Mortgage for house in north London

buyahome

Hi mortgage people, I am looking to buy a house in North London with 20% deposit, is it enough in today's market? I hear we need very high depopsit because house price in London is going down? House price is 720 and our total salary income is 168 before tax. I sent an enquiry to LandC but they do not reply yet. We have offer accepted so need to start mortgage process soon. Thanks.

CSL0183

buyahome said:

Hi mortgage people, I am looking to buy a house in North London with 20% deposit, is it enough in today's market? I hear we need very high depopsit because house price in London is going down? House price is 720 and our total salary income is 168 before tax. I sent an enquiry to LandC but they do not reply yet. We have offer accepted so need to start mortgage process soon. Thanks.

20% deposit would be fine with most lenders yes. 

£720k purchase 
£144k deposit 
£576k mortgage. 

£168k joint salary (x3.42 for mortgage)

Everything should be fine with those figures. 

Presuming you own no other property and this is your only financial interest in a property and again presuming you complete after 31/03/2021 then you will also need £26,000 for SDLT plus of course the legal fees.