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Deposit for 300k house?
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#2
(Original post by TSRsteven)
Hey, how much (roughly) would a deposit be for a 300k house?
Posted from TSR Mobile
Hey, how much (roughly) would a deposit be for a 300k house?
Posted from TSR Mobile
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#3
(Original post by TSRsteven)
Hey, how much (roughly) would a deposit be for a 300k house?
Posted from TSR Mobile
Hey, how much (roughly) would a deposit be for a 300k house?
Posted from TSR Mobile
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#4
(Original post by Breakingbank)
The government runs a help to buy scheme which allows you to buy with a 5% deposit and so the minimum you will need is £15,000, however, it is strongly recommended against doing this and they say you should be aiming for a deposit of around 40%, in this case, £120,000
The government runs a help to buy scheme which allows you to buy with a 5% deposit and so the minimum you will need is £15,000, however, it is strongly recommended against doing this and they say you should be aiming for a deposit of around 40%, in this case, £120,000
Wow £120k deposit is way too steep to save in this life time for me.
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#6
(Original post by Breakingbank)
The government runs a help to buy scheme which allows you to buy with a 5% deposit and so the minimum you will need is £15,000, however, it is strongly recommended against doing this and they say you should be aiming for a deposit of around 40%, in this case, £120,000
The government runs a help to buy scheme which allows you to buy with a 5% deposit and so the minimum you will need is £15,000, however, it is strongly recommended against doing this and they say you should be aiming for a deposit of around 40%, in this case, £120,000
How nice of them.
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#7
(Original post by TSRsteven)
Hey, how much (roughly) would a deposit be for a 300k house?
Posted from TSR Mobile
Hey, how much (roughly) would a deposit be for a 300k house?
Posted from TSR Mobile
Source: http://www.thisismoney.co.uk/money/m...rs-higher.html
Edit: note that this chart is ALL buyers, not just first time buyers. FTB deposits will typically be lower.
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#9
(Original post by Simonthegreat)
Wow £120k deposit is way too steep to save in this life time for me.
Wow £120k deposit is way too steep to save in this life time for me.
(Original post by Ronda Rousey)
Government offering you a helping hand to be a wageslave for the rest of your life.
How nice of them.
Government offering you a helping hand to be a wageslave for the rest of your life.
How nice of them.
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#10
(Original post by Breakingbank)
With a £15,000 deposit your monthly repayments will be around £1,700 over 25 years.. meaning you will pay roughly £500,000 back for the £285,000 borrowed. I would advise doing the best you can to save and reach that 40% mark
Haha exactly, too many people rush into buying a house because they can afford the 5% deposit.. little do they know they will be paying most their salary to it for the next 25 years.
With a £15,000 deposit your monthly repayments will be around £1,700 over 25 years.. meaning you will pay roughly £500,000 back for the £285,000 borrowed. I would advise doing the best you can to save and reach that 40% mark
Haha exactly, too many people rush into buying a house because they can afford the 5% deposit.. little do they know they will be paying most their salary to it for the next 25 years.
Compound interest doesn't just affect your borrowings.
Also affordability criteria mean your 2nd statement doesn't happen any more. You would have to be earning enough to cover it comfortably.
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#11
(Original post by Simonthegreat)
Wow £120k deposit is way too steep to save in this life time for me.
Wow £120k deposit is way too steep to save in this life time for me.
(Original post by Breakingbank)
With a £15,000 deposit your monthly repayments will be around £1,700 over 25 years.. meaning you will pay roughly £500,000 back for the £285,000 borrowed. I would advise doing the best you can to save and reach that 40% mark
Haha exactly, too many people rush into buying a house because they can afford the 5% deposit.. little do they know they will be paying most their salary to it for the next 25 years.
With a £15,000 deposit your monthly repayments will be around £1,700 over 25 years.. meaning you will pay roughly £500,000 back for the £285,000 borrowed. I would advise doing the best you can to save and reach that 40% mark
Haha exactly, too many people rush into buying a house because they can afford the 5% deposit.. little do they know they will be paying most their salary to it for the next 25 years.
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#12
How the heck does anyone on an average graduate salary save a 40% deposit other than by living with their parents until they're 35?
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#14
(Original post by Snufkin)
How the heck does anyone on an average graduate salary save a 40% deposit other than by living with their parents until they're 35?
How the heck does anyone on an average graduate salary save a 40% deposit other than by living with their parents until they're 35?
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#15
(Original post by SmashConcept)
By not buying a 300k house.
By not buying a 300k house.
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#16
(Original post by Snufkin)
How the heck does anyone on an average graduate salary save a 40% deposit other than by living with their parents until they're 35?
How the heck does anyone on an average graduate salary save a 40% deposit other than by living with their parents until they're 35?
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#17
(Original post by Rakas21)
Don't live in London and live frugally.
Don't live in London and live frugally.
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#18
(Original post by Snufkin)
Easier said than done. The average price of a 1 bedroom studio in my town (which is the Chav capital of Hertfordshire) is around £150,000. A 2 bed house is very nearly 300k. I don't really want to move hundreds of miles from my friends and family just to be able to afford to buy somewhere.
Easier said than done. The average price of a 1 bedroom studio in my town (which is the Chav capital of Hertfordshire) is around £150,000. A 2 bed house is very nearly 300k. I don't really want to move hundreds of miles from my friends and family just to be able to afford to buy somewhere.
Also the poster you replied to was full of **** anyway because basically nobody saves a 40% deposit. In fact even if you saved a 40% deposit it would probably be a better idea to buy a worse house with a 30% deposit and using the leftover money to improve its condition.
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#19
(Original post by Snufkin)
Still not possible.
Still not possible.
So it's possible and most people will be closer to 35 than 30 but it's not an impossible tax.
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#20
(Original post by Snufkin)
How the heck does anyone on an average graduate salary save a 40% deposit other than by living with their parents until they're 35?
How the heck does anyone on an average graduate salary save a 40% deposit other than by living with their parents until they're 35?
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