Anybody here from the U.K. who has brought their own home? If so, what experience did you have? What was the cost of the home, what deposit did you pay and how much is the mortgage? Looking to purchase my own home with my partner, deposit of £15,000 for sure, with a budget of around £170,000.

I haven’t brought a home but I thought most places deposit was automatic 10% (although boris wants to lower to 5 hasn’t been approved yet) so your deposit would be around £17k?

Currently in the process of buying a 2 bedroom terraced house with my boyfriend. We’re first time buyers so definitely a lot easier as we don’t have anything to sell (also speeds up the process)! We’re buying a £205,000 house with £25,000 deposit. Process is slightly stressful but as long as you have all your documentation ready and keep chasing the mortgage broker it all comes together. Definitely recommend asking your parents or someone that’s bought a house for guidance as my boyfriend and I get confused at times with what’s going on!

@Nkomo @Nkomo most lenders will lend with a 10% deposit but there are lenders who will go on a 5% deposit. It varies but depends massively on what house you’re buying and your situation (job, monetary outgoings and expenses, salary etc)

Oh okay thank you I wasn’t sure that was just my understanding of it!

When I brought my flat I honestly have no idea what happened. One minute I had money and then I no money and a lot of paperwork. Try and get a good solicitor to help you. I got shared ownership on my flat. Full price was £230,000 and I ended up buying a 50% share with a deposit of 20,000. Was difficult for me to afford a higher share as I brought it on my own so couldn’t get a bigger Mortgage with just my income.

@imtheone my advice would be to get an appointment with a mortgage lender to find out how much you can actually borrow and then you have an agreement in principle which puts you in a good position to make an offer if you find a house you like. Have a solicitor ready as well so things can start moving as soon as possible. Be prepared to wait a while as if you end up in a chain as a first time buyer you could potentially end up waiting a long time for the rest of the chain to be ready. I know that recently it was a minimum of 15% deposit. I’ve not heard about the 5% thing, but also be aware that the more you borrow, the more you’ll pay each month and the more you’ll pay back of the repayment term. For example, we were looking at borrowing £165,000 and would end up paying £175,000 back due to interest, but by upping the deposit we’ve closed the gap a bit more.