How much deposit?

Madcatgirl

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!

poppy_f1

minimum is 10% but over 25% you may get a better deal

Radiantsoul

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.

Madcatgirl

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!