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How much deposit

snowdogg
snowdogg Posts: 130 Forumite
in Mortgages & endowments
Hoping to buy a house in about a years time and wondering how much deposit I should aim for. So far I have about £3500 saved from my job and a bit of GIOL activity and my missus has managed to save the princely sum of £200 and still has outstanding credit cards.

We're looking around the £150-200000 mark, anyone have any thoughts?

Comments

  • Fang_3
    Fang_3 Posts: 7,602 Forumite
    snowdogg wrote: »
    Hoping to buy a house in about a years time and wondering how much deposit I should aim for. So far I have about £3500 saved from my job and a bit of GIOL activity and my missus has managed to save the princely sum of £200 and still has outstanding credit cards.

    We're looking around the £150-200000 mark, anyone have any thoughts?

    15% minimum plus costs.

    So about £35,000.
  • themull1
    themull1 Posts: 4,299 Forumite
    £30,000? and the credit cards cleared.
  • snowdogg
    snowdogg Posts: 130 Forumite
    that will be a long slog, more than a years worth of saving at least. I was under the impression you could get 10% deposits still. How about alternatives to mortgages (I know I may be clutching at straws here)
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    snowdogg wrote: »
    that will be a long slog, more than a years worth of saving at least. I was under the impression you could get 10% deposits still.
    You can. But bigger deposits tend to open up a wider range of mortgage deals.
    How about alternatives to mortgages (I know I may be clutching at straws here)
    Renting, perhaps.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    snowdogg wrote: »
    that will be a long slog, more than a years worth of saving at least. I was under the impression you could get 10% deposits still. How about alternatives to mortgages (I know I may be clutching at straws here)

    If you want to own your own home, then its a lifestyle choice.
This discussion has been closed.
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