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Mortgage deposit and house price question

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  • 29-05-2017 10:07pm
    #1
    Thelomen Toblackai
    Closed Accounts Posts: 965 ✭✭✭


    Is the deposit taken as part of the mortgage to be paid back or can it go against the cost of the house? For example if I want to buy a house for 150k and I'm approved for a mortgage of 130k and I have 20k in savings.

    Is that 20k (if it covers the deposit) tied to the 130k as the deposit and I'd need an extra 20k to afford the house? Or would I get the 130k mortgage against the 150k house with the 20k making up part of the overall sum ?

    Would banks work with you on that if what you can borrow is slightly less than the house price ?


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    #2
    dbagman
    Banned (with Prison Access) Posts: 1,216 ✭✭✭dbagman


    Thelomen Toblackai wrote:
    Is that 20k (if it covers the deposit) tied to the 130k as the deposit and I'd need an extra 20k to afford the house? Or would I get the 130k mortgage against the 150k house with the 20k making up part of the overall sum ?


    You buy a house for 150k with a 20k deposit your actual loan is for 130k. Your 20 goes straight off the overall purchase price


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