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Mortgage Question

Hollister11 · 2017-01-12 12:10:29

I just have a question about the deposit for the mortgage. So you want to buy a house for 200K. You earn 40K gross so you can get a mortgage of 140K, you have the balance as your deposit 60K, You now have 200k for your purchase. Sorry for the stupid question, but you can add a deposit to a mortgage and use that for a…

12-01-2017 12:10pm

#1

Hollister11

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I just have a question about the deposit for the mortgage.

So you want to buy a house for 200K. You earn 40K gross so you can get a mortgage of 140K, you have the balance as your deposit 60K, You now have 200k for your purchase. Sorry for the stupid question, but you can add a deposit to a mortgage and use that for a purchase right ?

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Comments

#2 12-01-2017 1:42pm

Trish56

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Yes, you apply for a mortgage of 140k and give the 60k deposit to your Solicitor to complete the purchase.

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