advice needed

[sbt]

hi all is there any financial advisors on this forum . i could do with a bit of advice it is a simple question can you have too much deposit to put on a house like 75% it would appear no mortgage lenders are interested in lending me the other 25% any advice would be really appreciated

[Tabletski]

I am not a financial advisor but have bought and sold houses, it is my understanding that lenders have various criteria when lending. Your credit rating and other financial status are considered as is the making money side of the deal. Your 25% mortgage might not be as profitable to them in the long term. Why not ask for a 60% mortgage and after a few months pay the rest down, making sure your mortgage deal allows overpayments.
Consider a lottery win, paying a few thousand would be normal. Just as an example my mortgage allowed a 10% overpayment in any year. I reduced my payments by a huge margin by paying off chunks. My mortgage now is less than my telephone/broadband deal.


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[sbt]

HI thanks for the reply . i am a bit old fashioned when it comes to finance and just presumed the less i needed the more chance i had of getting it perhaps i need to try a different strategy cheers for that

[Tabletski]

Apologies for more notifications, I just had a thought, in the past I was quite interested in knowing more about finance so joined the forum at TMF: The Best of the Boards have a look. There are many participants who are on all day and answer these type of questions. It is very comprehensive includes anything finance related/frauds and warnings as well as investment hints and such. Maybe they can help.


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