Thoday
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Registered: 12th Jan 03
Location: Drove kitted corsa b now standard corcs c exclusiv
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House prices are approx 170k for a 2 bed here
my salary is not enough to get a mortg on my own for a decent rate
how much have people put down and against what mortgage?
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topshot_2k
Banned
Registered: 1st Dec 03
Location: Northampton Drives: Pug GTi-6
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13k on a £130k mortgage
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Russ
Member
Registered: 14th Mar 04
Location: Armchair
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3% on ours, we decided to start saving then saw the house we wanted. didnt have much time to save
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Thoday
Member
Registered: 12th Jan 03
Location: Drove kitted corsa b now standard corcs c exclusiv
User status: Offline
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most places say 5% and i have that but for a house i want im looking at 160k mortg
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Colin
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Registered: 4th Apr 02
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For 160k you will need at least £8k deposit, £1900 stamp duty, Fees - maybe £1500  So you will need at least 12k maybe more.
You will also need to be earning around £40k /year to get the mortgage!!
Why start off with a 2bed house if your just staying yourself, small flat will be much more affordable you need to start low & work up to bigger things!!
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mav
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Registered: 19th Jun 01
Location: Scotland
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Nothing
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neoquip
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Registered: 12th Aug 02
Location: Nottm
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look at getting 10% for a deposit.
then get the asking price down a bit. then at least you'll not be owing more than what the house is worth
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nik
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Registered: 19th Jun 00
User status: Offline
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80k and a 170k mortgage although I could have put down a lot less and had bigger mortgage didn't want huge monthly repayments
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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I have a 5% vendor gifted deposit which worked out at about 3.5k i think
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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£3,375 to be exact 
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shawboy
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Registered: 1st Jul 02
Location: Wombwell, Barnsley
User status: Offline
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5% on ours. 73k had to pay £3650 deposit.
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Fee
Member
Registered: 16th Nov 05
Location: With AK
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We got our flat for £15k under value, so only put down about £2k deposit, but it worked out that we only got a 90% mortgage
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Scotty_B
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Registered: 11th Jun 03
Location: East Kilbride
User status: Offline
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£0
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Thoday
Member
Registered: 12th Jan 03
Location: Drove kitted corsa b now standard corcs c exclusiv
User status: Offline
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quote:
Originally posted by Colin
For 160k you will need at least £8k deposit, £1900 stamp duty, Fees - maybe £1500 So you will need at least 12k maybe more.
You will also need to be earning around £40k /year to get the mortgage!!
Why start off with a 2bed house if your just staying yourself, small flat will be much more affordable you need to start low & work up to bigger
things!!
Mesing with figures for the time being!
Gf graduates in 16mths time and as a teacher will get a grant on a house.
(you pay it back when you move or remortgage)
she will also earn the same as me topping 45k
will then look at a 3 bed and then pay larger monthly payments while we can afford it.. then if we have kids we have the house ready and then when they move out when in their 20s we will downsize and release the equity
all if's mind you pmsl
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whitter45
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Registered: 15th Nov 02
Location: Norton
User status: Offline
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25k i have just put down on my house
That was to make the repayments less shocking lol
It appears some fixed rates have been removed also
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whitter45
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Registered: 15th Nov 02
Location: Norton
User status: Offline
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quote:
Originally posted by Thoday
quote:
Originally posted by Colin
For 160k you will need at least £8k deposit, £1900 stamp duty, Fees - maybe £1500 So you will need at least 12k maybe more.
You will also need to be earning around £40k /year to get the mortgage!!
Why start off with a 2bed house if your just staying yourself, small flat will be much more affordable you need to start low & work up to bigger
things!!
Mesing with figures for the time being!
Gf graduates in 16mths time and as a teacher will get a grant on a house.
(you pay it back when you move or remortgage)
she will also earn the same as me topping 45k
will then look at a 3 bed and then pay larger monthly payments while we can afford it.. then if we have kids we have the house ready and then when they move out when in their 20s we will downsize and release the equity
all if's mind you pmsl
the reference to 45K - is that together as a teacher will not earn that alone until they are well into their career
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Thoday
Member
Registered: 12th Jan 03
Location: Drove kitted corsa b now standard corcs c exclusiv
User status: Offline
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no way thats joint mate. if she graduated and got 45k i wouldnt even be asking the Qs
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Jill
Premium Member
Registered: 8th Jun 01
Location: Aylesbury, BUCKS
User status: Offline
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quote:
Originally posted by Thoday
Mesing with figures for the time being!
