Deposit

Guru86

Hello,

I am thinking of buying a house next year so of course saving as much as i can. I was just wondering what people thought a decent deposit would be for the house? Is 10% the norm?

For example if the house if £100,000 is it best to get a £10,000 deposit??

Thank You
Neil

realwildone

You could do with as much deposit as possible because you WILL lose that straight away as house prices WILL drop more than that over the next 2 years.

Do yourself a favour. Save as much as you can and then RENT and let someone else take the falls.

foot_loose

1st house 5% in norm for first time buyers. the more deposit u put down the less mortgage you will need hence lower repayments. 2nd house the norm is mostly 10%. the more deposit you put down u may get more of a lower intrest rate somtimes. also i found out the more the deposit the quicker the mortgage offer/agreement get to you

Guru86 wrote:

Hello,

I am thinking of buying a house next year so of course saving as much as i can. I was just wondering what people thought a decent deposit would be for the house? Is 10% the norm?

For example if the house if £100,000 is it best to get a £10,000 deposit??

Thank You
Neil

foot_loose

realwildone wrote:

You could do with as much deposit as possible because you WILL lose that straight away as house prices WILL drop more than that over the next 2 years.

Do yourself a favour. Save as much as you can and then RENT and let someone else take the falls.

hey my friend was talking about a house price crash since 2003 and she's still rentin, ive bought 4 house since then and ive got at least 140,000.00 in equity and ive just released a five figer some from one of them to reinvest in land/houses. house price crash i don't think so

aimex

foot_loose wrote:

1st house 5% in norm for first time buyers. the more deposit u put down the less mortgage you will need hence lower repayments. 2nd house the norm is mostly 10%. the more deposit you put down u may get more of a lower intrest rate somtimes. also i found out the more the deposit the quicker the mortgage offer/agreement get to you

Its not true that the more deposit you have the quicker the mortgage offer/agreement will get to you. It takes them as long as it takes them and is not based on deposit at all.

10% deposit is the norm in all cases, however most people will be willing to accept less than that. 10% is the normal figure though. And obviously the greater the deposit the less of a mortgage you will need.

mr.broderick

realwildone wrote:

You could do with as much deposit as possible because you WILL lose that straight away as house prices WILL drop more than that over the next 2 years.

Do yourself a favour. Save as much as you can and then RENT and let someone else take the falls.

prove it ....