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No benefit to being between deposit 'bands'?
AFScot
Posts: 20 Forumite
Hi
Is it true that if you have a 12% deposit available, its not of any greater benefit to having a mortgage agreed than a 10%, that it just the 'bands' of 95-90-85% etc that would influence the approval?
Thanks in advance
Is it true that if you have a 12% deposit available, its not of any greater benefit to having a mortgage agreed than a 10%, that it just the 'bands' of 95-90-85% etc that would influence the approval?
Thanks in advance
0
Comments
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@afscot As far as rate and product is concerned, that's correct.
Whether the actual size of the deposit (say 5% Vs 9%) makes any difference to the "credit-scoring" that the lender does for each application is hard to say.I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, 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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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