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New Mortgages
stanny_2
Posts: 4 Newbie
I am currently looking to buy my first house, but I am a bit worried about how much deposit that the lenders are looking for.
I have some savings at the moment, but from the information that I have received I feel that it could be some time until I am at a point where I can look to buy as a lot of the lenders are looking for no less than a 15% deposit.
I am looking for advise on the best way to go about it.
I have some savings at the moment, but from the information that I have received I feel that it could be some time until I am at a point where I can look to buy as a lot of the lenders are looking for no less than a 15% deposit.
I am looking for advise on the best way to go about it.
0
Comments
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You can get mortgages with a 10% deposit, but the interest rates are higher. I've not seen any 5% deposit deals available from banks/building societies.
You might be able to get some deal through a house builder where they will match your deposit, but the mortgage lender might not look too favourably on someone with only 5%.
New homes can also be 2x the price of a "second hand" house that needs some doing up.0
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