Posted by GL(ON) on February 24, 2002 at 15:08:52:
Yes the bank wants to see where the rest of the money is coming from.
They also like to see some of it coming from your pocket.
There is no law or rule about this, they just don’t want to see you get in a jam later which may reflect on them.
There is no reason not to mention a VTB mortgage provided the payment won’t push your total payments too high.
If you have a high income, a good financial statement and a good relationship with the bank they will even accept 100% financing.
The mortgage doesn’t have to be on the property you are buying. If they have a problem with that, put the mortgage on your own home or other property.
You can put the second on after the sale, they don’t care what you do after closing. As long as they have the first mortgage they are protected.