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Minimum deposit
leereni
Posts: 377 Forumite
What is the current minimum deposit required with an above average credit report?
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Comments
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Hi,
Technically 5% is the minimum as there are some 95% mortgages around but these are hard to come by.
Depends how much hair you want to lose during the buying process, but 10% plus costs is really the minimum, 15% plus costs is easier and the interest rate will be better.
You say "above average credit report", which suggests it isnt perfect - if you have any issues on your credit report then you will need a bigger deposit or accept a worse rate.
Gary.0 -
'above average' credit report? what does that mean exactly?Trainee Building Surveyor
DIP 12/02/13 - Mortgage application 13/02/13 - Valuation 14/02/13 - Valuation OK 22/02/13 - Mortgage offered 05/03/2013 - Completion 22/03/2013
FINALLY IN MY FIRST HOME!!! WAHOOOOOOO! :beer:0 -
Late payments from about 4 years ago.0
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I dont think their is such a term, you either have adverse credit on your file or you don't, but i get your drift. The longer it was ago the less affect it will have. If you're looking at 5% i would say you may well struggle - they are really strict on who they accept at that level of ltv, did you have any figures in mind?Trainee Building Surveyor
DIP 12/02/13 - Mortgage application 13/02/13 - Valuation 14/02/13 - Valuation OK 22/02/13 - Mortgage offered 05/03/2013 - Completion 22/03/2013
FINALLY IN MY FIRST HOME!!! WAHOOOOOOO! :beer:0 -
What about 10%?0
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Im not a mortgage broker so im not best placed to advise you but i would say 90% and 95% mortgages are quite hard to come by - but there are other factors to come into it so you will need to put some figures into the equation in order to get some good advice on hereTrainee Building Surveyor
DIP 12/02/13 - Mortgage application 13/02/13 - Valuation 14/02/13 - Valuation OK 22/02/13 - Mortgage offered 05/03/2013 - Completion 22/03/2013
FINALLY IN MY FIRST HOME!!! WAHOOOOOOO! :beer:0 -
Eg. 140000 mortgage with a 10% deposit.
I earn £38000 and partner who has an excellent record earns £12000.0 -
Any opinions on the above please?0
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You should be able to lend that amount . I earn 28k on my own and YBS would lend me something like 131k0
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