Mortgage and fees

[sharons dream]

Hi can you answer this question. We have seen a house that we love but are short of the fees is there anyway we can add the fees to a mortgage?

[Andrew from Vista Financial]

Hi Sharon

 

Generally the absolute maximum mortgage that can be achieved is 95% (plus Lenders Mortgage Insurance capped) therefore a 5% deposit and fees of approx 5% are required.

 

I know of one product whereby it may be possible to have the fees added to a credit card with the lender at mortgage rates (up to $20k) and therefore if the fees are less then $20k only a 5% deposit would be required.

 

However this product doesn't suit everyone and it also requires a strong income to be able to service, stronger than ordinarily would be required.

 

The other requirement is that the 5% deposit has to be verified as genuine savings, this essentially means that they should have been held/saved over at least a 3 month period.

 

Regards

 

Andy