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How much deposit?

Hi, sorry if this has been asked loads of times, but I've lost touch with mortgages at the moment!

I just wondered what sort of deposit you need to put down now for a property. We're considering a £150K property, earn £52K a year between us and have £20K deposit. I don't think it's enough - do we need 25%, which is what I've been thinking?

Thanks in advance!
March 2016 - £178,914.59; July 2017 £146,160.38
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560

Comments

  • poppy_f1
    poppy_f1 Posts: 2,637 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    minimum is 10% but over 25% you may get a better deal
  • Radiantsoul
    Radiantsoul Posts: 2,096 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    You seem to be doing about right, although perhaps you should save a bit more in order to cover the costs associated with buying and have some savings left over.
  • Thanks for your help - we've been mulling things over today as he already has a (very cheap) flat which we live in, but is just about in negative equity/break even and wondering if we could buy somewhere else. We've decided to keep on saving as we have no other debts and could have approaching £50K in a couple of years and hopefully higher salaries, so loads more options!
    March 2016 - £178,914.59; July 2017 £146,160.38
    Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
    Target balance July 2018 £112,560
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