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First time buyer
Microbiologist
Posts: 2 Newbie
Is it possible to get a mortgage with less than a 10% deposit, ive heard of a mortgage where i would only need a 5% deposit and a 5% gifted deposit? Has anyone any help on this? And whether its better just saving up for a 10% deposit?
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Comments
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Hi I'm also a FTB and share you're pain! We have seen the perfect house in a perfect area which is available with a 5% vendor gifted deposit, we have put an offer in and its been accepted! we're just waiting for the mortgage approval to come through and having the survey done on Monday!
It can be done, but the interest rates are a lot higher!! ours is with the halifax and have taken it over 35 years to reduce monthly payments, but the house needs a lot of work so we'll easily make money on it because of how good the area is!
I asked our estate agent to email us any of the properties that would have this gifted deposit on, and thats how we found our house!
If you can get atleast 10% then you're in a better position, and you might still get vendor gifted deposit with this. our mortage broker showed us the difference in rates when you have 15% compared to 10% and it was a big difference! but i'm impatient and want somewhere, plus I can't live with my boyfriend's parents any longer!!!
Good Luck!0 -
How exactly do vendor gifted deposits work?0
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Yould could also try Yorkshire Banks FTB mortgage. The rate is high at 6.99% but you only need a 5% deposit.
Thats what i'm going for anyway
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