Mortgage Deposit

boopydoo

This may sound like a really basic queston but what percentage of a mortgage should you save for a deposit?

Me OH and I are looking at houses around £170k but I want to know how much we would need for a deposit so that we have something to aim for

Thanks

reehsetin

different mortgage deals are offered at different loan to value ratios, can be 10% 25% 60% and loads more im sure, check the mortgage rate tables and it will tell you what type of rates go with what ltv,

im sure someone will give you more detail, this is just what i've seen looking for my own mortgage

jamtart6

the more you can get the better but 10% is the minimum these days as far as I am aware so £17k - better deals the more you save though

woody252506

boopydoo wrote: »

This may sound like a really basic queston but what percentage of a mortgage should you save for a deposit?

Me OH and I are looking at houses around £170k but I want to know how much we would need for a deposit so that we have something to aim for

Thanks

10% is the minimum at the minute and likely to stay that way for a long time judging by the news and views of the so called "experts".

Me and my partner have 10% but are waiting a few more months and saving hard to make sure we have a 15% deposit.

With 10% the lowest interest rate is around 6.3% whereas with a 15% deposit you can get an interest rate of 5.2% fixed for 5 years. Thats a big saving if you can put more down as a deposit. It will save me and my other half £70 a month on our repayments when we make the jump and buy our first home

jade1986

You can get 95% with Nottingham Building Society in branch only. It doesn't show on their website, but if you ring up they can take you through the application over the phone.

This is available for FTB's and unlike Abbey (with £2,500 fee upfront), Yorkshire and Clydesdale it is available on New Builds

Gayle1983

Are you sure about this Jade1986? It isn't showing on the fsa website when you compare mortgages. The only 95% which comes up is Abbey

jade1986

Yes this is definitely correct as I have gone through the process of applying today and the paperwork is coming out to me tonight.

95%, and as mentioned this is available for FTB's and on new builds, which is my situation. The product fee is £295.

I didn't find this offer myself online either, but my Dad is a Mortgage Advisor and he gave me the info and told me to ring the branch

lipstick

Hi what percentage of your income is this mortgage multiplied by?

jade1986

Joint income £38k and mortgage £95k so 2.5 times our income