what would e a good deposit for a mortgage?

bilbodreams

We would like to move up on the property ladder in two years time.
Family houses were we live are around 300000 gbp.
I have a few defaults from debts:(:, but I have now paid off those debts.:j
We have two small children. Family income is 40000.
Now the question....what would be a good deposit to have so we would be considered for a mortgage?

kingstreet

That will depend on affordability and the time since the defaults were registered.

You aren't going to get five times income with dependents, so let's say four times, so affordability is going to mean a £140,000 deposit on a £300k purchase and as that's about 60% LTV, your credit problems will be less significant too.

Thrugelmir

bilbodreams wrote: »

Now the question....what would be a good deposit to have so we would be considered for a mortgage?

Focus your energies into reducing your outgoings and paying down your mortgage quicker. Maybe easier achieve your dream than you realise.