We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Dumb Q regarding deposit
GreenBoy_2
Posts: 6 Forumite
Hi
I have been looking around for a new mortgage as my current is not very good and the monthly payments are high
I currently owe approx £100k (just under) anf my house is now worth about £150k+ (yes even in todays depressed market!)
New mortgages seem to want a 25% deposit. Do i need physical cash for this or does the fact my house is worth approx 33% more than the value i am looking to borrow count as the deposit???
I said it was dumb!
GreenBoy
I have been looking around for a new mortgage as my current is not very good and the monthly payments are high
I currently owe approx £100k (just under) anf my house is now worth about £150k+ (yes even in todays depressed market!)
New mortgages seem to want a 25% deposit. Do i need physical cash for this or does the fact my house is worth approx 33% more than the value i am looking to borrow count as the deposit???
I said it was dumb!
GreenBoy
0
Comments
-
It's not a deposit, it's how much of the purchase price, or value in the case of a remortgage, you are putting in vs. how much you want to borrow. So if your house is worth 33% more than the amount you want to borrow, you are looking for a mortgage deal based on a 67% LTV "Loan to value".
No actual cash involved.0 -
A shorter answer is YES................................I have put my clock back....... Kcolc ym0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards