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Second homes / mortgages
spingirl
Posts: 45 Forumite
Can anyone advise me what sort of deposit/percentage we should expect to pay on a second property costing around £130,000? The mortgage we already have is around the same & we are looking to rent this property out & move into the new property?
Not sure if unable to say due to individual circumstances / income but could really do with some vague idea as having difficulty obtaining a MIP as being told a 20% deposit is not enough!
Sounds unreasonable to me as can't imagine who would put down a 20% deposit & not make sure or be confident that they can afford the repayments?!
Only ever brought & sold properties in the past so not sure if we are getting the right advise on this.
Thanks in advance for any replies.
Not sure if unable to say due to individual circumstances / income but could really do with some vague idea as having difficulty obtaining a MIP as being told a 20% deposit is not enough!
Sounds unreasonable to me as can't imagine who would put down a 20% deposit & not make sure or be confident that they can afford the repayments?!
Only ever brought & sold properties in the past so not sure if we are getting the right advise on this.
Thanks in advance for any replies.
0
Comments
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Depends on the lender and the rest of the case data.
Haven't you already got a thread running about this from earlier today?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Let's continue over here;-
https://forums.moneysavingexpert.com/discussion/comment/64024212#Comment_64024212I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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