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Mortgage in principle question
Scottishrob79
Posts: 58 Forumite
We're looking to get a mortgage in principle of a maximum of £200,000 with a £30,000 deposit (so 15% deposit).
If we then find a house for, say, £180,000, would a lender let us put down less deposit (£28,000 for instance) when it came to the proper mortgage application, as long as its still the same percentage deposit, or would they have given the MIP on the proviso that we were putting £30,000 down, no matter the final loan amount required
If we then find a house for, say, £180,000, would a lender let us put down less deposit (£28,000 for instance) when it came to the proper mortgage application, as long as its still the same percentage deposit, or would they have given the MIP on the proviso that we were putting £30,000 down, no matter the final loan amount required
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Comments
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You are correct, it will be as a % of the amount. The MIP is only indicative though, as your application will be checked again when submitted fully.
Best of luckI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Ah thats great thanks0
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