Getting a mortgage, how much deposit?

[Louise88]

Me and oh are looking into getting a mortgage, how much would be a reasonable deposit? Looking online we will be entitled to a roughly £111,000 mortgage which is fab for our area I'm just clueless when it comes to how much ideally we'd have to save up first?

 

[MrsVenn]

Well we had 30% plus 10k or so for fees on top of a 190k mortgage, this gave us a half decent rate on our interest for a fixed 5 year. A couple of my friends had about 10% deposit or just above I think but are on interest only mortgages.

It's really hard to know to be honest, have you seen a property you like? What kind of price are you looking at? If you can have 110k mortgage, then 10% deposit is 11k, 20% 22k etc.

 

[Indi84]

Depends what mortgage you go for, they do 95% now. You really need to go to a mortgage advisor and discuss this! The more you can put down the better. We also need around 8k to cover moving fees, stamp duty etc on top of deposit.
I'm so jealous 111k gets you a house, in my area (Berkshire) we need a deposit on 200k to get an average house!

 

[lovelylaura]

You can get 5% ones now, but we are saving for purs and we need just over 11k but its with ones of those new build things best to just have a chat with your bank tho x

 

[R_x]

Depends what your looking at. For new builds not much(but there's a lot of extras)
The more the better though. Don't forget solicitor fee ect x

 

[Mummy Bean]

Most places want you to have 10-20% of the value of the property. There is the new government help to buy scheme which means you can get a 95% mortgage but that only with certain banks and on certain properties.

Then £4kish for Solicitors and 1% stamp duty.

So for a £120k property about £17k+

 

[Louise88]

Thank you for the replies, seems we'll be saving for 1-2 years but it will all be worth it and by then my oh should have another promotion through work so more money can't wait to get a deposit together and start finding our first home together

 

[Yo_Yo]

It's worth saving the biggest deposit you can so your monthly repayments will be lower too.
It's definitely worth it though

 

[tallybee]

I agree the bigger deposit you can manage, the better Good luck x

ETA legal fees can eat up a big chunk unfortunately but getting a better mortgage deal can save thousands in the long run. Brokers are good for that

 

[smallpeanut]

We have a 195k house and we spent about 15k on deposit and solicitors fees. X

 

[lindseymw]

Deposit alone, you ideally need a minimum of 10% (the more the better).

Then you have solicitors fees & stamp duty (Stamp Duty is 1% for houses £125k-250k).

 

[Abigailly]

We needed a 10% deposit. About £5,000 in fees. And 3% Stamp but I think that varies house to house.

New houses have more incentives.

But the more deposit you can save, the better.

 

[Yo_Yo]

Won't it be your first house? Have you looked into the Help To Buy Scheme?

 

[Louise88]

Won't it be your first house? Have you looked into the Help To Buy Scheme?

I'd never even heard of that until you mentioned it, sounds great! If we can do that then we'll defiantly be able to start searching for our first home 6-12 months time. Thank you x

 

[Yo_Yo]

Won't it be your first house? Have you looked into the Help To Buy Scheme?

I'd never even heard of that until you mentioned it, sounds great! If we can do that then we'll defiantly be able to start searching for our first home 6-12 months time. Thank you x

Aww great! Good luck, hope you find a perfect home

 

[LynseyPynsey]

For our £110k house we needed a £35k deposit

 

[RachA]

Personally I'd save up as much as I could. Whilst you can get a 95% mortgage to me it just makes more sense to save much more than that if you can.

 

[catty]

We paid £14, 000 for our dwposit (flat cost £117, 000) and I work at a solicitors so I got the solicitor fees for free but still had to pay about £600 for 'other fees' our mortgage is £600 pm
My friend put down a 50k deposit, has a more expensive flat and her mortgage is only £400.
Id personally rather move out sooner and pay a bigger mortgage though but thats just me

 

[KatieB]

We put £50k deposit down and went for a £185k mortgage x

 

[Caite]

Oh my goodness, everyone has had huge deposits!

I bought my house 3 years ago. It was a new build, and the builders were selling it for £125,000. I got it with shared equity, so had to pay the deposit/find a mortgage for £100,000.

I put down a deposit of 5%, and got a mortgage for the rest. Whilst the mortgage was 95% of the rest of what I needed to find, as I had shared equity, technically the mortgage was only for 75% of the property, so I have the same rate as someone who put down a 25% deposit.

The mortgage set up fees, which I think was in the region of £1,000), or whatever they are called, were added to my mortgage.

I got a fixed rate for 2 years at, I think 3.99% (which was about £424/month) and then, when I renewed, I got it for 3.79%, which is just a little over (400/month) - I could have got a cheaper rate, but that what have meant I would have had to pay a fee to get it, so wouldn't have been cheaper in the long run.

My solicitor cost about £800, moving cost about £45 (I hired a van and did it myself), and the only other costs were the furniture/carpets etc, as I was moving out for the first time, which cost about another £6,000 (I got about half of this on credit (sofas), my mum and nan insisted on paying for some (kitchen stuff) and I continued to save the same I had been saving each month for the deposit from the time I had paid my small deposit (£1,000, which was part of the £5,000 deposit) to reserve the house whilst the finished building the inside, and putting in all the bits I had chosen, like the tiles, cupboards etc.).

I don't have to pay the builders anything until 5 years, when I start paying interest at something silly like 1%, then have to pay the £25,000 after 10 years. If I sell the house before then, I have to pay them £25,000 or 20% of what I sell for (which ever is highest).