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how much savings do you think we'll need?

(3 Posts)
noisyrice Mon 30-May-16 21:08:51

My DP and I are starting to save for a deposit on a house, together. For background, I am considerably better off than him, but it is all locked in ISA's and Bonds.

We are looking to buy a 2-3 bed house (preferably terraced) for under £150,000.

We will be first time buyers, and it will also be each of our first ever loan. I have looked on websites but can't understand how much deposit would bring me a mortgage payment of about £500 a month?

I am confused, and just want to get a place for me and my DP.

Querty12345 Mon 30-May-16 21:13:47

Using a mortgage calculator with interest rate 3.92% over 25 years, if you have mortgage of 100000 it would be about 500 a month.

Querty12345 Mon 30-May-16 21:14:29

If you did it over a longer period of time you could have a bigger mortgage. And obviously shop for the best rate! The calculator is a rough idea.

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