What % deposit did you have for your mortgage?

[wishuwerehere]

As the title says! When you took out a mortgage, what percentage did you need as a deposit? And did you put down the bare minimum or more than was required?

 

[My_First]

We put down 10% on a 250k house. So mortgage was 225k. It was the minimum at the time. (Well last January)

 

[Vesta]

We put down 5%. This was back in 2008. It was the minimum.

 

[My_First]

I also add that it really varies from company to company. The most you can afford is better as it means your monthly outgoings are cheaper as you are more likely to get a better rate.

 

[wishuwerehere]

I also add that it really varies from company to company. The most you can afford is better as it means your monthly outgoings are cheaper as you are more likely to get a better rate.

That's what i thought - basically my OH has a really good relationship with his bank and they've said they'll offer him a 10% mortgage but I'd rather have a bigger deposit really.

 

[My_First]

I also add that it really varies from company to company. The most you can afford is better as it means your monthly outgoings are cheaper as you are more likely to get a better rate.

That's what i thought - basically my OH has a really good relationship with his bank and they've said they'll offer him a 10% mortgage but I'd rather have a bigger deposit really.

If your oh is set on it, though, you could get a mortgage that you could overpay on. So each month you overpay you could get it dropped each month or year depending on the mortgage. Many however penalise for overpaying and others penalise for overpaying say ours we can't overpay more than 10% of the outstanding mortgage a year without penalty. Terms and conditions are so variable.

 

[Red Rose]

We put down 10% on a fixed low interest mortgage. We have the option to overpay each month which is great when we have the money to spare.

 

[aly888]

We put down 30% on a tracker mortgage that only required 5%, and believe me, when the house prices dropped a few years ago it was very reassuring knowing that we weren't going to drop into negative equity on it. My advice would be put down as much as you can afford. Our monthly payments are tiny compared to what they would have been if we only put down 5% and trust me, that comes in handy

 

[devon_91x]

We put down 16k on our flat which was 109k, which i think works out to around 15%?

We only had to put 10% down but just put down 8k each. We had more saved and would have put down 25k, but our flat needed new EVERYTHING, so saved some of the deposit money for new kitchen, bathroom etc etc etc x

 

[tinkerbelle93]

We put down 20% on a deposit for a part-buy part-rent. It took us a year living at my parents to save for it, plus the legal fees! xx

 

[Abz1982]

We put down 5k on a 96k mortgage, but we are shared ownership so out LTV was only like 74%, hense they low deposit.

 

[aimee-lou]

We were doing some research yesterday and it seems that the lowest you can get now is 10% deposit and that's for FTB. I would say pay what you can afford in, and the more the better. We're looking at buying hopefully in the next 2-3 years.

 

[buttons1]

We put down 10% which was the minimum

 

[toffee87]

My Grandma lent us 10%, but as we did the shared equity scheme (the builders lend you a % and you start paying back after 5 years/when you sell) we technically only needed 5%. I love our new build

 

[Flowers Jasmn]

From research, it is advisable to deposit as much down payment as possible.This has two effects; it helps reduce the amount of money you pay as monthly installments and also reduces the interest that you may end up paying on the mortgage.

 

[aimee-lou]

From research, it is advisable to deposit as much down payment as possible.This has two effects; it helps reduce the amount of money you pay as monthly installments and also reduces the interest that you may end up paying on the mortgage.

it also reduces the risk of going into negative equity and all the nastiness that could ensue from there.

 

[xxmyheartxx]

We put 5% down which was 3k back in 2003! Xx

 

[x Michelle x]

we put down £68k... or mortgage was £279k, so 24% deposit ish...

 

[Pearls18]

Some places will be introducing more 5% mortgages this year, I imagine your credit ratings would need to be extra sqeaky clean. We are coming into some money this year, we are in two minds as to whether buy a house to let (we live in MOD housing which is ridiculously cheap I'm talking tens for rent not hundreds) or to save up on top of the money until we actually need a house which won't be for 10 years or so. I'm not sure what is the best thing to do right now because I know the market is cheap at the moment but I like the idea of saving up for a much bigger deposit. We will see!

 

[Caite]

Abz, that is similar to what I have. My house is shared equity, the builder's part is 20%. I put down about 5% of the house price, but when fees were added to the house purchase (I can't remember what they were now, they might have been mortgage/mortgage broker fees) I probably only ended up with a 4% deposit.

But, I get the same rate as someone who has put 25% down for a house, so my interest was 3.99%, and when I renewed it, it was a little lower than that. I pay less for my mortgage than my friend pays for her rent.

I want to move again, though. I'm not really a fan of new houses.