Hi all,
I rang London & Country to check how much I could borrow for a mortgage yesterday. I wanted approx £150k with a £25k deposit. Guy said it should be comfortable and the letter came back with anything up to £180k.
Is that offer based on my potential deposit or is it only based on the affordability check he did? If I want to reduce my deposit, would that affect the amound I could borrow?
I wont be going less than 10% LTV but seeing as though the rates dont change between 10% and 15% there isnt much difference apart from adding a few quid to the monthly payments.
Am I missing something?
I rang London & Country to check how much I could borrow for a mortgage yesterday. I wanted approx £150k with a £25k deposit. Guy said it should be comfortable and the letter came back with anything up to £180k.
Is that offer based on my potential deposit or is it only based on the affordability check he did? If I want to reduce my deposit, would that affect the amound I could borrow?
I wont be going less than 10% LTV but seeing as though the rates dont change between 10% and 15% there isnt much difference apart from adding a few quid to the monthly payments.
Am I missing something?