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How much of a deposit do I need to save?

  • 22-07-2010 01:56PM
    #1
    Laydee
    Registered Users, Registered Users 2 Posts: 375 ✭✭


    I am sick of renting! I want to get onto the property ladder as soon as I can. I am about to start collage so I know that I'm at least 4 years off being eligible for a mortgage. How much of a deposit do I need to save? Assuming that I don't win he lotto in the meantime :D


Comments

  • #2
    Johnny86
    Registered Users, Registered Users 2 Posts: 508 ✭✭✭Johnny86


    well i think you can get a mortage for 92% of the house price so thats a minimum 8% of the house price as a deposit for first time buyers...would love to be able to afford something now myself too but im sure in 5 - 8 years time if i do evenutally buy ill be the better for it


  • #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    The lending institutions are being forced by the regulator (despite everything that has happened), to return to prudent lending practices.

    Before the boom- 92% mortgages were not the norm- 85% mortgages were- and you got a preferential interest rate on a gradiated scale, if you had a deposit equivalent to 20-25-30-35-40% (etc) of the purchase cost of the property.

    Realistically you would need to save 15% of the purchase price of the property- and ideally 20-25%........


  • #4
    Treehouse72
    Registered Users, Registered Users 2 Posts: 1,003 ✭✭✭Treehouse72


    Laydee wrote: »
    .I want to get onto the property ladder as soon as I can.


    You do realise that you will be moving DOWN that "ladder" for several years if you buy now, right? Just because you get on the ladder does not mean you will automatically moving up it.

    Let me put it another way - if you don't get on the ladder now you will be further up the ladder by not getting on it now! It's more of a snake than a ladder these days.


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