Adding more to deposit

samminich

We have now seen the house we want and just need to get it for the price we want.

We have the maximum mortgage we want to take out, not the maximum we can get but what we comfortably want to borrow and pay each month. However as the property we want is on at over our set budget we may have to bargain hard. However we have a bit of spare in the money we have available and wonder if we can just add more to the deposit to secure the house. Is it possible to pay say another £1.5k to 2k on the deposit. This would mean the mortgage isn't 95% but maybe 94% can this be done.

Many Thanks

herbiesjp

Yes - can be done

Simply put down a higher deposit - very straightforward

MortgageMamma

It sounds like you might need a bit of help with your mortgage, do you have a mortgage adviser doing this for you?

samminich

We don't have an advisor, but have been talking to the choosen mortgage company - who with everything taken in to account offered us 187k mortgage is we needed it. So the mortgage isn't really the problem.

For our own reasons we have decided that we don't want to borrow more than 142500 on a house of 150k. We feel that this monthly payment is what we comfortably want to pay, taking in to account other costs and general life. Due to this we really just wanted to know if we could put the little bit extra down to keep the mortgage to this, if they won't take our offer, and we have to use a bit of our additional money. Its our own fault for looking over the budget. However the house has been on the market for 4 months, and is owned by two mates who bought together to get on the property ladder and now just want to take the money made out. We know what they paid 4 years ok so we know that our offer will give them a nice profit.

As we sold a house to move in to rented with husbands job we currently have no chain so can move fast. It is however 10 years since either of us got a mortgage and things change.

herbiesjp

Indeed you can reduce the mortgage amount you want. All you have to do is contact the lender and advise them that you wish a lower mortgage amount, the property price is the same, and you are putting a slightly higher deposit.

If you have not submitted a full application, the even easier, as you would put all the figures on the application form once your offer has been accepted

HTH