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Mortgage deposit size
cherryblossomzel
Posts: 511 Forumite
Is there much benefit in getting a deposit of just slightly more than 10%? I wouldn't be able to put down 15%, but I could maybe get to 11 or 12%. Does this have an impact on interest rates for the mortgage, or might I just as well earmark that money for home improvements, in which case I might be able to get a bit more of a doer-upper.
(I posted this over on the House Buying forum before realising that there is a dedicated forum for mortgages - should I remove the other post over there? I'm not a big user of internet forums and I don't know the etiquette, I wouldn't want to spam the boards
)
(I posted this over on the House Buying forum before realising that there is a dedicated forum for mortgages - should I remove the other post over there? I'm not a big user of internet forums and I don't know the etiquette, I wouldn't want to spam the boards
) 0
Comments
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You would be v unlikely to get a better interest rate.
The advantage is that there would be 1% less that will be accruing compound interest in the longterm, but probably not worth it if it means you don't have enough funds for improvement/emergency fund0 -
It would not affect rate but it can affect acceptability by the Lender.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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