Mortgage amount question

mark55343

hi just a quick question


we have a mortgage in principle for upto 232,000
we also have a deposit of 40,000


does that mean we can buy a house that is 270,000?


think the LTV works out to around 85%


or can we only buy a house that it valued upto 230k?




thanks

scholesfan88

I'm sure the wording differs from lender to lender.

Just checked mine from weeks ago and the amount stated was the amount they would lend.

So this amount, plus whatever deposit I said I was putting in would be my max.

ACG

A mortgage in principle is usually for an amount in addition to your deposit, so £270k. But always worth checking with your broker or the lender.