Mortgage plus cash ??

Jwat321

Hello

I have been to the Halifax this morning and they have offered me a maximum mortgage of 73 k on my earnings . I have a 50 k deposit so making total £123k .
However the house I am interested in is £130k would an estate agent accept my mortgage of £123k plus the remaining £7k in cash???

Are there any issues I need to know about?? I would rather pay the extra in cash and not have to add to mortgage payments

Thanks in advance

_Andy_

That doesn't make sense.

You've got 50k deposit, the mortgage is 73k - that gives a total of 123k.

Where is this other 7k coming from?

WD1234

sorry i don't understand surely you have enough for a £57K deposit from what you're saying.

Yorkie1

Bear in mind that you - or anyone buying this house - will pay stamp duty if they agree to pay over £125K for the house. If the sale price is £125K or less, then there is no stamp duty to pay.

In reality, the maximum this house will sell for, is likely to be £125K. Also look at sold prices of similar houses in the same street or nearby (nethouseprices.com, or zoopla) to see whether the seller is asking a reasonable amount in the first place, or grossly overestimating the value of their house.

Therefore, if you can borrow a maximum of £73K from the Halifax, you would need £52K deposit in cash, plus money for the mortgage application / survey / solicitors fees / searches etc.