How much deposit did you have (%?)

funkyparott

It seems these days that mortgage companies are a lot more concerned with affordability. We have quite a large deposit, but have used some of it to clear outstanding credit agreements.

I've found a Google search on a given mortgage company name with the additional keyword "intermediariess" often brings back affordability calculators intended for financial advisers. Some of these calculators go into more detail than the standard customer ones. Its interesting to play around with deposit values and monthly outgoings.

crazycatlady1984

Hiya,

We saved like mad and put down £32K on puchase px £184K, so deposit 17%. Would have liked more in order to reduce monthly payments but thats all we have so the plan is now to make overpayments to mortgage as and when we can afford it in order to reduce the debt and reduce monthly payments!

Riq

Around 30%, £50k on a £165k purchase price.

tommie1shunt

10% 1st time (£2700), this time cash. Wonder how anyone one in an "ordinary" job ever gets to buy there own house in this day and age, must be very difficult in the present climate. The EA's keep telling us it is the best time to buy!!!. What ever your after, hope it works out for you.

Procrastinator333

20%. Imo that is the magic number, or was when we were looking. Any less than that and you are hit with penal interest rates. Any more and you don't get significant further discount on the rate.

seafarers_wife

we put down 10.1% on a house we agreed to buy for 99K, thankfully we live in a relativley cheap part of the country so managed to get a fairly decent 3 bed semi for that, but we are paying the price for the next 5 years as we tied in with a fix so we know where we stand. we are going to be overpaying though to get the LTV reduced as quickly as possible as we also originally took it out over 35 years :eek:

jojo2910

Thanks for this. We were thinking of putting 10% down next year, but makes me think we would be better off with at least 15%.