What % deposit for a good mortgage deal?

sherry_d

I know the bigger the better but what would you say is the minimum loan to value for good deals?

Its all so confusing trying to use all the comparison site.

bsms1147

40 percent

_Andy_

What %age deposit do you actually have?

sherry_d

About 15% is what we have but I am thinking we may be better off saving a little more for a chance of a decent deal. 40% is beyond our capability though, we would need to win the lottery first. Was wondering if 20% would make any significant difference.

Ok our position is this, we have been saving a bit and have 2 kids. Now looking at what we can afford to buy is terribly depressing. Around £250k, just bog standard 3 bed houses and nothing excites me. I am wondering is this is really worth, buying for the sake of it.

We are really cramped for space and currently living in rented 2 bed and have lived in the same house for 7 years paying £650 rent. This is below the current rental value as we haven't had our rent increased in the time. Lovely landlord but having a 13 year old girl sharing a room with her 5 year old brother is a bit much now so we really need to move. My children never complain about space but I just feel a tad guilty that my 13 year old should have her own space.

With our current deposit we would about pay £1200 monthly on a mortgage. That would give us a third bedroom and that's about it really. We might be luck to get a pokey dinning room on top. It's just weighing up and doing the sums. I could about manage a year at most so we save a bit more but deep down I want to move asap but finances are an important consideration of course.

dimbo61

What about moving to a cheaper area ?
£250K would buy a nice 4 bed detached house round here

kingstreet

95+ Worst

Inbetween there's a sliding scale. The rate improves as the loan to value decreases.

- 60% Best

marathonic

I see HSBC have recently introduced a good rate on a 50% LTV tracker with no fees. It's a year and a half until I can remortgage but I've been keeping an eye on rates.

I think I can save enough to get 60% LTV by then but might try and push for the 50% LTV - considering the possibility that other lenders will follow suit and introduce rates at this level.

bigadaj

marathonic wrote: »

I see HSBC have recently introduced a good rate on a 50% LTV tracker with no fees. It's a year and a half until I can remortgage but I've been keeping an eye on rates.

I think I can save enough to get 60% LTV by then but might try and push for the 50% LTV - considering the possibility that other lenders will follow suit and introduce rates at this level.

Interesting development just makes you wonder what the reason is. Obviously very low risk for the lender, so would this be helpful in accessing cheap money such as funding for lending. Obviously depends on rates but they seem very low with equivalent,y low margins so not too attractive for most for a. Business perspective.

Could be politically attractive in providing a further underpin to prices at the upper end of the market, or isit intended to be a cheap from of debt to sustain spending and underpin the economy from a shopping perspective?

SG27

40% for the absolute best deals.