Hi All,
As per title we have received mortgage in principle - we are selling our house and purchasing a new house. On the letter one of the conditions is that we have a 24% deposit toward purchase of new house. As we will be making money on the sale of our house this wouldnt be a problem but ideally we would like to pay 20% and free some cash up for some improvements we would like to do.
Is the requirement of 24% deposit standard enough or should I try to push for 20%
The mortgage we would be taking out would be 50k less than what we were approved for in principle if this helps
Appreciate any thoughts etc,
Mark
As per title we have received mortgage in principle - we are selling our house and purchasing a new house. On the letter one of the conditions is that we have a 24% deposit toward purchase of new house. As we will be making money on the sale of our house this wouldnt be a problem but ideally we would like to pay 20% and free some cash up for some improvements we would like to do.
Is the requirement of 24% deposit standard enough or should I try to push for 20%
The mortgage we would be taking out would be 50k less than what we were approved for in principle if this helps
Appreciate any thoughts etc,
Mark