20% deposit good enough nowadays???

smorri4

hi.

my boyfriend and I are looking at buying a property for 180000 (its in his family so a private sale). Would you say 36000 (20%) should secure us a good enough mortgage deal? We are selling our home and providing we sell for 145000 we will have 36k to use as deposit - in the meantime the existing mortgage amount is reducing so may even have a bit more once we have sold.

any advice welcome

ta

Cardinal-Red

There is more to securing a mortgage than merely your deposit. Also "good enough" mortgage deal doesn't really mean anything either! Good enough for what?

I am sure a good 20% deposit will get you access to a good range of mortgages. It doesn't mean that you can afford the new mortgage payment, and of course whether the valuations of the banks (and prospective purchasers) match your own etc.

opinions4u

20% will give you access to a range of mortgage deals.

25% may well widen the choice and improve the rates.