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Help with Deposit & Mortgage
ftb_deena
Posts: 53 Forumite
Now, this might seem like a stupid question, but as a FTB I'm new to all this...
I've had my offer on a house accepted that is £1k over budget.
My budget = my deposit + the mortgage amount (AIP)
Is it as simple as just adding an extra 1k to my deposit?
I've had my offer on a house accepted that is £1k over budget.
My budget = my deposit + the mortgage amount (AIP)
Is it as simple as just adding an extra 1k to my deposit?
0
Comments
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Usually yes or you can see if the bank will lend the extra amount. However, once you make an offer and submit a full application the lender can value the house lower. If this happens you would need to up the deposit. Are you prepared for this case ? Plus extras such as solicitors fees etc etc0
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Thank you @Fisa002
I am able to fund the extra 1k and have extra for all the fees.
Why would I need to up the deposit if the house is valued lower?0 -
OH I understand because the mortgage lender wouldn't be prepared to lend as much.. I'm hoping that won't be an issue but if that is the case I am prepared funds wise. 0
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Ok now to submit your full application and get the valuation done. That will be your main hurdle. If you head over to mortgages forum theres a great thread absout awaiting mortgage decision. Join the party over there and good luck with your purchase0
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I suspect most would look for a reduction in the agreed price of the property if it's downvalued by the lender's appointed surveyor.
Not many think "let's increase my deposit and pay over the valuation" although I'm sure some sales do complete that way.
Eventually.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
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