How much do I need to save as a percentage of the property price in order to secure a mortgage in the UK atthe moment? Is it 10%, 20%?
Thanks
Depends on the mortgage lender in question, some will only require 10% deposit, but others will only give a LTV (loan to value) of 75%, so in this case you would need a 25% deposit.
Sorry, but the days of 100% mortgages are gone now, so you will need a hefty deposit.
I live in the South East and you still can’t really get anything decent for less than £150k, so in the above scenario’s you are looking at deposits of around £15k to £37k and that’s still leaving you with a £135k or £113k mortgage to repay monthly.
January 21st, 2010 at 7:57 am
at the moment – (searching for a house too) we;ve been told 10% min – the more you have as a deposit, the cheaper your mortgage will be xx
References :
January 21st, 2010 at 8:10 am
Depends on the mortgage lender in question, some will only require 10% deposit, but others will only give a LTV (loan to value) of 75%, so in this case you would need a 25% deposit.
Sorry, but the days of 100% mortgages are gone now, so you will need a hefty deposit.
I live in the South East and you still can’t really get anything decent for less than £150k, so in the above scenario’s you are looking at deposits of around £15k to £37k and that’s still leaving you with a £135k or £113k mortgage to repay monthly.
References :
January 21st, 2010 at 8:45 am
I agree with SC.
The deposit is more likely to be 25% nowadays.
It used to be 10% and sometimes zero via a mix of loan and other product.
Nationwide is the only I know who might agree 15% deposit depending on your credit history and profile.
http://www.financecomparator.co.uk/firsttimebuyer.html
References :
http://www.financecomparator.co.uk/firsttimebuyer.html – Personal Experience
January 21st, 2010 at 8:59 am
20+%…I’m afraid things are bleak.
References :