FTB - Oh yes another one asking questions.

emma_jane1987

As all other FTB i'm thinking of getting a property this year. I want to wait until the right time to buy a place so i get the lowest price but i don't want to wait until everybody else is doing the same and i don't get the pick out of the best.

I'm not very clued up on mortgage rates and deposit. But currently at the moment does anyone no what they are asking for a miminum deposit?Obviously the more you have the better but what do you think is a good deposit to have. Also what is the average interest rate?

Thank You

_Andy_

Absolute bare minimum 5% - be ready for high rates and fees. Better would be 10%, and obviously from there the more the better.

You also need to factor in costs like legal fees, stamp duty, valuation fee, moving in fees, etc.

herbiesjp

A report yesterday said there was only one 95% mortgage, and that was only available to people who had been with the building society for the last 6 months

A report today said there were only 10 lenders offering 90% deals.

With those deposit levels you are looking at high rates, as lenders have not moved to reduce the rates on these LTV levels

wymondham

A good deposit is as much as you can save. The more you have the better the deal. Use this time to save for when prices are at their lowest. Don't ever worry about not getting to pick the house you want, there are lots about and will be many more in the coming months....

Mr_T_7

Yorkshire Bank (not yorkshire building society) are doing 95% mortgages for non customers with free val and they will pay your Higher lending charge.