We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 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!
100% mortgage with a deposit?!?!
Options
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
-
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
-
Thats all I needed to know!
Thanks!!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.7K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.5K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards