How much do I need to buy a house?

Usually a deposit on a house is about 10% of the asking price - so yes, if you wanted to buy a £200k property, you'd need a deposit of about £20k to pay upfront. Sometimes a lesser deposit can be negotiated though. Your wage is also important. To buy a £200k property, you'd need to be earning about £40k a year. My boyfriend was earning roughly this wage and he was approved for a mortgage of £200k. This was ridiculous, to be honest. Even though mortgage companies would have give that much - doesn't mean we could physically afford it after food, bills, socialising, etc. We could afford £150k mortgage. We are actually going for a £115 mortgage and will have a spare £300 after everything. I'm telling you all this just to give you an idea and a tip that what mortgage companies will give you isn't always what you can afford to pay. It's always best to work out your EXACT monthly outgoings (including all those unimportant magazines / sandwiches / coffees, lol!). Then see how much you have left. That is how much you can afford to pay per month. Then google 'mortgage calculators' and check the monthly repayments of various mortgages to see what you can actually afford. I would say as a general rule, 3x your salary is comfortable, 4x is possible and 5x is a big stretch. Hope this helps! xx Emmie

Work out how much the monthly payments would be by using this calculator..... http://www.cml.org.uk/cml/consumers/calculator/mortcalculator You'll need to pay stamp duty to the government as the property is over £125,000 - that's 1% of the puchase price. You'll need a survey on the property - £300 to £700 depending on if you get full structural survey or not (estimated figures - full structural surveys cost more but give more info on whether there's anyting worng with the property) Conveyancing fees - est .£400 to £650 - try to get a conveyancer (usually a solicitor) by personal recommendation - not the one suggested by the estate agent (they'll be on a commission). Removal fees - unless you're doing it yourself Hope this helps

houses today it varies where you live as up the north they are cheaper than down the south east i know my house if i bought it in 1990 it was £50,000 its a 2 bedroomed terrace but now its worth £150,000 i would never buy a house in england if i had the money its far better to buy one in Spain or Switzerland if i had the money.

A friend of mine was thinking of doing a part rent/part ownership-45% to buy,she's on £27,000 pa,needed £6000 to put down and buy a house at the cheaper end of the market.She worked out there's no way she could possibly afford to do it. I've heard alot of people needing a £20,000 deposit minimum(and that was afew years ago).

Our flat was £105,000 more than a year ago and we didnt need any deposit at all, we did have money saved up and expected to put down a deposit, but we didnt. only thing we did have to pay up front was £2000 but that was because it was a new build and it needed a deposit to keep it. so maybe depending on the lender you wont need a deposit... mind you our lender is Northern Rock lol

If you walk in my office with 25% down payment - my files would open to all my contacts to get you the mortgage for the balance. If you can carry the monthly note for the balance at the current interest rate of the market. THIS IS A DONE DEAL. So: subtract the 25% from the 200,000 - multiply times the current interest rate. Add 100BGP to this number and compare to the rent you are now paying (times 12).

In this economy in the US and the UK, about 20 percent down might be expected. Shop banks and mortgage cos. to check their regulations. Don't get into something you can't afford. You'll just lose the house and then have to start all over again,

There are no more hundred percent mortgages anymore-so for 5% to put on a mortgage as deposit, you will need at least fifteen thousand, this includes paying for stamp duty, solicitors fees, local searches and valuations. I hope this helps!

For the best rates you need a 30% deposit (i.e. 60k) and you will need to be earning abort £50k / yr (with minimal other outgoings).