No, having a deposit booster will not stop you from changing lenders in the future. The new mortgage lender may ask if you have any financial commitments or if anyone has a financial interest in the property, which you would have to declare. The deposit booster loan would be treated as a normal loan. This would then be subject to review by the lenders underwriting team to confirm if they are able to lend to you based on their criteria.
Will having a deposit booster stop me from changing lenders in the future?
Having a deposit booster will not stop you from changing lenders. However, lenders will take the loan into account in their assessments.
Written by Millie. Updated over a week ago
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