3 Regular Savers Maturing

Cptralls

grumiofoundation said:

Cptralls said:

DiggerUK said:

Cptralls said:

DiggerUK said:

First things first. Lenders are expecting a 15% deposit now, so unless you are looking at a property for under £100k, you might not get your house purchase finances in order for a while longer yet. Also you seem to be all over town with your savings, far too many pots....and no LISA.
Tidy things up a bit..._

£15k is my share of the deposit, my wife will be matching it. Also we both have our own home, mine is rented and we live in my wife's home. Therefore we're not eligible for a LISA. 

OK, no LISA possible.
Its still messy, you need a tidy up. The mortgage, as well as 'only' needing a 15% deposit is going to be tricky with you already having credit for the two homes. The mortgage company will assess your ability to repay on total outstanding debt, including overdraft facilities and C/C amounts available.

I see the coming economic period as very high risk, so I think xylophones' question  very pertinent. 

In fact I would say"three mortgages? are you crazy?" You need to tidy up your housing as well as your money pots..._

My wife will be selling her property. 

So you will have to pay extra 3% SDLT on the purchase.

Back to the original question my suggestion still remains to keep as much cash as possible accessible if will/might be needed for house purchase (as mentioned above lenders may be asking for bigger deposit). 

In that case keeping money together that is easily accessible is key, therefore Premium Bonds. 

DiggerUK

I've had an interesting time whilst drinking my coffee, coming down stair rods and can't get in the garden.
With a 40% deposit you can get a range of ten year fixed mortgages for under 3%. With what you could both put together I'm sure you could clear the mortgage in less than ten years, maybe even negotiate a ten year mortgage.
Variable rates may go below 3%, if they do, so what? it won't be enough to cry over,, if they go higher why should you care..._

Edit, PB's are a good idea..._

Cptralls

DiggerUK said:

I've had an interesting time whilst drinking my coffee, coming down stair rods and can't get in the garden.
With a 40% deposit you can get a range of ten year fixed mortgages for under 3%. With what you could both put together I'm sure you could clear the mortgage in less than ten years, maybe even negotiate a ten year mortgage.
Variable rates may go below 3%, if they do, so what? it won't be enough to cry over,, if they go higher why should you care..._

Edit, PB's are a good idea..._

PB's it is - thank you.