Help deciding my deposit?

butterfinger

Hi Guys,

Sorry if this thread is a repeat but im in a rush but really need to get this off my mind, i live in scotland and want help deciding how to calculate what deposit i should put down on a house. Im getting an inheritance of £100,000+ but i dont want to shove all that into a house, i have business ideas, investments i want to play with and so forth. So i want to put down enough for a decent house for both myself and partner + dog but still have enough left over to play with. I will be a first time buyer so i am not clued up at all! Any ideas and directions would be much appreciated!

FYI sort of looking for a house worth 150,000 - 200,000 but will take on board advice for other price ranges if that helps.

Thanks

steve1980

I suppose it depends on how much your business ideas and investments are going to cost. £10,000? £20,000? £40,000?

drummer_666

yeah i agree, it all depends on how much you think you need for your other business ideas and investments.

the more you put down on the house the better, not for a better rate as you tend to get the same sort of rate with a 25% deposit as with a 30% etc, but you'll be paying less interest on a lower loan.

If you need 20k for other ventures, i'd say put down 70k as a deposit. 10k left for incase your other ventures need more money, for a nice holiday etc

DVardysShadow

Get an offset mortgage for the max you can borrow that you are comfortable with, but putting some of the inheritance in as part of your equity to get yourself to a decent Loan to Value ratio. Shove the rest of your inheritance into the offset and take it back out as and when you [STRIKE]fancy a horse to win[/STRIKE] want to invest.