AlexF

For you guys and girls who have recently brought a house...

What did you put down as a deposite and what sort of percentage of the total value was that?


I'm working out if its time to get my own place <- real tears!

Alex

SapphyMike

with most mortgages you have to put down a 5% deposit.

you can get 100% mortgages from some companies..

when i bought my house, i took out a 100% mortgage.

Phil

iTrader: (1)

From what I found with most lenders anything over 5% deposit had little effect on the rates they offered.

Fudgey

iTrader: (4)

been in my house 2 years this week, we put down 14.5k deposit on a 126.5k house

and currently pay Ł680 a month (was fixed rate for 3 years so got a year left)

Chip

iTrader: (3)

You need 10% to avoid mortgage indemnity premium I believe.

I put down 25% in cash on my most recent mortgage on a house I rent out which dropped the rate by a couple of tenths as well as obviously dropping the repayments because it was a smaller loan.
Still doesnt quite break even though with the rental income on it!

AlexF

jesus 14.5K

hmmm I have zero savings

Fudgey

iTrader: (4)

start saving alex

we saved that after only 3 years

cfoster

We're about to get a 230k ish mortgage and have got a 20k deposit to use .

Chris

Rhys

Thats why people have to sell a lot of toys etc


I got a bit of savings, but i will imagine the Type R will have to go and get a freaking shonky old car to get on housing ladder. Sucks

charlie luciano

iTrader: (3)

We put down 5k on a 127k house sold it 18 months later and made 33k which went down on our current house, try and build up some cash to put down as 100% mortgage is not good imo


Luciano

rsnissan

iTrader: (9)

I was lucky and managed to put 90k deposit on my place, 40% of the house value.

as said you can get a 100% mortgage now though.

dojj

iTrader: (3)

280k mortgage
100k deposit
currently skinting myself by paying a Ł1100 a month, going up to Ł1400 a month when i come off the deal i've got

RichardPON

Correct.

I need 30k to move into my own place, hence the cossie had to go, and I'm running around in an MR2.

collierm

Not all lenders do that Chip. Nationwide certainly don't.

We put down 11k on a 175K mortage which works out at 6.2% of the total cost.

Cheers

Matt

Big Man

1st week in my Pad But I had to sell my Escort Cosworth and Mitiz Evo 5 To wack down a nice deposit!

Am driving a s2rst...but saving again for a Focus Rs!
Good Luck....

R4N SS

iTrader: (6)

one of the many reasons the cossie is being sold

Lee Reynolds

75k......

RSrussell

Northern rock let us have 110% mortgage (no deposit )

As we had enough equity in our first home that we were renting out

bud-weis

i'm a first time buyer and had 100% mortgage.

when we applied to Abbey, they insisted upon 3% deposit..which we had in savings but didn't want to use.

We then went to a mortgage broker and they searched for the best deal, turns out we got the 100% mortgage with ........ABBEY, except it was Ł40 per month cheaper

so in short we are saving a fair bit, didn't have to touch the savings and have been able to buy all new stuff for the house

i can pass you onto the broker if you would like their number, but i dare say there's plenty in your area

maxest

iTrader: (1)

I bought my first house in January (to rent out) the house was 100k and i put 15k down on it,, costs me Ł460 a month- which the rent more than covers!

foreigneRS

5%

matts1

135k house, put 10k down and pay 560 per month on a repayment mortgage fixed for 2 years.

Many peeps have interest only mortages etc to lower the monthly outlay when first setting up.

The idea is that after the first couple of years you wages will have risen, you have furnished the place and have become acustome to the outgoings so by the time you come to review the mortgage you can switch to a shorter term on a repayment. Not that economical but can help you get started.

Be wary of great deals with hidden costs slipped in.

Matt

radiant red

Put 5 grand down on a 105000 property, so just over 5%. If i had put 10% down i would not of been stung for Ł1700 higher lending charge

dvid

Put down a 10% deposit on a Ł280K house, should move in next week

EDITED to add: we had to put down 10% to get the lowest interest rate

Ginge !

10% cause we had no history apart from a mobile bill i bumped years ago

but it was just over 6k

markk

iTrader: (2)

i am just buying a propery i currently rent for my business, which is part retail part residential and have to put down 30K, on a near 200k property.
and will cost us Ł1200 a month in repayments

The Youth.

iTrader: (1)

our house cost 215k just over a year ago we put down 95k deposit (equity from first house ) so have a 120k mortgage which costs Ł800 a month

steve

Thrush

iTrader: (1)

Then I advise NOT to buy a house right now. I think it's daft to get into something as big and financially demanding as a house purchase without money behind you to back yourself up...

I bought mine and moved in a month ago. I'm on one of these "shared ownership" deals where you buy 50% of the house and pay rent on the other half, so I have both a mortage and rent to pay, but at least I "own" the house and when I sell it, I will get 50% of the profit made on the place. The 50% cost Ł80k, so I had to put in Ł4k (5%) to get a mortgage for it, so I borrowed Ł76,000...

I started saving a couple years ago for this tho, sold all my cars, and fortunately had some inheritance money come my way, so by the time I bought the place I had Ł21k behind me. Ł4k on the mortgage deposit, then there was the solicitor fee's and other up front payments. And then you need money behind you to put stuff in the house First two weeks of living there I spent over Ł500 on shopping and house bits (small stuff, microwave, bin for the kitchen, cutlery, bread board, cleaning stuff etc, that sort of thing, bit of food for the fridge and freezer etc).

But remember you always have your hand in your pocket when it comes to houses - for example my fridge freezer (included in the house sale as it's a built in unit in the kitchen) decided not to work when I turned it on. So that was another Ł80 to get it working I also needed an aerial fitting as I only had shitty free cable which only gave me 4 shocking quality analoge channels, or Sky and I ain't paying them for TV - rip off cooonts

You need "safety money" in case things like boilers or washing machines give up the ghost etc.....

mechanic28

iTrader: (5)

depends on wot part of the country u leave in makes the decision for u!if u live in london like my u r fucked as for a house bigger then a shed a 5% deposit is around 2ok ish anyway FFS

BRIGSPORT

iTrader: (2)

I paid 80k for my house,and cleared my debts etc.,so 95k total 2 yrs ago with no deposit.

Shings

I agree... I have just changed career and will look to buy in the next 18mths as I am now going into the career for the rest of my life. ( as far as I am conerned) where as previously i wasn't happy... and didn't really earn enough.

I currently have about Ł16k and hope by the time I buy a house to have about Ł18.5k or maybe a bit more... I think that should afford me a decent deposit and money for moving in related bills.

Jake

RWD_cossie_wil

iTrader: (9)

are %100 morgages generally not a good idea then? How many people have taken a morgage to buy thier house AND cover other loans etc??

DanS

I put down just over 10% on my house, doing so allowed me to borrow that little bit more to get the house I wanted and they offered be .2% lower interest rate

ballin

iTrader: (1)

about Ł10k iirc on a 140k house

SapphyMike

I did.

worked well for me at the time, and would do it again.

danneth

i got a 100% mortgage from nothern rock

120k = 750pm

cossie4i+

iTrader: (15)

Over how many years ?

Steve.

cossie4i+

iTrader: (15)

I purchased my first house in 1992 and put down 20k on a 60k house, so about 33%

Steve.

Crowder

brought mine 3 months ago 5% of 159k i've just done it up and ts now worth 190