Roughly how much would the minimum deposit be on a £250,000 property?
2006-07-03 04:23:49 · 12 answers · asked by redhead 1 in Business & Finance ➔ Renting & Real Estate
Roughly how much would the minimum deposit be on a £250,000 property in the UK?
2006-07-03 04:56:16 · update #1
The higher your deposit, the less your monthly mortgage payments will be. Most banks want you to put at least 20% of the total cost down as a deposit, but there are programs that you don't have to put down anything if you qualify. (Have to have fair credit rating. )
2006-07-03 04:26:58 · answer #1 · answered by boriblueyez 2 · 0⤊ 0⤋
Sister is a mortgage broker:
Generally it will depend on your salary. If you have a 10% deposit then excellent, but if you're on a high salary then you would only need 5%, and if you're on an excellent salary, then you could in theory get a 100% mortgage! The higher the deposit however, the lower the rate will be. So it's worth putting down a higher deposit when you can, and be sure to shop around for mortgages.
2006-07-03 12:59:57 · answer #2 · answered by Bapboy 4 · 0⤊ 0⤋
It's normally 10% so it would be £25,000 but some of the larger building companies like Barratt Homes & Bryant Homes have advertised a £99 deposit and you're in offer.
It's a sellers market at the moment so you would probably be better off waiting till the market falls as it is bound to do sooner or later
2006-07-03 11:28:02 · answer #3 · answered by madamspud169 5 · 0⤊ 0⤋
A bank requires 3% for a mortgage. If you can get it put down 20%. If you put down less than 20% you have to pay a mortgage insurance premium till you have 20% equity in your home. Yes even 3% is a lot fo money but there are programs like the Nehemiah programs that provide down payment assistance to home buyers with good credit. Through the Nehemiah program you get 3%. Beware that down payment assistance and FHA 110% and 103% loans are two different things. You want down payment assistance because you don't have to pay it back vrs. the loan you have to pay back.
2006-07-03 11:30:55 · answer #4 · answered by suzannet79 2 · 0⤊ 0⤋
A house in the US usually needs a 10-20 %down. In the UK I have no idea. A home costs a life time of commitment though, so if you want a "home" be prepared to work at it. Anyone can have a house.
2006-07-03 11:28:08 · answer #5 · answered by jegreencreek 4 · 0⤊ 0⤋
5% is usually the minimum for a mortgage, but some builders will pay the deposit for you meaning that you can buy such a house with no deposit at all.
2006-07-03 11:28:19 · answer #6 · answered by nkellingley@btinternet.com 5 · 0⤊ 0⤋
It depends on where you're buying, and what the lenders' attitude is. I've seen "no money down" loans lately in the U.S., which were quite uncommon in the past, but seemingly common today. Sometimes, laws will restrict this too. Where are you?
2006-07-03 11:53:16 · answer #7 · answered by Anonymous · 0⤊ 0⤋
depends on your mortgage but in uk usually minimum is 2.5%..
2006-07-03 11:27:03 · answer #8 · answered by Anonymous · 0⤊ 0⤋
At 10% it would be 25000 and at 5% it would be 12500.
2006-07-03 11:28:22 · answer #9 · answered by Jules G 6 · 0⤊ 0⤋
If you are a good negotiator you can do it for nothing down
2006-07-03 11:26:59 · answer #10 · answered by Anonymous · 0⤊ 0⤋