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Big deposit? Does it really help? Ps help please

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  • tony
    replied
    Re: Big deposit? Does it really help? Ps help please

    A big deposit will help with the rates, it can also help if you have adverse credit.

    It doesnt really allow you to borrow a lot more than you could generally get with a small deposit. So you would still be looking at 4-5x your income.

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  • hi2u_uk
    replied
    Re: Big deposit? Does it really help? Ps help please

    im a first time buyer and am confused about mortgages. It seems that the only thing a big deposit does is affect the LTV% which will affect the interest rates, from what i can tell the amount you get in a mortgage is dependent on your income not your deposit . whether you can afford a property is dependent on the combination of the two

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  • Amandeep
    replied
    Re: Big deposit? Does it really help? Ps help please

    Hi, a big deposit does help however most lenders allow you to borrow up to four times your income some more generous lenders allow you to borrow up to five times your income hope this helps.

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  • Stiltz
    started a topic Big deposit? Does it really help? Ps help please

    Big deposit? Does it really help? Ps help please

    Hi guys

    I am hopeful that some one can help.
    I have £180,000 deposit.
    I earn £22,000 PA.
    I would like a £170,000 mortgage, is this possible?
    I have spoke to a mortgage advisor from my bank over the phone he was no help and made nothing clear.
    Is there anybody else I can speak to for advice or has anyone been in a similar situation?
    any information will help!

    Thanks.
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