big deposit

JohnLock

Hi,

If I had 100k savings, and wanted to buy a 200k house, would the bank look on me favourably for a mortgage? Or is 100k too much to be giving them? What does a bigger deposit mean for me? Will I be paying less, and what else will it do for me? Is it worth it?
Thanks.

glentoran99

JohnLock wrote: »

Hi,

If I had 100k savings, and wanted to buy a 200k house, would the bank look on me favourably for a mortgage? Or is 100k too much to be giving them? What does a bigger deposit mean for me? Will I be paying less, and what else will it do for me? Is it worth it?
Thanks.

You don't give the bank anything, it means they are only lending you 50% so that would be favourable, You are only borrowing and repaying 100k + interest so of course its better

Thrugelmir

You can only borrow what you can afford to repay. Repossession is a route mortgage lenders try and avoid. As it's a total loss making operation for them.

dimbo61

With a 50% deposit you should get the very best mortgage rates IF you have a good credit history and pass affordability.