How much % for deposit for a house

[kale123]

How much deposit do you think we need now ? As I feel like COVID has changed a lot of things
How hard is it to get a mortgage ??

However much your mortgage demands. This will depend on the house, your earnings, your current equity, and so forth. Speak to your bank / broker.

I'd go for 20%, you don't want to be in negative equity when the stamp duty holiday ends and prices start coming back down

We bought in November with 15%

Are you FTBs? Friends of ours bought recently with 5% on a £550k house. We’re aiming for 10% on a £450k house which our broker seems to think is a healthy amount.

However, as DP is self-employed and can’t work during lockdowns, there is zero chance of us getting a mortgage any time soon

20% if you can. House prices very likely to go down over the next few years.

@LemonViolet did they want 15%

@blue25 house prices going down is that a good thing for first time buyers?

We are FTBs looking at summer last year and most lenders wanted 15% minimum. There were a few offering 10% but they got snatched up quickly. We decided to hold off as we only have 10% saved for our budget, and would like to reconsider our areas and widen the search (but it’s been hard to fully get a feel for the areas we want to explore with various lockdowns and tier restrictions). Have parked for now and going back to our broker when lockdown lifts (if??).

Yes as we were applying for mortgages last summer all of the 10% ones went off the market. Luckily with the stamp duty holiday and savings we could push to 15%.