Please Help!! Deposit For A House

zammo1981

My girlfriend and I have been approved a mortgage in principle and are now saving for a deposit. We have been saving for approximately 18 months and religiously pay £600 per month into a high interest account. We have saved about £11,000 in total however with the house prices as they are at the moment on a £200,000k property a 15% deposit would equate a deposit of £30,000. With the house prices ever increasing how are people like us supposed to save a deposit without obtaining loans etc?

Please help us. Are there any ways of getting around this without having to get a higher interest mortgage?

Kind Regards

Dave

silvercar

I would think you could get decent mortgage rates on much lower deposits than 15%.

5% or 10% deposits should get you a competitive rate.

Melissa177

There is no need to have a 15% deposit. Most lenders will do 5% or 10% deposit.

Don't forget stamp duty costs, legal fees, etc etc - they add up to quite a lot! Good luck.

Deedee73

On my first purchase, we offered significantly lower than the asking price, offer accepted, mortgage company valued the house at the asking price, which resulted in the "Deposit" being paid, even though it hadn't, the difference in the AP and our offer was 10%, we were over the moon that we didn't need to part with all of our savings!