Gf graduates in 16mths time and as a teacher will get a grant on a house.
(you pay it back when you move or remortgage)
she will also earn the same as me topping 45k
will then look at a 3 bed and then pay larger monthly payments while we can afford it.. then if we have kids we have the house ready and then when they move out when in their 20s we will downsize and release the equity
all if's mind you pmsl
Why don't you just wait until she graduates in a year and a halfs time and by then you'll have a nice little nest egg with all the money you have saved to put a bigger deposit down, reduce the size of the mortgage etc etc...? Plus the extra ££ will come in useful to buy things for your house or keep in handy if something goes wrong eg: if you boiler packs up.
I put a bigger than 10% deposit down when I bought my house last year just for this reason- took a bit longer to save for but got there in the end.
JILL 
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paul.mitchell1984
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Registered: 31st Aug 06
Location: Wakefield
User status: Offline
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kinda going off topic, how do they work out how much they loan you, ie 3 x annual wage etc??
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whitter45
Member
Registered: 15th Nov 02
Location: Norton
User status: Offline
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depends on the lender some offer 6 times your annual wage if your buying on your own
I took out mortgage of 120k thats 3.5 times my annual wage
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Higher deposit generally means better interest rate on the borrowing as you have a lower LTV - loan to value ratio.
ie. 95% mortgage you might be at 6%
80% perhaps 5.5% etc.
Have a look at the complete range of products offered by any single lender and you'll see the different things you are eligible for based on your circumstance.
Go here -
http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?task=articleFWwealth&value=9629&target=_self&site=pfs
And get the PDF file at the 'Download our latest interest rates' link for example of Woolwich.
They are only one lender of course, others will differ. You can get away with going in with very little but don't expect the lenders to cut you any slack - you will pay more interest than if you go in with cash on the day.
[Edited on 22-01-2007 by Ian]
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Mark Petty
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Registered: 26th Jul 01
Location: Bournemouth Drives: Suzuki gsf600
User status: Offline
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I've recently moved into a £176k house and I put down £21k.
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Daimo B
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Registered: 20th Mar 00
User status: Offline
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Nothing.
100%, higher rate for a few years I admit, but can resolve that when it comes to changing the policy.
Instead we saved a lot to fully kit our house out with everything we wanted/needed. Blew muchos in the sales last year
It gets you on the market, and as long as your not paying an "interest only" mortgage, you will be paying off a lump sum every month.
It was save x amount for like 3-5 years until we had a deposit, or save hard for 6-12 months, buy a house, kit it out, and change the policy in a few years time. Even with the current rises, it should be less than we're paying now, and we've still got enough to go on holiday, take days out, go and do things and have a life etc...
No point busting a gut trying to save all this money/pay out all this money if your not goign to continue living a life as well.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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I disagree a bit there. Have an example.
House is 150k
Using Barclays current rates as an example as I'm using them so I'm most familiar.
2 year fixed rate - rate depends on loan to value (LTV)
95% LTV - 6.19%
80% LTV - 5.59%
First thing to consider - you won't even get a mortgage with Barclays with nothing down.
--
5% deposit to get 95% LTV mortgage
£7500 down. Borrow £142500.
25 years is 945.77pm. Costs a total of £283731
--
20% deposit to get 80% LTV mortgage
£30000 down. Borrow £120000.
25 years is 752.05pm. Costs a total of £225615
Difference in deposit is 22.5k but you actually save over 58k.
All the above assumes that the rates would stay similar over the life of the loan. If you move when you become eligible for better deals then this would be less. That said though, the first two years would be £200pm different. First one is affordable on £30k between you. Second is touching a grand pm. Forget that unless you're in supertax.
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whitter45
Member
Registered: 15th Nov 02
Location: Norton
User status: Offline
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yes Ian totally agree and for the first 10 years ypu pay nothing off the amount you borrow as your paying off the interest thats added. Its the last 10 - 12 years wheee you really pay the amount borrowed
Similar if you could pay the 120K mortgage off in 11 years instead of 25 you would save 91K
100% it not ideal if can put money down its always better
[Edited on 24-01-2007 by whitter45]
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