Mortgages...does one need to put down a

Deals_2

percentage to get a decent mortgage rate. does one have to put anything down?!!(thought i would ask that too).

i would ideally like to move. rent ours out and get somewhere else near the sea. what would you recommend?
thanks

_Andy_

Yes you will need a deposit - absolute bare minimum 5% but expect high rates and fees. Ideally 10% or more - the more deposit you have the better the rates will be.

alanobrien

I was just looking at the Nationwide's current rates for FTB's and with them you currently need to put down a hefty 40% deposit :eek: to get the best rates on their fixed and variable products.

sdooley

Why don't you sell your place and buy another one? Could you afford to run two mortgages if you can't find a tenant?

Squish_21

You will need a 10% deposit, more is you want a good deal. Plus moving costs (They REALLY add up).
Check out some mortgage deals on bank websites to see the products on offer and the amount you would be repaying each month.

Deals_2

a great location with great schools. people will always want to rent / live here. also if i dont like where we go we can always come back too!

sdooley wrote: »

Why don't you sell your place and buy another one? Could you afford to run two mortgages if you can't find a tenant?

Bromley86

Are you mortgage free? If not, can you afford to finance both the new and the old place if you don't find a tenant? Even in a good rental market there will still be periods where it's not rented.

AFAIK your old mortgage will be switched to a BTL mortgage = higher rate.

Anyway, take a look at this HSBC page to get an idea of the difference in rates between a 40% deposit, a 25% deposit and a 10% deposit:
http://www.hsbc.co.uk/1/2/personal/mortgages/first-time-buyer/fixed-rate;jsessionid=0000CxfRNJNYaG5Iz0mmtnr3LYJ:11j71fovq

Deals_2

i currently have. are these the best deals around..? what is the lowest it starts from? thanks for al your input so far.

Bromley86 wrote: »

Are you mortgage free? If not, can you afford to finance both the new and the old place if you don't find a tenant? Even in a good rental market there will still be periods where it's not rented.

AFAIK your old mortgage will be switched to a BTL mortgage = higher rate.

Anyway, take a look at this HSBC page to get an idea of the difference in rates between a 40% deposit, a 25% deposit and a 10% deposit:
http://www.hsbc.co.uk/1/2/personal/mortgages/first-time-buyer/fixed-rate;jsessionid=0000CxfRNJNYaG5Iz0mmtnr3LYJ:11j71fovq