I understand first-time buyers typically need a deposit equivalent to a tenth of the value of their home. Then the percentage increases for a second time buying. Do you know how much is that percentage.
But the lenders are allowed to make exceptions. If your loan to income is good, there would be a good chance of getting an exception as it's early in the year.
But the lenders are allowed to make exceptions. If your loan to income is good, there would be a good chance of getting an exception as it's early in the year.
Sorry Brendan. Not sure if I understand properly. Do you mean that the bank is able to make an exception so if my income is good, once I request for a mortgage, the 20% deposit wouldn't be necessary anymore?
Worth bearing in mind, if you get an exemption on your deposit % (LTV exemption), you won't get an exemption on your income (LTI exemption).
Your loan will be confined to 3.5 times your gross salary.
You will need to make sure you have adequate cash funds for everything else separately e.g. legal fees, stamp duty, home furnishings, general moving costs, etc.