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How much deposit would I need?

I was looking at a house in North Newbald that was £129,490. How much deposit would I need? Also, I am a student - how would this affect me? I currently rent and pay my own rent as I am not entitled to housing benefit due to my financial situation. I also wonder how much mortgage would I pay on a house like this?

Asked on Dec 14 2009, General in Beverley | Report content

Answers (1)

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  • Moxon, usually you would need a deposit of at least 10% of the value of the property. In the case of a first time buyer this would rise to 20% as you are seen to be more of a risk. However, your current circumstances would not enable you to be approved for a mortgage. If you are a student I assume you have no income (part time job would not count) as such you would have no gauranteed way to repay a mortgage, ergo, a bank would not lend you the money. Unless you are buying the property out right I am afraid it may have to be a pipe dream for the moment. I would however enquire as to whether a bank would lend you money if you had a gaurantor, i.e someone who would pay the money if you couldn't. Hope this helps. Aaron16

    Answered on Dec 14 2009, Report content

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