Deposit Question

runner20k

Hi
We have had an offer on a house accepted. Purchase price is 150,000 and we have 10% (15000) to put down. The house is on for a quick sale as it is a probate house and the seller just wants rid. The house was marketed at 170,000 . we went in with a cheeky offer just to see and amazed as its accepted. All the houses on the market around it are on for 170 plus and the house next door sold in april for 195.
my question is would the bank view the mortgage as 10% only or take into account the rest of the cash in the property as in effect it is 22% of the property value but we only supplying 10% of that cash.
hope that makes sense.

_Andy_

They will use the actual purchase price.

dwsjarcmcd

...or the vauation, whichever is the lower

runner20k

Thanks for that, thought as much, was hoping it was different so we could go for a 80% LTV deal