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How much money do we have to save to get a mortgage?

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How much money do we have to save to get a mortgage?

​The size of deposit that you will need will be governed by the value of your house that you want to buy and your income and expenditure, but there are a few rules that will give you an indication of how much you need to be putting away to enable you to buy the property of your dreams.

Amor Financial are based in the heart of Tunbridge Wells and offer mortgage services throughout Kent & Sussex 

Income v expenditure

How much you earn in total set against your regular outgoings will be key in determining how big a mortgage you are likely to be offered by most lenders; have a look at our guide here to get an indication of how this information is used by lenders.

Size of deposit

It’s not so much the amount you have as a deposit that counts, more what proportion that is of the value of the property that you want to buy. The basic rule is that the higher the proportion you can put down as a deposit, the more favourable the rates are that you are likely to be able to secure on your mortgage. A 5% deposit is the absolute minimum that you must be able to put down before mortgage companies will consider lending to you, 15% will get you more favourable rates, but the very best rates are open to you if you have a deposit of 40% or more.

Buy-to-let mortgages

If you are looking to purchase a buy-to-let property, the minimum deposit requirement is 20%, with most lenders wanting to see 25%

Making your mortgage easy

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