What is a realistic flat/house deposit? - Corsa Sport - for Vauxhall and Opel Corsa B, Corsa C and Corsa D

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RichR

Premium Member

Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline

7th May 08 at 13:17

I put down £6500 on a £116,500 purchase price; making the mortgage £110,000

I could have gone to 10% but wanted to hold back £6,500 to start the work

Fee

Member

Registered: 16th Nov 05
Location: With AK
User status: Offline

7th May 08 at 13:24

also, the bigger the deposit you have the better the rate you will get.

have to factor in stamp duty as well....me and Adam paid something like £9k on our flat in Aberdeen....such a c*nt

Robbo

Member

Registered: 6th Aug 02
Location: London
User status: Offline

7th May 08 at 13:26

Shit I had forgotten about that

No moving or estate agenst fees if I buy the flat though as I'm alreayd in... but still legal fess and stamp duty, thats another £5k

AndyKent

Member

Registered: 3rd Sep 05
User status: Offline

7th May 08 at 13:32

I'll be putting down as much as possible - it'll cost me far less in the long run to save a few more grand to start with.

The thought of trying to scrap together £20k is scary though

cunningham

Member

Registered: 25th May 05
Location: Lochore, Fife
User status: Offline

7th May 08 at 13:38

got 100% mortgage for 80k house a year ago thank christ im on the market now im with everyone else its getting crazy with deposits

Russ

Member

Registered: 14th Mar 04
Location: Armchair
User status: Offline

7th May 08 at 15:58

quote:
Originally posted by Kathryn W
God it gets more pathetic.

First they get rid of all the 'easy' mortgages for FTB's and now they increasing the deposit amount, it'd take years to save up that amount of money...

its so ftb's dont have a huge mortgage that they cant afford to pay...

its for your own good

Colin

Member

Registered: 4th Apr 02
User status: Offline

7th May 08 at 16:23

5-10% is the norm. Any more is a bonus & you'll be able to get a better rate.

stubbsy05

Member

Registered: 23rd Oct 02
User status: Offline

8th May 08 at 10:04

I put down 5% (sale of my car) on my first place in 2006, repayments were fine for me.

I still drive a banger but my new place (bought last aug) is worth more now and it works out that i have 27% of equity in it!!

Dean_W

Member

Registered: 13th Dec 05
Location: Downham Market, Norfolk
User status: Offline

8th May 08 at 11:59

I put down 15K on 70K.

stubbsy05

Member

Registered: 23rd Oct 02
User status: Offline

8th May 08 at 12:19

TBH a mortgage seems to be the cheaper way of borrowing money unless your a credit card tart changing them every time the 0% fee is up

Ian W

Member

Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline

9th May 08 at 18:10

Im going to be renting when I move out after the summer.

Would rather rent and plan for a realistic chance of moving out, theres no way im saving 10-20k, just not an option.

Might try to buy in 5 years or so if im in a position for it to be a viable option.

*awaits the rentings dead money rants*

VegasPhil

Premium Member

Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
User status: Offline

10th May 08 at 12:12

Halifax do a 97% Mortgage - Best deals for first time buyers at the moment.

Save as much as you can for a deposit really. Gives you more mortgage options too.

Corsa 2.0 16v Vegas - Sold

Aaron

Member

Registered: 9th Aug 04
Location: Cottingham, East Riding
User status: Offline

10th May 08 at 12:27

I put £15k down on my £78,500 flat.

Meaning i had a mortgage of £63,500. When i re-mortgage (fixed rate ends in about a year and a half) i'll be putting about £30k back into it

leaving me with only another £30k to pay off

Member

Registered: 10th Sep 03
User status: Offline

13th May 08 at 11:44

You could get a 100% mortgage if you liked. Though you are certainly better off paying as big a deposit as you can afford...

Robbo

Member

Registered: 6th Aug 02
Location: London
User status: Offline

13th May 08 at 11:49

quote:
Originally posted by Ian W
Im going to be renting when I move out after the summer.

Would rather rent and plan for a realistic chance of moving out, theres no way im saving 10-20k, just not an option.

