10% deposit - mortgage - rbs

[smellybelly]

If i have lets say 20,000 cash for a 10% deposit, but i am not working and my credit is quite poor... will a bank still give me the remainder 90% money to get the mortgage?

i just thought of this the other day as i am not too sure... but i kind of have a feeling what the answers will be...

 

[Hotch]

Depends, you got a million quid house to put up as collateral?

 

[bangkoker]

I wouldn't hold out a lot of hope smellybelly, I am not sure the banks are that keen on lending money. Have a couple of friends with good credit and 50% equity in property, who have 10yr records of paying their mortgage payments on time, who have still been declined. I really don't think the banks are that keen to be giving out money unless they have to.

You may have noticed bank shares fell circa 10% the other day.. look at their values now compared to pre-credit crisis, I really don't think they are going to be over keen to lend.

This said I hope for your sake that this isn't the case. I am not in a dis-similar situation and would hope it was possible but I imagine you will need to work hard on your credit rating first.

Good luck:clover:🙁:clover: