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Deposit for house query
scottmoreno
Posts: 22 Forumite
Hey folks, hope you guys can give me some guidance as a bit of a novice when it comes to buying a house.
Basically my partner and I are currently saving for a house deposit, we rent presently with our rent term up next November, we have £28, 000 saved up for a deposit and hope closer to November 2024 to have about £40,000 saved by then, we have looked at houses in the areas we like and should be able to find a decent 3 bedroom for around £200-220,000 which will mean our mortgage borrowing being between £160-180,000, we’re both be 40 next year so would be looking at a 25 year term mortgage, my question is do you think the £40,000 deposit will be genuinely strong for lenders, my partner reassured me it is but im concerned it won’t be and we will be rejected, our credit rating is pretty good, im likely just overthinking things and it’s probably a bigger deposit than most could offer, our joint annual income is around £54,000 but with overtime my end could be close to £70,000, thanks for your time
Basically my partner and I are currently saving for a house deposit, we rent presently with our rent term up next November, we have £28, 000 saved up for a deposit and hope closer to November 2024 to have about £40,000 saved by then, we have looked at houses in the areas we like and should be able to find a decent 3 bedroom for around £200-220,000 which will mean our mortgage borrowing being between £160-180,000, we’re both be 40 next year so would be looking at a 25 year term mortgage, my question is do you think the £40,000 deposit will be genuinely strong for lenders, my partner reassured me it is but im concerned it won’t be and we will be rejected, our credit rating is pretty good, im likely just overthinking things and it’s probably a bigger deposit than most could offer, our joint annual income is around £54,000 but with overtime my end could be close to £70,000, thanks for your time
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Comments
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Your deposit is fine. Most places will accept 10-15% so you will have plenty.0
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Absolutely fine I believe - if you were talking <10% then I would say it ‘may’ be a bit iffy, depending on whatever volatility there might be in the financial institutions when you come to buy!
Don’t forget the monies you’ll need for SDLT (if any), legal fees.
2006 LBM £28,000+ in debt.
2021 mortgage and debt free, working part time and living the dream0
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