Deposit and mortgage
What is the minimum deposit to get a mortgage, is it 10% ?
Asked on Dec 11 2013,
House Prices in London |
It depends entirely on your personal situation, credit rating etc. As a general rule of thumb, 10% is now the minimum amount, for a brief period 5% deposits or 95% LTV mortgages were available, but these have all but stopped being made available now. The best thing to do is talk to a mortgage broker, for example Countrywide. I used them and they are very helpful!
Answered on Dec 11 2013,
You can now get a range of mortgage if you only have a 5% deposit. 5% tends to be the minimum now and it could potential give you access to the Help To Buy scheme. If you can get a 10% deposit together then even better as the interest rates come down quite a bit.
The article below has a table of best buy 95% mortgages.
Web reference: http://howtohomebuy.co.uk/news/top-95-mortgages/
Answered on Dec 18 2013,
As mentioned above, the amount of money that you are asked to pay when you are looking to take out a mortgage will depend entirely on your own situation. Are you, for example, a first time buyer? Do you have a property to sell? How much does the house you are buying cost? and many more questions.
However, if you are looking at the minimum deposit that you can come forward with, then the answer is more straightforward. For those who have small deposits, the Help to Buy scheme from the government allows them to make a purchase of a home with a down payment of just five per cent. It is a tactic many are now taking on, especially since the second phase lets you buy a home up to the value of £600,000.
More information about the Help to Buy scheme is available via the link below.
Web reference: http://www.zoopla.co.uk/help-to-buy/
Answered on Jan 2 2014,
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