What do you consider a large deposit?

Henry_P_Chester

If you have to buy now I'd say a good deposit is 40%, gives you access to the best rates and cushions against the coming price falls. Anything below 25% is too low IMO.

LittleMissAspie

de1amo wrote: »

all you ftbs who are paying high fees and probably about 5pc--that 500pc higher than the real rate-plus the banks want all your deposit cash--cant lose can they!!

If you mean me, our mortgage fee was £99 and we're on 3.69% fixed for two years, which is the same as the bank's SVR. If you get a new tracker now they are generally 2-4% above base rate.

de1amo

i am on a svr connected to the boe rate--3,69pc is 369pc over the odds--the banks have hyped there aprs to feather their nests because of the crisis--lile i said someone is paying--but if your happy i am. my deal cost nothing because it was a default after a deal came to an end--so 99pc cheaper--my apr is 1pc

sonastin

JimmyTheWig wrote: »

<5% - no deposit
5% - small deposit
10% - deposit
25% - decent deposit
40% - large deposit

^^this

+ any sort of question mark over your income and I think the banks want you to put in more than they do before they'll even think about it...

quantic

10% - 15% I think is very reasonable and achievable. It shows the buyer has the means and discipline to pay a mortgage.

20% - 30% I think is only doable if your a couple/prepared to wait at home for a long time.

30% - 40% I think is stupid unless you are a very high earner or have help from bank of mum and dad etc, this is likely impossible for the vast majority based on average wage etc.

In my opinion I think it would be a good idea if the banks had a more dynamic approach. Such as asking for 10% to be put down but require an additional 5% that is perhaps locked in an account incase the lender falls into arrears and is released after a certain amount of the original mortgage is paid.

vaporate

Like any1 has 40k sitting in the bank. lol Not counting spongers who sponge off their parents back.

A huge amount of money to risk should you lose your job and not find another one for a long period.

Let house prices fall because they are still at a complete pi$$ take level.

neverdespairgirl

There's nothing necessarily wrong with being self-employed - OH and I both are, and we're OK for getting a mortgage in the near future. Do you have 3 years' accounts?

de1amo

vaporate wrote: »

Like any1 has 40k sitting in the bank. lol Not counting spongers who sponge off their parents back.

do the 40k savers have their retirement 'pot' growing??--so many necessities and never enough to plug all the holes!!

kmmr

de1amo wrote: »

i am on a svr connected to the boe rate--3,69pc is 369pc over the odds--the banks have hyped there aprs to feather their nests because of the crisis--lile i said someone is paying--but if your happy i am. my deal cost nothing because it was a default after a deal came to an end--so 99pc cheaper--my apr is 1pc

sigh... do people really still think banks fund mortgages using overnight borrowing from the bank of england? Just so you know - they cant and dont!

de1amo

i presume they use the inter bank rate of ,74 --thus making ,26 on my 1pc apr---i will give them that for keeping me as a customer--im with the britania and i used to get about 35 quid a year for being a valued customer--even when my mortgage payment was/is only 92 quid a month--i havent explored what i get as benefit under the new tie up with the co-op?