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Mortgage deposit question
markelanduk
Posts: 25 Forumite
Hi all,
Really dumb question here on my part but I can't seem to find the answer online.
When you use the online mortgage calculators, it asks you salary and deposit and then tells you the amount the bank is willing to lend you.
Now, does that amount include your deposit money or is the deposit money separate? For instance, if you website tells you that you can borrow £300,000 and you have a £50,000 deposit, does that theoretically mean that you can afford a property of £350,000?
Many thanks in advance!
Really dumb question here on my part but I can't seem to find the answer online.
When you use the online mortgage calculators, it asks you salary and deposit and then tells you the amount the bank is willing to lend you.
Now, does that amount include your deposit money or is the deposit money separate? For instance, if you website tells you that you can borrow £300,000 and you have a £50,000 deposit, does that theoretically mean that you can afford a property of £350,000?
Many thanks in advance!
0
Comments
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If I read it correctly, yes.
Using the Nationwide affordability calculator as an example. It asks how much you would like to borrow (in your case £300,000) and what the purchase price is (in this case, £350,000).
If the calculator then says "Hurrah, we might be able to lend you £300,000" then there you go! :beer:0
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