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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask you how much your deposit was for your house?

106 replies

VodkaCranberry2 · 27/05/2020 00:10

Dreaming of one day being able to buy a house, browsing Rightmove looking at all the lovely places. So I was just wondering - how much of a deposit did you pay on your house and how much was the house in total? How long did it take you to save up? Any tips on saving?

OP posts:
maras2 · 27/05/2020 00:22

£100 deposit on £18,500 house in 1986.
It was my months part time nurses salary but my mum paid (not much change there) Smile

Soen · 27/05/2020 00:27

About 17k, can't remember the exact amount.

mylittlesandwich · 27/05/2020 00:32

11k which was 20%. Cheap house as far as houses go. I won my deposit so can't help with saving as we never would have managed.

PastMyBestBeforeDate · 27/05/2020 00:36

I think it was £2500 on a £50,000 house. That was 25 years ago. That was a few months hard saving then. No comparison to now in the same area.

whatisheupto · 27/05/2020 00:36

It's more to do with how much the bank will lend you.... how much you can afford to pay towards the mortgage each month. Work backwards from that (assume a 25 to 30 year mortgage if you are still young!)

Hibbetyhob · 27/05/2020 00:39

Our first house was 40k on a 160k house.

Next house was 120k on a 400k house.

First time we had help from family.

Next house was a combo of equity on the first house, savings and a bit of inheritance. We’ve been very lucky.

Mistymonday · 27/05/2020 00:40

£25k on a £325k house in 2020.

penguinsbegin · 27/05/2020 00:42

This reply has been deleted

Message withdrawn at poster's request.

Rebelwithallthecause · 27/05/2020 00:43

£30k on £300k house 2017

CuppaZa · 27/05/2020 00:45

145k deposit, 480k house 2018

mamalicious3030 · 27/05/2020 00:46

20K on a 227K house. No help from family.

Redyoyo · 27/05/2020 00:46

First house absolutely nothing on £75k house bank gave us 110% mortgage.
Second house £16k on £160k house.

StellaDelMare · 27/05/2020 00:50

£4400 - 5% deposit on a small 3 bed semi in the north a couple years ago!

Slinkymalinky1 · 27/05/2020 00:52

£5000 deposit on a £40,000 1st home a very long time ago. We were very lucky to be buying at the right time, I'm gutted for my children that won't be so lucky 🙁

Disquieted1 · 27/05/2020 00:57

The answers above are mostly typical. Somewhere between 5% and 15% with an average of about 10%.

What worked for us re saving is this:
Stick all your debts in one place at the cheapest rate you can get.
Set up a standing order each month to pay it off. Now the amount you pay each month has to hurt but not cripple you.
After debts are cleared, keep the standing order going till you have a deposit.
One month before you exchange, inherit enough to cover 50% of the purchase price.

Slinkymalinky1 · 27/05/2020 00:58

2nd house £100,000 deposit on £200,000 home, no plans to sell but next door has just sold for £360,000 it's a bit ridiculous really and will never feel like real money, as it isn't. House prices could drop to nothing tomorrow, who knows. But we've made it a home and no plans to move, so really doesn't matter. Just wish my children could do the same

redbigbananafeet · 27/05/2020 00:59

A better question might be to ask the percentage deposit?

Slinkymalinky1 · 27/05/2020 01:01

Disquieted good advice Smile it's so much harder these days though

DoesMaryNotDrive · 27/05/2020 01:01

£80k on a £470k house as a first time buyer. And £15k stamp duty (ouch).

However, think we will split up so will need to sell and look for somewhere smaller on a mortgage on my salary alone.

ComtesseDeSpair · 27/05/2020 01:10

Most lenders will look for 10% of purchase price and you’ll need money for legal fees etc on top. But it depends whether your salary multiple (you can generally borrow max 4.5 times what you earn) means you can afford the remaining amount as a mortgage, My first deposit was £150K on a £560K property, I’m in London. I saved by having a high salary and keeping my living costs low through flat sharing. Won’t even pretend you can save that kind of money by “driving an old banger”, “never having a takeaway”, “always cooking from scratch”, or any of the other ways many MNers claim you can easily save!

MrsEricBana · 27/05/2020 01:12

We bought this house just after we got married many years ago, our first and only house. I can't think a first time buyer would be able to buy this now. Deposit was about 19% that we saved up ourselves.

DoesMaryNotDrive · 27/05/2020 01:15

I can't think a first time buyer would be able to buy this now

Does this mean it’s a mansion? Wink

Pe0plePr0cessss · 27/05/2020 01:16
  1. 10% + fees

2 100%+ fees

I was a saver

I now want to enjoy life a bit more now

It does depend on your circumstances, opportunites, willingness to give up other things

Good luckStar

DoesMaryNotDrive · 27/05/2020 01:18

New builds seem to be selling for a £100k more than equivalent non-build homes in my ‘burb.

Dies that make new builds a bad investment?

nowaitaminute · 27/05/2020 01:18

We paid a full 90k (cash) for a 3 bed Victorian terrace (10years ago)

We sold it for 170k 4 years ago and then used that and savings to build a house for 200k....it was valued last year at 400k+

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