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calculating percentage of deposit
free4440273
Posts: 38,438 Forumite
forgive me if this is a silly question. if a house costs 400k and i have deposit of 60k what is the correct way to calculate the percentage of the deposit i have. is it 60 divided by 340 which is 17.5 per cent? because 340k is the amount of loan i will need. or is it 60 divided by 400k. i am thinking it is the former. thanks all.
BLOODBATH IN THE EVENING THEN? :shocked: OR PERHAPS THE AFTERNOON? OR THE MORNING? OH, FORGET THIS MALARKEY!
THE KILLERS :cool:
THE PUNISHER :dance: MATURE CHEDDAR ADDICT:cool:
THE KILLERS :cool:
THE PUNISHER :dance: MATURE CHEDDAR ADDICT:cool:
0
Comments
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The deposit in this case woud represent 15% .
The deposit represents a percentage of the Purchase Price with the remaining percentage being mortgaged. Thus:
£60,000 = 15% of £400,000 leaving you requiring an 85% mortgage of £340,000
Hope this helps
Andy0 -
There is also £12,000 to pay in stamp duty land tax on the purchase price. That is 0.03 x £400,000. The 3% rate applies to properties in the price band £250,001 to £500,000. I hope you have factored this amount into your considerations. If you have not the your deposit becomes £48,000 and this as a percentage of purchase price would be (48000/400000) x100 = 12%
J_B.0 -
thank you both. very kind
BLOODBATH IN THE EVENING THEN? :shocked: OR PERHAPS THE AFTERNOON? OR THE MORNING? OH, FORGET THIS MALARKEY!
THE KILLERS :cool:
THE PUNISHER :dance: MATURE CHEDDAR ADDICT:cool:0
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