Increasing deposit what will happen to mortgage loan?

aimee2010

Hello

Please can someone help me. I'm trying to get my head round things before putting in an offer on a house I like. My mortgage adviser is on holiday so am unable to aske their advice.

I had an offer accepted on a house for £129,000 so when I went to a mortgage adviser he managed to get me a 95% mortgage with Aldermore for a loan amount of
£122,550.

Surveyor was booked in and then the estate agent phoned to say a cash buyer had come along and put an offer in so the sellers were ditching us and going with the cash buyer (the seller had 2 previous sales fall through because of the chain so they preferred to go with the cash buyer).

Now I've found another property that would accept an offer of £138,000. My mum and my in-laws have said they will give us £5,000 each so I would have a total deposit of £15,450.

I've used an online mortgage calculator to work out that:

Property price: £138,000
Mortgage value: £122,550
Over: 28 years
Interest: 6.09%

Which would be £761 per month which is what we're paying rent at the moment.

So, my question is, my mortgage adviser told me he could not get anymore than £122,550 as a 95% loan for us. Now my deposit has increased from £6,450 to £15,450 what will this mean for the mortgage - will it change from 95%?

Sorry if this is a really stupid question.

Thanks in advance.

betmunch

You are about 89% LTV so you should be able to look at products in a different LTV range.


Without knowing the Aldermore product range very well I couldn't tell you if they have any thing, but I would expect them to.


When your adviser returns them them the new figures and they should tell you which products are available