For most First Time Buyers the hardest part of getting on the ladder is finding the initial outlay of a deposit not  the additional costs involved such as Stamp Duty, Solicitors fees and surveys. But what difference does it make if you have pulled together a 5% deposit or a 10% deposit?

According to Which? quite a significant difference. They have done their research* and concluded that just a difference of £1,000 in deposit can be an extra £140 per month which is just shy of £2,450 based on a 2 year fixed rate loan.

Little gems like these may well twist the arm of the “Bank of Mum & Dad” enough to get you a mortgage that is currently just out of reach.

If you have any question or would like to discuss this further get in touch, as always we’d love to help.

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*In this scenario (UK property worth £219,544), Buyer A is £1,000 short of a 10% deposit, so can only secure a 95% LTV mortgage with a rate of 3.96%. Meanwhile, Buyer B has saved enough for a 10% deposit and can therefore secure a 90% LTV mortgage with a rate of 2.64%.