homemover

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2theoffice

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Hello, we are hoping to move we are on a tracker, we are borrowing the same amount of a mortgage which is 95,000..will we need a deposit if so how much if value of new house is 220,000..after sale of our own him expecting to have 125,000 left over..
 
You will need a 20% deposit of the value of the house (as not a FTB) so €44k
 
I don't think so.
Surely they need no deposit and can borrow the full €95K (if the lender is willing to lend it!) on a property worth €220K as that's a LTV of just 43%.
They only need a deposit if they are borrowing 80%+ of the property price?
 
My mortgage will be only 95,000 on new property..im hoping ur right
ClubMan said:
I don't think so.
Surely they need no deposit and can borrow the full €95K (if the lender is willing to lend it!) on a property worth €220K as that's a LTV of just 43%.
They only need a deposit if they are borrowing 80%+ of the property price?
Click to expand...
 
My understanding is that the new mortgage rules limit you (as a non FTB) to borrowing a max of 80% of the property value/price.
Since you are "only" borrowing 43% I don't think that you need a deposit.
At least not under the new rules - the lender might like to see some money up front but I doubt it.
 
Last edited:
Totally misunderstood the original query! - no deposit (or very little) required on an LTV that low
 
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