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Author mortgage deposit?
T21SVJ
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Registered: 14th Sep 06
Location: formby Drives: Company Cars
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6th Mar 11 at 14:12   View User's Profile U2U Member Reply With Quote

How much deposit did you put down when buying your first house? how much was the house and how much did you pay back each month?

I am looking to move out sometime this year i have 10k saved up but wantting to know if this is enough?
Ben G
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Registered: 12th Jan 07
Location: Essex
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6th Mar 11 at 14:18   View User's Profile U2U Member Reply With Quote

17600 deposit (10%)
176k house
943 a month mortgage

all depends where you live, with 10k you could get a nice house for 100k in some areas.
John
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Registered: 30th Jun 03
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6th Mar 11 at 14:19   View User's Profile U2U Member Reply With Quote

That obviously depends completely on what you are buying.

A 10k deposit will get you a 100k house in general, then you'll need another couple of k for fees.
Russ
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Registered: 14th Mar 04
Location: Armchair
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6th Mar 11 at 14:25   View User's Profile U2U Member Reply With Quote

Don't do it, houses are shit
Gaz
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Registered: 24th Aug 03
Location: Widnes, Cheshire
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6th Mar 11 at 14:41   View User's Profile U2U Member Reply With Quote

110,500 house
5.5k deposit
711 a month
John
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Registered: 30th Jun 03
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6th Mar 11 at 14:45   View User's Profile U2U Member Reply With Quote

Very few 5% mortgages about now, although there are some for some specific criteria.
Gaz
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Registered: 24th Aug 03
Location: Widnes, Cheshire
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6th Mar 11 at 14:48   View User's Profile U2U Member Reply With Quote

We bought ours 2 years ago, right before the credit crunch and when the interest was highest... We managed to get one of the very last 5% deposits! And hopefully we'll never have to pay as much as we are doing now
T21SVJ
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Registered: 14th Sep 06
Location: formby Drives: Company Cars
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6th Mar 11 at 16:14   View User's Profile U2U Member Reply With Quote

thanks guys,

can get a 2up 2 down house around here for about 100-120k.

think i will save up another 5-7k so it helps bring down the monthly payment.
Pop
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Registered: 8th May 03
Location: Reading
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6th Mar 11 at 17:46   View User's Profile U2U Member Reply With Quote

More than 10% deposit
217,500 house
849 mortgage
IvIarkgraham
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Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
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6th Mar 11 at 19:37   View Garage View User's Profile U2U Member Reply With Quote

0 deposit
125k mortgage
650 or something like that!
Ian W
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Registered: 8th Nov 03
Location: Wirral, Merseyside
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6th Mar 11 at 22:24   View User's Profile U2U Member Reply With Quote

Just rent and spend the rest on drugs/hookers/tiger blood
Demo
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Registered: 27th Sep 01
Location: south wales Drives: astra sri ecoflex
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7th Mar 11 at 08:55   View User's Profile U2U Member Reply With Quote

124K house
18K deposit
500 per month
AndyKent
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Registered: 3rd Sep 05
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7th Mar 11 at 09:04   View User's Profile U2U Member Reply With Quote

Just remember that whatever house deposit you have, you'll need a good few thousand extra for solicitors fees (1k), furniture (2k), house-y bits and pieces (1k) plus some left over as a rainy-day fund.

I think I put down 12500 on my flat but had 20k in savings before I bought anything.
RichR
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Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
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7th Mar 11 at 09:36   View Garage View User's Profile U2U Member Reply With Quote

6,000 which took us just under 95%LTV which was the max they would lend us. I would have paid a greater lump sum but needed to hold back some capital to start the renovation work.
drunkenfool
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Registered: 7th Feb 03
Location: Hereford Drives: Audi R8 V8
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7th Mar 11 at 12:01   View User's Profile U2U Member Reply With Quote

140k apartment, 37k deposit. 533 a month
Nath
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Registered: 3rd Apr 02
Location: MK
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7th Mar 11 at 13:06   View User's Profile U2U Member Reply With Quote

37k deposit Nice saving!
Russ
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Registered: 14th Mar 04
Location: Armchair
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7th Mar 11 at 13:24   View User's Profile U2U Member Reply With Quote

minted dad ftw
Lynny
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Registered: 3rd Jan 03
Location: oop north! Where people talk properly
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7th Mar 11 at 17:29   View User's Profile U2U Member Reply With Quote

79,999 house
6,000 deposit
338 per month mortgage
Aaron
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Registered: 9th Aug 04
Location: Cottingham, East Riding
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7th Mar 11 at 17:39   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by drunkenfool
140k apartment, 37k deposit. 533 a month


Whereabouts in the shire do you live?
Toby
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Registered: 29th Nov 05
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7th Mar 11 at 18:52   View Garage View User's Profile U2U Member Reply With Quote

125k house
25k desposit
530 mortgage

Issue I had was I purchase at height of. The recession so limited on mortgages but saved 20k on the house so swings and roundabouts
AndyKent
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Registered: 3rd Sep 05
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7th Mar 11 at 19:29   View User's Profile U2U Member Reply With Quote

Would be interesting to also know the terms people are borrowing over too.

I only owe about 70k but still paying 500 a month like a lot of you who owe a fair chunk more than me.
RichR
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Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
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8th Mar 11 at 13:00   View Garage View User's Profile U2U Member Reply With Quote

In October, I owed 101,500 (or thereabouts; just under 85% LTV); and have 22years left to go.

My mortgage is fucked up at the minute though - I'm on a fixed rate of 4.99% iirc but the last three months have varied from 606.86 to 712.10 then 676.00 this month; there was a screw up over the account which they were trying to take the DD out of but changing that from one account to another shouldn't have affected the premium. I really need to sort that out!!

[Edited on 08-03-2011 by LiVe LeE]
Half Pint
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Registered: 25th Mar 02
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8th Mar 11 at 15:28   View User's Profile U2U Member Reply With Quote

deposit = 18.6k
Price 185,500
mortgage = 590

RichR
Premium Member

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Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
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8th Mar 11 at 16:11   View Garage View User's Profile U2U Member Reply With Quote

term?
AndyKent
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Registered: 3rd Sep 05
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8th Mar 11 at 16:12   View User's Profile U2U Member Reply With Quote

Not quite sure anyone is proud of borrow a load and only paying a little off at a time

I'd rather get mine paid as quickly as possible and quit wasting it in interest.

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