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£5,000 deposit first time buyer mortgage
amnblog
Posts: 12,754 Forumite
I thought it worth noting that products are now on the market to enable first time buyers to get on the housing ladder with a flat deposit of £5,000.
These products are designed for those with good incomes and solid credit history but with borrowing available up to £495,000 on £500,000 purchase, will do the job for the right candidate.
We are, this week, looking at one for a £350,000 purchase with £5,000 deposit. Even with stamp duty and legal and purchasing costs, our Client is looking to be on the property ladder with a total cash fund of £10,000. Monthly payments £2,029 which is about £50pw above current rent.
Family gifts for the deposit are fine. I suspect quite a few parents will spring £5,000 to get you out and leave the fridge and bathroom unmolested.
Speak to a good Broker if it sounds like a deal you could use.
These products are designed for those with good incomes and solid credit history but with borrowing available up to £495,000 on £500,000 purchase, will do the job for the right candidate.
We are, this week, looking at one for a £350,000 purchase with £5,000 deposit. Even with stamp duty and legal and purchasing costs, our Client is looking to be on the property ladder with a total cash fund of £10,000. Monthly payments £2,029 which is about £50pw above current rent.
Family gifts for the deposit are fine. I suspect quite a few parents will spring £5,000 to get you out and leave the fridge and bathroom unmolested.
Speak to a good Broker if it sounds like a deal you could use.
I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.
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