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100% mortgage with a deposit?!?!
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MORPH3US
Posts: 4,906 Forumite

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
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
0
Comments
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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.0
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Thats all I needed to know!
Thanks!!0
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