Deposit for first time buyer

filip1988

Hi Can someone give me some advise on how much deposit is needed for a house worth £165000. atm i have no out going comitments and earn £30k per year. I have £9k saved so far but fear i will need £30k as a deposit. any information on this would be great.

many thanks

Fil

Radiantsoul

Depends on the mortgage offer, etc.
But probably 10% plus £5k for fees.

GMS

You need 10% as a minimum, so £16,500 in this case.

The more deposit the better the rate is the general rule of thumb.

ottytotty

Is there anywhere that would actually lend someone earning 30K nearly 150K?(with the £16,500 deposit). My husband earns more than this and we certainly couldn't get a mortgage this large and that is with a much larger deposit than being suggested here. Sorry not helping much but thought someone might be able to make things clearer with how much they can actually borrow regardless of deposit, hope that makes sense.

josievg

10% deposit minimum (16,500) but as previous poster mentioned your salary may not be sufficiently high enough for a mortgage of 150,000.

If that's the case you would need a higher deposit to bridge the gap between your maximum mortgage and the property price.

A deposit higher than 10% would give you access to a greater number of lenders and better deals.