Deposits - Cheap Mortgage Deals

This refers to the amount of money put towards the purchase of the property. The amount of deposit required will differ according to the type of mortgage and the sort of property you are buying. It has become more common for developers/builders to offer the deposit paid as an incentive to buying one of their properties. This is very attractive to first time buyers who struggle to find the traditional 10% of the asking price. If you are looking to take out a Buy to Let Mortgage you will need to put at least 15% and sometimes 20% down as a deposit.

No Deposit Required!

It is also possible to secure a 100% and as much as 110% mortgage. This deal helps borrowers to consolidate their existing debts on to their mortgage and means they are able to enter the property ladder without having any capital. It is a more expensive way to borrow and is not generally a good idea as a long term deal. Most lenders will require at least 10% deposit of the purchase price.