Deposit about 7%?

Live84

Hello all. 

I’m looking at my first home and I’m currently searching around £230,000 purchase price.  Now I have around £29,000 deposit which works about about 12/13%.  

My question is would a figure of only 10% deposit be accept (£23,000) or can I use the full amount for deposit? (12/13%).  

I was hoping to achieve 15% deposit and also give myself a better chance but it’s too far a stretch.   Would the extra 2/3% help with affordability etc or is it strictly 5% 10% etc?  Thanks fr 

Thrugelmir

Affordability is about how much you can afford to borrow. Have you tried lenders online calculators? 

Live84

Thrugelmir said:

Affordability is about how much you can afford to borrow. Have you tried lenders online calculators? 

Hi and yes I’ve done most and they all come in right on the limit of affordability, or just under what I need.  Changing the deposit from 10% to 15% doesn’t seem to higher the top offer.  I’m falling just short with 10% but can’t afford 15%.

[Deleted User]

You can use whatever deposit you like (usually rounded to nearest £5) and then mortgage the rest. Your interest rate doesn't change until you get to 15% though