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100% mortgage with a deposit?!?!

Hi folks,

We are looking at buying a house that we hope to get for £147,500 but we only have a mortgage certificate (100% mortgage) for £145,000.

If our offer of £147,500 is accepted, will we be able to put the extra £2500 to the mortgage?

Obviously I would still imagine it would be classed as a 100% mortgage which is fine because we're getting a good deal and know we will overpay.

We just know we would have to wait years to save 5% (+fees) whereas at the moment we have about £6,000 saved of which we could make up the £2,500 and then use the rest for fees and stamp duty!

M

Comments

  • Barney088
    Barney088 Posts: 163 Forumite
    Yes. In one word you can do this. The lender will not treat you as having a deposit of any merit unless it's 5%. They will be happier that you are putting something in but it will still be classed as a 100% loan.
  • MORPH3US
    MORPH3US Posts: 4,906 Forumite
    1,000 Posts Combo Breaker
    Thats all I needed to know!

    Thanks!!
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