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housing market thawing a little?

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  • Rizzo
    Rizzo Posts: 6,457

    Interestingly I sat with a mortgage broker recently to get an idea on whether I could do what I wanted to do for my new house.

    If I had a 25% deposit I had pages and pages of options
    If I had 20% deposit I had 2 lenders, vastly higher rates and only 8 options to choose from

    As much as the market might be thawing slightly - it's still difficult to get a decent rate without a stack of cash up front
    A mate has just put an offer in on his first house and he had to scrape together a 25% deposit to stand a chance of getting a mortgage offer. Fortunately his mum is jammier than the Robinson's factory on bingo and lotto and was able to lend him enough to get him to that 25% figure.

  • Swisdom
    Swisdom Posts: 14,979
    perhaps you need a new broker? or perhaps it wasn't very very recently?

    you do get better deals for more you put down, but still a fair number of deals out there for 90%
    It wasn't my normal guy he was just an independent that browsed every mortgage on the mark. This was about a month ago.

    I dare say there are some out there but for an interest only mortgage I was really struggling without 25% deposit

  • Greenster
    Greenster Posts: 190
    My mortgage got approved yesterday but we are putting a 25-30% deposit down

    I just need to sell my house now - if anyone's interested.....

    http://www.rightmove.co.uk/property-for-sale/property-21658968.html?premiumA=true
    I don't like the garden ... too small.
  • razil
    razil Posts: 15,041
    perhaps you need a new broker? or perhaps it wasn't very very recently?

    you do get better deals for more you put down, but still a fair number of deals out there for 90%
    It wasn't my normal guy he was just an independent that browsed every mortgage on the mark. This was about a month ago.

    I dare say there are some out there but for an interest only mortgage I was really struggling without 25% deposit

    OK perhaps it was the interest only bit, I don't have a problem with the multiples myself although I think its mad that you can get 5 times - if you can raise the 10%, and of course 'afford' the payments
  • Swisdom
    Swisdom Posts: 14,979
    My mortgage got approved yesterday but we are putting a 25-30% deposit down

    I just need to sell my house now - if anyone's interested.....

    http://www.rightmove.co.uk/property-for-sale/property-21658968.html?premiumA=true
    I don't like the garden ... too small.
    I hate the garden. New one is smaller :-(

    It's a planning condition these days with new builds so no escaping it

  • cafcbrown
    cafcbrown Posts: 556
    As a mortgage adviser, I can confirm that with my company there are mortgages available with
    as little as 10% deposit. The more you put down, the better rate, as there is less risk to the mortgage company
  • Valley27000
    Valley27000 Posts: 3,417
    As a mortgage adviser, I can confirm that with my company there are mortgages available with
    as little as 10% deposit. The more you put down, the better rate, as there is less risk to the mortgage company</

    I have heard Barclays has the best mortgages at the moment.

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