We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Maximum Deposit
ConsistentlyLost
Posts: 85 Forumite
Hi Folks!
I've read about minimum deposits but I've not seen mention of what is the maximum amount someone can pay towards a deposit on a property. I've seen 40% - 50% being considered top deposits for getting access to the best rates when applying for a mortgage but I just wondered if there is such a thing as a maximum deposit.
Thanks in advance!
0
Comments
-
Yes, the price I imagine.Now a gainfully employed bassist again - WooHoo!1
-
Once you hit 100%, you won't need a mortgage.ConsistentlyLost said:I just wondered if there is such a thing as a maximum deposit.
So anything up to just under 100%, as long as the remaining amount meets lending criteria.2 -
Some lenders have minimum loan amounts - typically £5-25k for normal lenders. So purchase price - minimum loan amount = maximum deposit.I am a Mortgage AdviserYou 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.2
-
Deleted_User said:
Once you hit 100%, you won't need a mortgage.ConsistentlyLost said:I just wondered if there is such a thing as a maximum deposit.
So anything up to just under 100%, as long as the remaining amount meets lending criteria.
It would be different in my situation as the maximum I can borrow for my mortgage tops out at 50% of the property price so I'm working towards getting the deposit for the remaining half.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards