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mortgage approval including deposit

pacman1989 · 2015-05-20 19:19:07

Hi as the title states I'm wondering if your mortgage approval amount is including your deposit ie if you get mortgage approval for 100k does that mean you can buy a house for that or is it 110k . the approval plus your deposit . couldn't find any answers online hopefully someone here can help

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20-05-2015 8:19pm

#1

pacman1989

Registered Users Posts: 74 ✭✭

Join Date: January 2013

Posts: 53

Hi as the title states I'm wondering if your mortgage approval amount is including your deposit ie if you get mortgage approval for 100k does that mean you can buy a house for that or is it 110k . the approval plus your deposit . couldn't find any answers online hopefully someone here can help

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#2 21-05-2015 10:15am
Trish56

Registered Users Posts: 1,256 ✭✭✭

Join Date: November 2012

Posts: 1244

If you purchase a property for 110k then you can apply for a 90% mortgage = 99k if you are a first time buyer so you need a deposit of 11k plus 1% stamp duty plus legal fees approx. 2k.

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