Might try to buy in 5 years or so if im in a position for it to be a viable option.

*awaits the rentings dead money rants*

Renting is no lkonger dead money

Also, whoever said Halifax do a 97% mortgage... pretty sure they dont anymore... max LTV 95%

Robbo

Member

Registered: 6th Aug 02
Location: London
User status: Offline

13th May 08 at 11:49

quote:
Originally posted by ed
You could get a 100% mortgage if you liked. Though you are certainly better off paying as big a deposit as you can afford...

Possibly, if you cna find someone still doign them, who arent chartging a ridiculous amoutn of interest but thats veyr veyr veyr slim right now

Dean_W

Member

Registered: 13th Dec 05
Location: Downham Market, Norfolk
User status: Offline

13th May 08 at 11:55

quote:
Originally posted by Alex.S
TBH a mortgage seems to be the cheaper way of borrowing money unless your a credit card tart changing them every time the 0% fee is up

You can't get a mortgage with no property to buy with it. Bank won't do t.

Member

Registered: 10th Sep 03
User status: Offline

13th May 08 at 12:04

quote:
Originally posted by Robbo

quote:
Originally posted by ed
You could get a 100% mortgage if you liked. Though you are certainly better off paying as big a deposit as you can afford...
Possibly, if you cna find someone still doign them, who arent chartging a ridiculous amoutn of interest but thats veyr veyr veyr slim right now

There is a place in Birmingham advertising them. I dread to think how much they are charging though

Robbo

Member

Registered: 6th Aug 02
Location: London
User status: Offline

13th May 08 at 12:11

A scary amount no doubt

Jesus how did you manage to actually read what I wrote

My typing is getting ridiculous

stubbsy05

Member

Registered: 23rd Oct 02
User status: Offline

13th May 08 at 13:17

quote:
Originally posted by Dean_W

quote:
Originally posted by Alex.S
TBH a mortgage seems to be the cheaper way of borrowing money unless your a credit card tart changing them every time the 0% fee is up

You can't get a mortgage with no property to buy with it. Bank won't do t.

What I meant say you're buying a house at 100K.
You have 20K for a deposit.
Rather than putting the full 20K (20%) down I would put down 15k (15%) and then you still have 5K left over for a car, holiday, fistures, fittings etc.

If you put the full 20k down as deposit, then went out and got a loan for 5K is likely to be at a higher apr than your mortage.

Hope thats clear.

AndyKent

Member

Registered: 3rd Sep 05
User status: Offline

13th May 08 at 18:06

To be fair, if you don't add it to the mortgage, you're effectively paying for a holiday over the term of the mortgage - plus interest.

I'd rather not go on holiday for 5 years, than pay for 5 years worth of holidays for 30 years.

IMO, you should put down every last penny in your deposit - you'll be paying off the mortgage much quicker and it'll cost you a lot less in the long term.

1_Litre_Porsche_Beater

Member

Registered: 9th Apr 02
Location: Kent
User status: Offline

13th May 08 at 20:58

Easiest way for ppl who can't scrape together a big enough deposit is to buy new build. Mine was up for £170k got it down to £165k plus 5% deposit, stamp duty and £500 towards legal fee's. I got a 90% mortgage on having to only put down 5% deposit myself. I could of bought somewhere older for the same amount and payed the 10% myself but couldn't see the sense in it tbh. Although i have heard of a few developers dropping alot of these kind of deals not too sure on the truth but well worth a look at.

CorsAsh

Member

Registered: 19th Apr 02
Location: Munich
User status: Offline

14th May 08 at 18:20

I had to pay three months rent in advance as a refundable deposit on my apartment, guess it's different over in Europe though.

Robbo

Member

Registered: 6th Aug 02
Location: London
User status: Offline

15th May 08 at 11:15

Mine was 6 weeks Ashley-san

CorsAsh

Member

Registered: 19th Apr 02
Location: Munich
User status: Offline

15th May 08 at 13:04

Hentai Robbo, hentai anime.