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Can it work like this?
Feanor
Posts: 513 Forumite
Hi all,
Hoping for some advice please! We have a mortgage agreed in principle with Abbey for maximum borrowing of £240k with a 5% deposit. Basically, i was left £35,000 inheritence a few months ago, and we decided we would use about £15-17k of this for a deposit for a house. We live in Kingston Upon Thames, Surrey and are looking at quite a big area. We keep missing out on places as they are selling in hours/days!
Now, if we saw a house at £245,000 and really liked it, even though our mortgage is up to £240,000 could i just use an extra 5k out of my inheritence money, or do we have to go up to the full 10% deposit, which then takes us most of the in heritence money?
Im confused! Thanks for any help.
Hoping for some advice please! We have a mortgage agreed in principle with Abbey for maximum borrowing of £240k with a 5% deposit. Basically, i was left £35,000 inheritence a few months ago, and we decided we would use about £15-17k of this for a deposit for a house. We live in Kingston Upon Thames, Surrey and are looking at quite a big area. We keep missing out on places as they are selling in hours/days!
Now, if we saw a house at £245,000 and really liked it, even though our mortgage is up to £240,000 could i just use an extra 5k out of my inheritence money, or do we have to go up to the full 10% deposit, which then takes us most of the in heritence money?
Im confused! Thanks for any help.
0
Comments
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If you have a broker (which from previous threads I believe you do) get them to work out the maximum amount Abbey will lend you, and then work it out from that - so long as you put down a 5% deposit on a 95% loan to value product and your earnings support the borrowing you require you should be okI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, 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
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