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150k house 20% deposit
JohnLock
Posts: 74 Forumite
Hi.
I have 30k to put towards a house worth 150k.
Do I need to put the whole 30k towards the mortgage, or only 10% - so 15k?
Would putting all the 30k increase my chance of getting the mortgage?
Just don't want to spend money upfront when I don't need to.
- first time buyer -
thank you.
I have 30k to put towards a house worth 150k.
Do I need to put the whole 30k towards the mortgage, or only 10% - so 15k?
Would putting all the 30k increase my chance of getting the mortgage?
Just don't want to spend money upfront when I don't need to.
- first time buyer -
thank you.
0
Comments
-
The more deposit you pay, the better deal you will get, but 10% is fine for most mortgage lenders (even 5% will get you a mortgage). The question probably is - how much can you borrow? If you pass affordability tests for 135k, you only need to put down a 10% deposit.
Personally, I would always put down the max possible, to reduce the interest rate and repayments. However you may have good reasons for not doing so?0 -
I'd check the OP's posting history before [STRIKE]wasting your time[/STRIKE] offering advice.0
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