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Rob_Quads	posted on 21st Apr 10 at 21:08
	It sort of does work like that really. When you remortgage the rate you get will depend on how much you owe against the value of the house. You might only have put a few K in but if the house value has gone up by 100K then you will have a much lower LTV BUT... if you have just bought the house then they will presume that you paid what its worth and so take that as the value of the house so you would need the 10% of the purchase price. UNLESS you could get the morgage company to value the house at more i.e. the 100K (note home reports and morgate valuations often do not agree)
Limecat	posted on 19th Apr 10 at 22:32
	quote: Originally posted by Nismo wont work like that you need 10% of what you borrow im afraid. As a minimum. Some places are 15%, others are 25%. Certainly any 'low' (still high comparative to years ago in terms of returns for lenders) are against 25% LTV deals.
Nismo	posted on 19th Apr 10 at 13:56
	wont work like that you need 10% of what you borrow im afraid.
AndyKent	posted on 18th Apr 10 at 18:03
	quote: Originally posted by John From what I can see he's getting the 3k from 10% of 100k being 10 and the house being 93k, giving him the equivalent of 7k deposit. As said above though, that's not how it works, you need 9300 for a 90% mortgage. [Edited on 18-04-2010 by John] Ah yes, I see. Using the difference in value as part of the deposit. No, definately doesn't work like that.
Colin	posted on 18th Apr 10 at 18:00
	Doesnt work like that sadly!
John	posted on 18th Apr 10 at 17:51
	From what I can see he's getting the 3k from 10% of 100k being 10 and the house being 93k, giving him the equivalent of 7k deposit. As said above though, that's not how it works, you need 9300 for a 90% mortgage. [Edited on 18-04-2010 by John]
Ben G	posted on 18th Apr 10 at 17:43
	it's based on the purchase price, so you can just put down £9300. wheres the £3000 from? 10% of 100k is £10000 10% of 93k is £9300 [Edited on 18-04-2010 by Ben G]
AndyKent	posted on 18th Apr 10 at 17:40
	Will almost certainly be 10% of purchase price, so you'll need £9300 deposit. Where are you getting £3000 from?
deanmcreynolds26	posted on 18th Apr 10 at 17:30
	Right dunno if this has been mentioned before but i think ive already gave myself the answer anyway :lol: House on for fixed price £93,000, with a home report value of £100,000 so to bring it to 10% deposit of house value i would need £3000 right....simple as!! do you think the bank will go for this or would they still want 10% deposit on the £93k although if i get a mortgage of 90% based on the house value ive technically met the terms of the mortgage!!!, they might want to see i have money behind me and not just trying to fleece the system :lol: :lol: Everyone knows what the banks can be like recently :o:o:o:lol: [Edited on 18-04-2010 by deanmcreynolds26]