As a first time home buyer, how much money should I have before looking to buy a home?
Asked on Sep 7 2010,
General in Bedford |
My girlfriend and I bought our first house just under a year ago and to get a mortgage we had to have 15% deposit. we bought our house for £80,000 so paid a deposit of £12,000 meaning our mortgage is for £68,000. Our mortgage broker said that as confidence is low mortgage companies have been told to tighten up so 0% mortgages are gone and 10% mortgages are hard to find. Could be a bit different now but I can't imagine things have changed that much in 10 months. I hope this helps.
Answered on Sep 7 2010,
As a FTB you will need a deposit and this is governed by what mortgage deals are around at the present time. If you can get a 90% Loan to value of the property then you will need a 10% Deposit. So if you are buying at £100,000 you will need £10,000 as a deposit.
Answered on Sep 9 2010,
At present, the more money you have the better the mortgage deal you can get. 10% deals are available at the moment so for example on a house worth £150,000 you would need £15,000. The best thing at this stage is to seek advice from a mortgage consultant because they can tell you exactly what other costs there maybe and give you the up to date rates and deals.
Regards Matt Taylor
Answered on Sep 20 2010,
Always offer 10% less than you think they will take
Answered on Dec 1 2011,
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