Most lenders now have a mortgage product aimed at those with a deposit of 10% of the purchase price of their property and you may even be able to put down a deposit of just 5% in some cases.
One may also ask, can I buy a home with 10% down?
It is absolutely ok to put 10 percent down on a house. In fact, first-time buyers put down only 6 percent on average. Just note that with 10 percent down, you’ll have a higher monthly payment than if you’d put 20 percent down.
Likewise, can I get a mortgage with 5% deposit?
In the Spring Budget 2021 the government announced a new 95% mortgage guarantee scheme. The scheme enables homebuyers to secure a mortgage with a 5% deposit, with the government underwriting 95% mortgage loans.
How can I save a 100k house deposit?
If you want to save $100,000 in 1 year, you’d need to save around $8,350 a month! If you want to save this in 2 years, you’d need to set aside $4,170 a month! In 3 years, it would take $2,800 a month to save 100k. 4 years of monthly payments would require $2,100 each month to accumulate $100,000.