Mortgages for people with a large deposit

Burnley_Lad

Do lenders offer mortgages at preferential rates for people with a large deposit?

For my own situation, I am potentially looking at being able to put down a 40% deposit.

homer_j_3

I cant think of any lenders off the top that give preferential rates for larger deposits, however, you may find that lenders do not go to the same level of scrutiny when they have 40% equity to eat up if it all goes wrong...

herbiesjp

Not necessarily preferential rates, but most lenders will offer their best rates at lower loan to values.

i.e some lenders will offer certain deals at 90% but lower if less than 75%.

However you will still need to fit their affordability/income criteria

MortgageMamma

You had a mortgage advisor coming to see you this morning who could have answered these questions for you, remember? No of course you didnt. That's my time and Andrew Smiths you have wasted so far. If your not prepared to take advice and not commited enough to your financial planning to sit down with someone who knows what they are doing, why bother asking questions in the forum?

stanmoresaver

good point raised there- From my viewpoint- forums like this exist to help people get an idea how to do things- but, as i always say- if it was on the " how do i service my boiler" thread- you would probably still get a professional in!So don't be suprised when they get upset when they feel that their goodwill is being abused!

SS

homer_j_3

Burnley Lad, it seems as though you have got a few brokers backs up here for utilising their indespensible knowledge, time and experience and then blatently abuse their goodwill by posting questions on here.

I think that the forum works on goodwill and it doesnt bode well that this seems to have been abused.

Brokers on here dont come on here to gain business as we/they are all very busy but I know from your name that you were close to MM and if you trusted her advice on here then it wouldnt have been unreasonable to ask her to work on your behalf.

It is just a shame that a minority of the few may spoil it for the many if people think that brokers can be used and abused so blatently and publicly. If their has been a misunderstanding between the 2 of you then I urge you to clear the air to restore the goodwill and faith.

Burnley_Lad

herbiesjp wrote:

Not necessarily preferential rates, but most lenders will offer their best rates at lower loan to values.

i.e some lenders will offer certain deals at 90% but lower if less than 75%.

However you will still need to fit their affordability/income criteria

thanks herbiesjp - that's just the information I was after.

Faster_Loans

Hi Burnley_Lad,
It just depends how much you want to buy with your 60%. There is a minimum mortgage amount of around £25k (I will check if you like).
The best strategy seems to be to tell the Estate Agent you will pay the 40% cash and see his eyes light up but tell him it is returnable if you do not get a mortgage.
I believe you will but this protects you.
You then can go shopping for a 100% mortgage (although it is only for the 60%) you need.
Regards,
Alex

MortgageMamma

Faster Loans

I suggest you change your signature as it is blatantly touting for business and against site rules. This has been reported to the forum moderators who will not doubt speak with you on this matter.