Rent to buy, putting in offer for property.

[Amy]

I have currently been approved for a rent to buy scheme in Stepaside for a 3 bed property asking price 244,950 pending mortgage approval.

I was told I would need 220,500 mortgage to be able to proceed at the asking price but I have been on to a broker who quoted me 204,000 as my best offer of a mortgage.

The broker said if I offer a lower price for the property I would be reassessed for the mortgage but I would be in a better financial situation to proceed once I had my 25,000 (5000 deposit and 20000 from rent to buy scheme over 18 months).

I was considering putting in an offer of 225,000 for the apt who have been just relaunched at 244,950. The maximum I could afford would be 235,000.

Am I completely mad even considering to offer a lower price?
I am a first time buyer and any advice is welcomed.

 

[queenlex]

I have currently been approved for a rent to buy scheme in Stepaside for a 3 bed property asking price 244,950 pending mortgage approval.

I was told I would need 220,500 mortgage to be able to proceed at the asking price but I have been on to a broker who quoted me 204,000 as my best offer of a mortgage.

The broker said if I offer a lower price for the property I would be reassessed for the mortgage but I would be in a better financial situation to proceed once I had my 25,000 (5000 deposit and 20000 from rent to buy scheme over 18 months).

I was considering putting in an offer of 225,000 for the apt who have been just relaunched at 244,950. The maximum I could afford would be 235,000.

Am I completely mad even considering to offer a lower price?
I am a first time buyer and any advice is welcomed.

Why in the name of God would you be mad to offer a lower price? You'd be mad to offer near the asking price even though stepaside is a nice area sure there's nothing selling in that area...hold off for God's sake you don't want a mortgage that size around your neck especially if its on your own.