how much deposit is needed for a £63000 house?

Im a first time buyer looking to buy a property in the region of £63000, im wondering how much deposit would be needed for a property of this value?

Asked by oden911

4 Answers

Log in or sign up with email
By submitting you agree to our Terms of Service
Answered by Syed Imran, IFA in Edinburgh, MIDLOTHIAN
As much as you can!! As the more you put, the better are your chances really for securing the mortgage. Technically speaking, 10% would be fine, but the big question is whether your income is sufficient to secure a mortgage loan of lets say £56,700. Your loan will also depends on your age, your passport, your credit history, your current credit history etc. To discuss these matters further, kindly call me- Zafar Imran on my cell # 07545321393. Regards | 04.25.12 @ 16:38
Comment
Log in or sign up with email
By submitting you agree to our Terms of Service
$commenter.renderDisplayableName() — {comment} | 11.23.17 @ 15:00
O
Answered by oden911
Thanks for the reply zafar - imran. well im 30yrs of age been in my job for over 5yrs.....pays about 19000 per year before tax, my passport? Well im a brittish citizen since birth.....as far as my redit history go's too my knowledge i have a pretty good credit history...always make payments and dd's on time etc so dnt think there would be a problem there. Neva had a bad credit history either. So what would the best bet to get the 10% deposit? Saving or a loan? Obviously saving would take time, in which case the house im looking at maybe sold. regards oden. | 04.25.12 @ 17:11
Comment
Log in or sign up with email
By submitting you agree to our Terms of Service
$commenter.renderDisplayableName() — {comment} | 11.23.17 @ 15:00
Answered by Syed Imran, IFA in Edinburgh, MIDLOTHIAN
dear Mr. Oden!! Savings is always the BEST option to show as a deposit. If you take out a loan to show as a deposit, then the lender will find it out & its highly unlikely that your loan will succeed. Moreover, just not the deposit, you have to have around £5,000 more to pay for estate agent fee, broker fee, valuation fee & last but not the least solicitors fee to close the deal, so roughly you should have around £9,000 to kick start this deal. If you lose this house, t hen doesn't matter, you have other options now to look to. Feel free to call me. Regards | 04.26.12 @ 11:10
Comment
Log in or sign up with email
By submitting you agree to our Terms of Service
$commenter.renderDisplayableName() — {comment} | 11.23.17 @ 15:00
L
Answered by Louis Denny

Hi Oden,

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
Comment
Log in or sign up with email
By submitting you agree to our Terms of Service
$commenter.renderDisplayableName() — {comment} | 11.23.17 @ 15:00
Log in or sign up with email
By submitting you agree to our Terms of Service
Free SimplyFinance Membership!

Get FREE, full access to SimplyFinance.com

Answered by

Syed Imran
Syed Imran, IFA in Edinburgh, MIDLOTHIAN

Related Questions

Q&A
Asked by katie.jenkins
Q&A
Asked by katie.jenkins
Q&A
Asked by stevensonbecca59