a buying a house question
#1
Forum Regular
Thread Starter
Joined: Jul 2009
Location: Toronto
Posts: 220
a buying a house question
How much of a down payment is required in the UK?
In Ontario it is 10% of the purchase price, 5% if you are a first time buyer.
thanks
Reeni
In Ontario it is 10% of the purchase price, 5% if you are a first time buyer.
thanks
Reeni
#2
Re: a buying a house question
Depends on your mortgage lender, how much the house is, how much money you have.
I think the norm used to be minimum 10%, but has risen lately to more like minimum 20% due to dropping house prices and the economic crisis.
I think the norm used to be minimum 10%, but has risen lately to more like minimum 20% due to dropping house prices and the economic crisis.
#3
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Joined: Apr 2008
Location: Townsville- soon to be back in Yorkshire
Posts: 71
Re: a buying a house question
I spoke to our financial advisor a few weeks ago and she said you need at least 15% and if possible more.
Clare
Clare
#4
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Joined: Jul 2009
Location: Toronto
Posts: 220
Re: a buying a house question
thank you for your answers - that really helps!
#5
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Joined: Jun 2010
Posts: 18
Re: a buying a house question
Barclays just told me 40% if I wanted their best inteest rate payments....I have banked with them for 25 years have a previous mortgage with them etc...So I told them to stick it.
Others do seem to want 20%+ now for their best rates. Be very careful about what offers some give you...they start low then whck you after a time period.
WHAT A CHANGE 6 years ago I was practically begged by Barclays to take out £250,000 when I only wanted £120,000..I stuck to my guns and took out £120,000 thank god..Crooks drove the market up with their bad loans/mortgages and now they are driving it down....
Others do seem to want 20%+ now for their best rates. Be very careful about what offers some give you...they start low then whck you after a time period.
WHAT A CHANGE 6 years ago I was practically begged by Barclays to take out £250,000 when I only wanted £120,000..I stuck to my guns and took out £120,000 thank god..Crooks drove the market up with their bad loans/mortgages and now they are driving it down....
#6
Re: a buying a house question
You can now get 100% mortgages again, but the interest rate stinks. Best rates are for mortgages around 70% of purchase price or less. Rates even then aren't great - the best lifetime trackers are around 2%-3% above BOE (needs 30%-50% deposit, and huge processing fee - £1,000-£2,000). In March 2007, I got a 0.5% above BOE lifetime tracker with 5% deposit, and about a £500 fee. As stated, how times have changed.
#7
Re: a buying a house question
Those fees are still low compared to the US where everything is a money-making opportunity for someone. We can't even refinance our mortgage because all the different associated fees are so high that by the time you're finished, it takes years to see the savings from the lower interest rates.
#8
Re: a buying a house question
Those fees are still low compared to the US where everything is a money-making opportunity for someone. We can't even refinance our mortgage because all the different associated fees are so high that by the time you're finished, it takes years to see the savings from the lower interest rates.
#10
Re: a buying a house question
Real estate agents charge upwards of $20,000 to sell here, theiving scum i hope they all die in poverty
Mortgage rates are 6% ish
Neil
Mortgage rates are 6% ish
Neil
#11
Re: a buying a house question
There are two houses for sale in my street right now and anyone with half a brain can see they are way over-priced. They are just sitting there unsold because the greedy real estate person wants 6% of a high price, not 6% of a realistic one.
If and when we sell, I think we're going to try doing it ourselves. We have some creative marketing and web design skills and at least it's worth giving it a shot.