One of my colleagues is trying to sell her house, however she needs and extremely quick sale as she wants to buy another place which has just come onto the market.
Because she wants a quick sale, and because I'm a friend she's offering a reduced price of £85,000. This is against a valuation of £110,000.
My question would be, what are the chances of me being able to raise a mortgage of £80,000 to buy the house? I can put down an additional £5k in cash and would obviously have the £25k in equity - but would this be acceptable on a salary of £20k (+ overtime and bonus')?
What do you think?