UK Getting A Mortgage With Bad Credit Rating Making A Large Deposit How Much Equity Will I HavePosted on January 15, 2011.  I have a very bad credit rating to a very good income options. I'm Working on Improving my credit rating (Takes Time), goal Need to take a mortgage now, as I Have big family and my Rent Is around £ 1,200, Which Is a waste of money. Preliminary I Did Qualify for a sub-prime mortgage (around 8%), With The minimum deposit of 25% equity in% How Much Will I Have from home? CommentsMarna Rushlow says... if a property you buy is worth x dollars and u put down 25% then you have 25% equity. normally bank wont lend to u if the appraisal doesn't come out to the value of purchase price.
The lender want to protect themselves so they will make sure the value is there before lending the money.
Now if you got a great deal and appraisal came out high on property you could potentially have a greater then 25% equity position. Most likely bank will still want your 25% as they call it your skin in the game! Posted on January 21, 2011 Leave a Comment | 
