Thanks for your reply Zeb, that really helps!

I think i'll take your advice and check in with a mortgage advisor as the next step and see what they recommend.

Once again, thanks for your help! :)

There are more and more lenders that will now accept 10% deposits on new builds but there are still as many that will want at least 15% deposit.

Yor best bet is to go and speak to a mortgage adviser regarding this and see wat they can tell you about who to approach etc. This will also give you a view of the whole mortgage market insead of just the lender whose door you walk through.

Do remember that with a 10% deposit you are not going to get rates as keen as with a higher deposit and the underwriting will be a little tighter too.

I would always recommend that if you can manage a higher deposit then you will benefit from it but I do also understand that just because you need another £20k for a decent deposit does not mean it can be magicked out of thin air.

Good Luck

Hi,

I'm incredibly bad with finance, so please excuse my naive questions, but could someone give me some advice with mortgage deposits.

My partner and I are first time buyers and have found a new build property in Wales that we would like to buy. The property is valued at £175,000 and we have £20,000 saved as a deposit (so roughly 11% if I've worked that out right!).

Last year we were told most mortgage companies would ask for 25% deposit for new builds - but I heard from a friend this may no longer be the case as the government are trying to get the market going again?

Does anyone know if this is the case, and if so which mortgage providers are promoting this incentive?

As you can expect we are desperate to get onto the ladder, so any help would be fantastic!

Thanks for reading,
Darren