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HUGE deposit for mortgage

pinkbridepinkbride
in General chat
Has anyone bought a house recently?

Our flat is up for sale and we have started looking at houses but cant believe banks require a 15% deposit (at least) to give us a mortgage! There is no way we could afford that.
We will just about break even if we sell our flat at the market value and could probably scrape together a 5% deposit - feel really down about it coz i know wecould never afford this

Is anyone else in the same boat or have any advice?

Replies

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    emsyjemsyj
    If you have a mortgage already, you may be able to get a better deal from your current lender in terms of the deposit required. We had a mortgage with Nationwide and were offered the option to transfer it and add to the borrowing so that we didn't need a 15% deposit, but in the end we let that property out rather than selling it and bought another with a different lender as it was a better rate (and we had the 15% deposit anyway). Contact your current lender and ask what their deals are for existing customers, or check out their website. You may be lucky.
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    MrsSBMrsSB
    There is also a scheme at the min (ring a fincial advisor) if you call your mortage company and have a chat with them. Mortages at the min are a high risk investment and most lender if you have a chat wiht them are happy to reduce teh amount owed. One finacial advisor said we could get back aaround ??10,000! It is worth a try!

    We really would like to move before we ttc, so husband is looking into this for us!
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    wannababywannababy
    we brought our house (not first time buyers) last year and we were told we needed to put down about 10% but as we wanted to put as much down as poss we managed to put down just over 20%. We are with Halifax if that helps at all. they are good with their morgages, or have been with us xx
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    N30N30
    Hi Mrs Esk,
    I'm in a similar boat but a first time buyer. Just finding the whole deposit situation a nightmare!!! My hubby is a recently qualified architect and I'm a marketing manager so we earn ok money but because we don't have a massive deposit we're totally screwed.

    We got married last year so most of our savings paid for the wedding. It'll take us about 2 years to save up for what a bank would call a decent deposit!!! Its crazy!!

    Just going to have to keep renting in the meantime, which I hate as its such dead money but I don't know what else we could do! xx
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