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Help! Is 15k enough deposit to get a 105k mortgage

(5 Posts)
hotmamalovespavlova Wed 09-Sep-09 10:03:37

Hello,

We are stuck in the social rental market and have been saving to try and buy a place as we need an extra bedroom.

We have 17k and an oppotunity has come up for us to buy a 50% share of an ideal house on a part buy part rent scheme.

We can afford to pay the mortgage but are worried that we still don't have enough deposit to make banks lend to us.

We really don't wish to lose this chance so any advice would be much appreciated.

LIZS Wed 09-Sep-09 14:16:30

You'd have to ask - some lenders may be reluctant to get involved in shared ownership at all , others will loan over 80% ltv but have an inflated interest rate.

dilemma456 Thu 10-Sep-09 21:21:25

Message withdrawn

violet2006 Sat 12-Sep-09 11:50:44

Hi
That should be fine. I have a shared ownership house and had to pay a 10% deposit. We got the mortgage with abbey

frazzled74 Sat 12-Sep-09 23:46:41

have a friend who did this,her mortgage also with abbey.go for it, good luck

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