Mortgage advice required please

paintedtoenails

Good evening,

Could anyone with some mortgage knowledge give me some advice on mortgages please.

Basically, I want to know what is the minimum deposit I would need to get a mortgage?

House value - £170,000
Single application - My wage £36500 + £1000 bonuses pa
No current credit commitments
Excellent credit history

Any advice would be appreciated as I have read so many conflicting articles on deposit amounts etc

Thanks

Daniel

GMS

10% minimum but the more you can get the better the rates. 15% deposits begin to access the better rates

paintedtoenails

GMS wrote: »

10% minimum but the more you can get the better the rates. 15% deposits begin to access the better rates

I have read online that the nationwide and lloyds do (or did) 5% mortgages. Is this not the case anymore?

DVardysShadow

paintedtoenails wrote: »

I have read online that the nationwide and lloyds do (or did) 5% mortgages. Is this not the case anymore?

You are looking at borrowing 161,500 , which is 4.42 times salary. I would say that with 5% deposit, you begin to look financially very weak and they may be unlikely to lend you much more than 3.5 times. And with so little equity, you would be bold or foolish to take on such a debt.