What is the maximum price house I can buy with a £130,000 mortgage?

Julia130

Hi
I was wondering if anyone knows what the maximum price house I could buy with a £130,000 mortgage. Is the deposit excluded from this? So if I was offered a £130,000 mortgage and had a deposit of £13,000 does this mean I could buy a house that costs £143,000? Or is the maximum house cost £130,000?

Thanks a lot.
Julia

TheOldSeaDog

The mortgage is the money you borrow. You could buy a house worth £300,000 if you had a £130k mortgage with a £170k deposit

leodis23

The mortgage is the loan amount towards the overall cost of the house, which at the moment would max out around 90% for first time buyers.

The deposit typically has to be 10% of the overall house price, so for a £143k house you'd need a £14,300 deposit.

RelievedSheff

Your maximum house price is your deposit plus your mortgage.

But don't forget that you need money for fees relating to the purchase as well such as solicitors fees and searches etc.

You need to also check what your lenders maximum loan to value is.

[Deleted User]

Julia130 said:

Hi
I was wondering if anyone knows what the maximum price house I could buy with a £130,000 mortgage. Is the deposit excluded from this? So if I was offered a £130,000 mortgage and had a deposit of £13,000 does this mean I could buy a house that costs £143,000? Or is the maximum house cost £130,000?

Thanks a lot.
Julia

you will need a deposit of at least 10% of the purchase price.   At £143,000 the deposit would be £14,300 and mortgage £128,700