Well buying a house for the first time represents a significant financial decision, and you should make sure you have the ability to purchase the home and pay the mortgage before moving forward.
The amount of deposit is based on a percentage of the purchase price, but this percentage can vary based on the type of loan you are qualifying for. However, twenty percent is a common figure for many mortgages, but many borrowers settle for 15 or 10 percent as well. Try to find a purchase price that represents only three or possibly four times your annual household income. This makes a good price for the 20 percent down payment rate.
For more details about your property deposit value you should ask for an expert in this filed or you can read articles on Deposit Protection Scheme at Plazaestates.co.uk
, which should help put you in the right direction. | 04.03.13 @ 10:19