To purchase a property in Blackpool with a mortgage, most lenders require a minimum deposit of 5% based on the property’s value. However, in some cases, you may be asked to provide a larger deposit, usually between 10%-15%, depending on your credit score.
Bad credit history such as missed payments or outstanding unsecured debt may affect your eligibility for a mortgage. Lenders want to ensure that applicants can repay the loan, and asking for a higher deposit may be a way for them to assess your reliability as a borrower.