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Only 90% needed?
Shedboy74_2
Posts: 18 Forumite
Hi there, my fiancee and I are looking at a property which has been valued at 60k, however the seller is willing to let it go for 46k.
It's easy enough to get a 90% mortgage just now, 90% of 60k being 54k. Can't we somehow get just the 90% mortgage without trying to find the 10% deposit, which would have to be in the form of a loan?
Any help/pointers here would be greatly appreciated.
Thanks.
It's easy enough to get a 90% mortgage just now, 90% of 60k being 54k. Can't we somehow get just the 90% mortgage without trying to find the 10% deposit, which would have to be in the form of a loan?
Any help/pointers here would be greatly appreciated.
Thanks.
0
Comments
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Your mortgage will be 90% of the price you pay for the property - ie 90% of 46k. You'll need to come up with a deposit of 4.6k plus fees.
Lenders don't allow deposits to be in the form of loans. Keep saving.0
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