just the number you put forward. It’s also your position ie do you have something to sell, can you be flexible around dates/wait for the seller to find a property and or move quickly. Flexible, no chain is ideal.

Then your financials, the percentage of deposit, do you have a mortgage in principle? Cash is ideal, then high deposit (fewer issues if bank valuation is low).

Never leave this information out, it helps your case and makes you look like a serious buyer.

Yes definitely.

We won our current house at 20k less than multiple other offers because we had a higher LTV.

I would only disclose under best and final terms though, not an offer of interest.

In today’s market proceedability is as important as the offer amount. So include everything that makes you a good buyer. Such as flexibility of timing, the fact that your offer is not dependent on a sale, etc.

High deposit can forfend against delays while mortgage companies faff around demanding retentions against work advised in a survey etc.

Depends on the level of deposit. Twenty percent isn’t particularly high, I would view over fifty percent as high. Twenty or thirty percent I’d feel was irrelevant.

It does make a difference so I’d mention it. We’ve received an offer and we know the couple don’t have much deposit so they are going to have to raise the bulk through the bank. This is a concern to us.

It’s only relevant if your offer is being considered alongside others.

I wouldn’t mention it unless that applies in case the house is valued at less than your offer price by your lender. If it is then the vendors will know that with a high deposit you would still be able to pay your initial offer price and therefore will likely be less willing to negotiate.

I would state your offer, your position i.e. ftb with mortgage in principle agreed and solicitor lined up. Keen to complete ASAP.

Good luck!