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big deposit
JohnLock
Posts: 74 Forumite
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.
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.
0
Comments
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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 better0 -
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.0
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With a 50% deposit you should get the very best mortgage rates IF you have a good credit history and pass affordability.0
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