willay
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In the subject. 
[Edited on 07-05-2008 by willay]
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Dan
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Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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10% ?
Adult GiftsClick here to vist us
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Conway563
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Registered: 7th Jun 06
Location: Yate, Bristol
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When I saw a mortgage advisor last week the minimum you need now is 5%. A lot of companies do now want 10% though.
Also don't forget all your fees on top of deposit
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willay
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Just working how much I need to save, was thinking between 15-25k.
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Conway563
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Location: Yate, Bristol
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Depends what prices are like down your way really.
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Cosmo
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Registered: 29th Mar 01
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Yeah between 5-10% currently given the state of the mortgage market.
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willay
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TBH I would even be buying until 2-3 years when things look more promising.
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Robbo
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Tbh what bank seriously expects 18-25 years olds to be able to come up with 10%... ludicrous IMO when you factor in that the average house price is around the £200k mark...
My flat is worth around the £200-£225k mark and I'm going to severely struggle to make even 5% (assuming I can convince the owners to sell to me!)
If I wanted to go to 10% then I'd have to sell the car (not gonna happen lol) but IMO in the current climate a deposit of 5% is more than enough!
This narks me because I earn a very good wage (esp for a 26 year old) and the flat isn't that big or that posh etc (it is very ncie but hardly top of the range like) yet because I live on my own I could be prevented from buying just because the banks can't manage who they lend to 
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willay
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ya it is alot of money but I'm sure I can gather it with concrete saving and my bonus. I'm in no rush right now as I want to enjoy my money on shit that I wont be able to buy when I'm held down by a property or what have you.
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Robbo
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It gets harder once youve done the whole FTB thing and then have to go again on your own lol
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willay
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Yeah I guess, but cheers anyway. Just wanted a realistic idea of how much I'll need.
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Conway563
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Registered: 7th Jun 06
Location: Yate, Bristol
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£25k should be more than enough mate
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Kathryn W
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Registered: 12th Oct 03
Location: Widnes, Cheshire
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We need 5%... The bigger the better really, but everyone wants at least the 5% for the time being with the housing and money market being like it is
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willay
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right now I cant imagine having that much money and not spending it 
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Robbo
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http://news.bbc.co.uk/1/hi/business/7387527.stm
Best be quick guys... 15% minimum dep coudl soon be the standard
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Robbo
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TBH if that happens then we will join continental europe in havign no housing market with the majority renting
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Kathryn W
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Registered: 12th Oct 03
Location: Widnes, Cheshire
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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...
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Conway563
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Location: Yate, Bristol
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This is why I'm going to have to get a shared ownership as they don't require a deposit so I only need to raise the money for the fees
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Robbo
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Location: London
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£30k deposit on an avg house
Jog on
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Kathryn W
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Registered: 12th Oct 03
Location: Widnes, Cheshire
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Luckily house prices up here are still quite low, and seem to be decreasing quite often
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M2RTY
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Registered: 25th May 01
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5% was enough for me, 10% would have been better but only reduced the monthly repayment by about £30
Would rather have the 5% in the bank at this point in my life
Once I re-mort in a few months once it's all done, house will be worth 30% more then what it is now, so my % of borrowing to value will drop, and should get a better deal
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Robbo
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Registered: 6th Aug 02
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In order to buy my flat I need to:
Convince the owners to sell
Convince a bank to lend me the money
Raise min. £10k (5% )
Hmm....
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willay
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fiddle the books Rob! Your an accountant.
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Robbo
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May just have to
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BYRON
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Registered: 1st Jun 04
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I got away with 3% at a push with Halifax, they may have asked for more if my affordability wasnt totally sufficient.
I have lost count as to how much I have spent in legals, stamp, deposit and furnishings. I reckon easily £17k+
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