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Deposit - FTB
kacie
Posts: 901 Forumite
hi, i'm thinking of moving out of my dad's and buying my first house and am wanting to knowing how much deposit i would need to get a mortgage on a £100k-120k house
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Comments
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Depends on your income as that normally effects how much the bank can lend you.
Im sure someone with knowledge will post later and if you can supply them with some rough figures they can try work out how much you will need to put up as a deposit.Official DFW Nerd Club - Member no. 0650 -
thanks but i'm in college at the moment and only working part-time i wasn't thinking of moving until i finished college but i want to save for a deposit now0
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You should try and save at least 5%, preferably 10% and if you can manage it, 25%.
The bigger your deposit, the better mortgage rate you can get.
Of course, the best thing to do would be to save 100% of the price of your house.
My advice though is to stop worrying about buying a house until you have a steady job. Renting is far cheaper than buying these days.Mortgage debt - [STRIKE]£8,811.47 [/STRIKE] Paid off!0 -
Don't worry about "missing the boat".
You have time on your side and another boat will be along soon.
In the meantime save as much as you can for a deposit.dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0
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