I have a £400k deposit and want to borrow £1.2 – 1.3m, is this possible?

Q: I have a £400k deposit and want to borrow £1.2 – 1.3m, is this possible?

A:

Yes, if you’re putting £400,000 deposit into a purchase for £1,300,000, then it comprises a deposit of 31% of the price. Because the lending is below £1,000,000, then we could look to both high street lenders and private banks.� Some banks might require you to arrange the loan on a capital & interest (repayment) basis, and others would allow an interest-only facility as long as you have a sound repayment strategy. In the absence of other personal debt, most banks would expect you to have an annual gross incoem of at least £200,000 to £250,000 to qualify for a mortgage of £900,000.

These questions are for information purposes only and do not contain all the details you need to choose a mortgage, ask one of our advisers for a personalised key facts illustration

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