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Halifax Deposit Question
Mickscotland
Posts: 1 Newbie
Hi this is my first post .. Please be gentle.
My self and partner have been given a AIP by Halifax with a 15% deposit required on the mortgage .
Here's my question ( as is doesn't state in the offer email)
Would this 15% be of the LTV or the actual amount Halifax give us?
We have seen a house at £115000 fixed price and it states it has a home report value of £135000 my calculations is that is 84.9% LTV .. I think .
Do Halifax use the home report valuation, or do they do their own valuation?
We have the deposit to take it to 20% LTV if this is the case.
Any help would be very much appreciated .. Than you
My self and partner have been given a AIP by Halifax with a 15% deposit required on the mortgage .
Here's my question ( as is doesn't state in the offer email)
Would this 15% be of the LTV or the actual amount Halifax give us?
We have seen a house at £115000 fixed price and it states it has a home report value of £135000 my calculations is that is 84.9% LTV .. I think .
Do Halifax use the home report valuation, or do they do their own valuation?
We have the deposit to take it to 20% LTV if this is the case.
Any help would be very much appreciated .. Than you
0
Comments
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It is 15% of the purchase price of the property.0
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It is 15% of the lower of the market value or the purchase price of the property.
Therefore it sounds like you have 5% deposit when you need 15%.I 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
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