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How much % deposit needed if you want to get a mortgage for a 1 bed flat..

Liyana89
Liyana89 Posts: 29 Forumite
10 Posts Name Dropper
in Mortgages & endowments
I’m asking for a friend, she wants to buy a flat or maybe a house. She’s wondering how much % of a deposit is needed. Does anyone know?

Comments

  • K_S
    K_S Posts: 6,900 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    @liyana89 At present, assuming a non-newbuild property, and a standard purchase (no schemes), you'll need a minimum 5% deposit for a house and 10% deposit for a flat. You'll be limited to a very small pool of lenders though.

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

  • Liyana89
    Liyana89 Posts: 29 Forumite
    10 Posts Name Dropper
    What if it’s a new build? She’s also a single person... does that change her circumstances?
  • K_S
    K_S Posts: 6,900 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    @liyana89 Generally speaking, 10% for a house and 15% for a flat.

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

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