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Deposit
Dollymix12
Posts: 221 Forumite
What percentage deposit is normally required on a mortgage? My husband hasn't been on a mortgage before so if we buy a house together would we be classed as first time buyers?
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Comments
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the higher the deposit amount the lower the APR generally. 5% may be possible depending on credit history and current debts and the lender, 10%+ more common
If you have had a mortgage before you would not be a first time buyer0 -
Being a first time buyer or not does not affect the deposit you need.
It would come down to credit reports and how they stack up.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Non-FTB status is determined by current and previous property ownership, it's not normally anything to do with having had a mortgage, although I can think of one lender which uses three years in its criteria
If one of you has owned a property and one of you hasn't some lenders will allow an FTB product to be used.
Others say if you haven't had a mortgage in the last three years you qualify for an FTB product.
Other than a slightly smaller fee, there is little advantage in an FTB product and the Government's HTB schemes are not FTB only.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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