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15% deposit for flat?
Rumana03
Posts: 214 Forumite
My husband has been checking with various mortgage brokers & one of them said that we require a 15% deposit for a second hand flat..is this the normal requested amount? Or do different brokers want different things?
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@rumana03 Depends on the lender and kind of flat.
With non new-build flats, there are plenty of lenders who will consider with 5/10% deposit. If the broker has reviewed the flat details and your circumstances and then said you need a 15% deposit, it could be due to a numbers of reasons, not just the property itself. I hope that makes sense.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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