mortgages?

[steviet]

thinking of buying a place. what kind of a deposit are the banks looking for at the moment? cheers

[trcygrdn]

Lookin btwn 10-20% unfortunately! :n:
xx

[BBL]

depends who the lender is to be honest, best to ring around and see what deals lenders have got.

[VTS-Boi]

wudnt bother atm mate, prices are still droppin so give it sum time and houses will be back to next-to nothin agen :)

but as said 10-20% if not more is the least they would be expecting sadly

[steviet]

10-20% is pretty shite like, maybe go speak to a mortgage adviser see what they say.

[BBL]

10-20% is pretty shite like, maybe go speak to a mortgage adviser see what they say.

bes tthing you can do tbh, most of them will say the same thing but if you go to 2 or 3 advisors at different places you will have a better idea on how to apprach it. Although houses are going down, difficulties in getting mortgages are going up ...

[Pat_Vts]

wait till credit crunch is over... be easier to obtain a mortage and maybe cheaper?

[craig180]

I wouldn't bother even thinking about a mortgage for at least 3 months. By then the banks should have passed on the interest savings to the consumer.

Current BoE base rate is 3% but most lenders are still around 5-7%

It will take a few months to filter through and the way things are going I reckon there could be another interest rate cut in next few months

In answer to your question though anything from 10% depending on the property value

[djflipsaxo]

you dont always have o put down a deposit, but its in your own ineres to do it.
my sister put down only 5k for her place.
but i dont know how had it would be with this whole credit crunch.
intrest may be through the roof, so you will need to find somewhere with a low intrest rate, then get it fixed.
mines fixed for 5 years

[kenny]

I looked into getting a mortgage for a house and tbh the interest rate was so high it wasnt worth getting. Your better off waiting a few months tbh stevie its really silly the now.

[Cal]

I'm looking to buy next summer. Nice modern apartmenty styley thingy, in the North West area (unsure where exactly yet.) Hopefully I'll have around 50% deposit for one

[Danr]

25% is the minimum you will need for a decent rate mate. Wait for a week or so though as i've been told we should start seeing rates drop with the decrease in the base rate :)