I think mortgage down payment depends on a number of factors? I get a good deal on my mortgage if I get it through my bank because I've been a loyal customer for a long time.
Huh. Must work differently than in the US (where it's standard to put 20% down to get a reasonable fixed rate mortgage, and anything more "creative" is what got the world into our current financial crisis in the first place).
Houses are cheaper in the US. Having mortgage money down the same here would make it impossible for most people to get on the property ladder. An average house in the US costs about 100k in dollars. That's about what, 70k in pounds? That's a pretty cheap house here, like an end of row terrace in a relatively cheap area. Or even a really crappy flat in a lot of cities. It wouldn't buy you anything in or near London. As I said, Barrow is very cheap, but a small house will still cost you as much as an average house in the US would. If we needed 20% deposits, the average deposit would be about 2 times a person's total yearly earnings on average income! So yes, the percentage is lower but the amount of money you need to put down is roughly the same.
Yep! That's why I keep telling people they're nuts to all pick such expensive places to live! http://www.cumberlandestateagents.co.uk/buying/property/barrow_BAR110203 You can get this for 60k. 3 bedrooms! Barrow has a bad reputation locally, but it's got a crime rate way below national average, it's near a nature reserve, you can get a direct train to manchester or to London with one change, it's less than 30 mins from the Lake District and it's 17th happiest town in the whole UK!
True, but that's why it's so big for that price. I'm not saying I'd buy that particular house. Just citing an example. I'm pretty handy anyway and was brought up as a child doing up houses, so I wouldn't really mind that much if I had to do that. With a house that you fix up, you are almost guaranteed you'll sell it for more than you bought it!
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BTW, isn't it normal to put 20% down on a mortgage?
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An average house in the US costs about 100k in dollars. That's about what, 70k in pounds? That's a pretty cheap house here, like an end of row terrace in a relatively cheap area. Or even a really crappy flat in a lot of cities. It wouldn't buy you anything in or near London. As I said, Barrow is very cheap, but a small house will still cost you as much as an average house in the US would. If we needed 20% deposits, the average deposit would be about 2 times a person's total yearly earnings on average income!
So yes, the percentage is lower but the amount of money you need to put down is roughly the same.
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http://www.cumberlandestateagents.co.uk/buying/property/barrow_BAR110203
You can get this for 60k. 3 bedrooms!
Barrow has a bad reputation locally, but it's got a crime rate way below national average, it's near a nature reserve, you can get a direct train to manchester or to London with one change, it's less than 30 mins from the Lake District and it's 17th happiest town in the whole UK!
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