Ask The Experts

Question #56

What is the minimum deposit I can put down to qualify for a mortgage?

We do have lenders who will lend with only a 5% deposit although you should be aware that the higher % deposit you put down the lower the interest rate will be. Interest rates change over each 5% bracket until you get to 35% deposit. It is worth noting also that lender criteria can be stricter with only 5% deposit and their credit scoring system can be harder to pass.

#mortgage #financial-services #deposit

#56

Answered by

Ricky Dorrer

Financial Services

Ricky has over 25 years of mortgage consultant experience, and prides himself on offering the best advice to his clients and assisting them with their property purchases.