| Comment | Easiest way to work it out is the lender will only lend you up to X% of the purchase price Or value, which ever is LOWER . So this means if you buy a flat at 130k, but it values at 120k and say you are getting a 85% mortgage then the lender will mortgage you for 85% of the 120k = 102k. Anything above that amount you must pay yourself from savings, gift from family etc. So 130k take away the 102k. Make sure you leave money for the solicitors costs and any extras (moving firm etc)
Good luck with your purchase as market is a tough one to be a buyer in right now. |
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