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mortgage for 78k flat 81K could i buy wiv extra deposit money??
AdWolves123
Posts: 32 Forumite
I have been approved for a mortgage of £78k and have the 5% deposit. But i really want a flat iv seen for £81k. As lonf as i have the additional money would this be a problem or would the bank think im taking libertys??
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Comments
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AdWolves123 wrote: »I have been approved for a mortgage of £78k and have the 5% deposit. But i really want a flat iv seen for £81k. As lonf as i have the additional money would this be a problem or would the bank think im taking libertys??
Why should they? If the mortgage amount that you need is the same, but have you had this one valued, does it match their criteria?0 -
Well i was in the midst of buying a place then it gt removed frome the market. So i viewed a flat thats on for 81 whic is immaculate and what im after. So seeing as they agreed to lend me 78 me findin.an xtra 3k wouldnt effect my mortgage would it?? Im a ftb so am pretty green to all this!!0
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You would be doubling your deposit, near enough anyway. They would look at that with approval I'm sure.0
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The only problem you may have is that the bank will only lend 95% of the value of the property.
So on 81k property they might lend £76,950 meaning you would have to put up £4,050.
I don't know of many lenders, if any that will lend above the 95% LTV.0 -
I have the 3800 for the £78k. if i can gt togeva the extra 3k being a total of £6800 could i do this???0
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Your posts are slightly ambiguous. Have you got a mortgage offer of 95% of £78K, or an offer of £78K? Your reference to £3800 suggests that you were originally looking at a flat valued at £78K, of which 5% deposit is £3900 and the mortgage would be £74100.
However, irrespective of the value of the property, if the amount you are seeking to borrow remains the same (i.e. £74100), and you are merely topping up the amount you are paying in order to buy something more (i.e. valued at £81K) then I see no difficulty in principle. Your loan to value figure is improved and the amount you're trying to borrow remains the same.0 -
More than slightly ambiguous IMHO.No reliance should be placed on the above! Absolutely none, do you hear?0
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Yes yorkie thats what i was trying to get across lol. Thanks for the advice.0
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