How much for a house/property deposite???

[1991 starlet owner]

Alright lads and lasses

So as in the title how much are people paying for a mortgage deposite nowadays??

Are the 5% deals any good??

My mrs is finishing UNI in two years and I'm reckoning I'm gonna need about 20k for a deposite on a place.. Assuming ill need 20%. Is this about right??

Thanks, Tom.

[Taggy]

a small deposit of 5% will just mean you pay a higher interest rate on the loan itself, so higher montly payments, the more deposit you put down the lower the interest rate they give you and the less you pay a month.

[StuDoc 72]

Mortgages will be 0% deposit again soon enough they were only increased during the recession and are improving nearly every 1/4.

At the same time £20k deposit oooooft. You can get a decent flat up here for £50k lol.

I have a pretty well paid job but my Mrs is at Uni doing her masters in Law this year and we are currently renting but will be next year before we even entertain a mortgage I'm hoping by then its 0% again.

[1991 starlet owner]

Yeah what they're asking for at the moment really takes the Piss!

And yeah I know mate, we live down south near Christchurch but I have rellies up in Newcastle and Hartlepool and the property up there is so much cheaper!!!!

We could buy a brand new 2 bed house up there for about 10k less than an average flat down here!!!

I must admit though I didn't realise the prices and rates were getting better each 1/4

Tom.

[paulgtt]

its really going to depend on how much the house/flat is worth and what your income is.

we bought around 3 years ago on a repossession house that was up for £87k and we paid a 10% deposit, mortgage is around £370 ish a month but over 35 years. don't forget that on top of your deposit is the solicitors ad survey fees which was nearly £3k!!

[har-vey]

it all depends on what scheme you go on. with 20k you will be fine.

I'm on a scheme where the government and the builder both put in 10% of the value of the house (interest free for 5 years) along with my 5% deposit it means i could get a 75% mortgage (much better interest rates when looking at this value mortgage)

[Fozzie]

I'm on shared ownership and I have to say it's a pretty good scheme.

You only have to mortgage a certain % of the property, then you pay rent on the other half, which is owned by the developer or a housing association. Over time you can buy out more of the property until you own the whole thing if you want to.

We bought 50% of our place and my savings pretty much did it, were around £10k (that also covered legal fees, flooring throughout, doing the garden etc etc). Only have a little extra that I put on my credit card but almost sorted that now.

Edited August 30, 2013 by uberphil88