adamUK Posted February 9, 2006 Share Posted February 9, 2006 Since Time to Raise the Rent thinks that a 40k deposit is laughably small, (see here), what would you gauge, as a non-houseowner as a substantial deposit???? £40k seems a fair wedge to me.. Am I wrong? Quote Link to comment Share on other sites More sharing options...
Jason Posted February 9, 2006 Share Posted February 9, 2006 A similar deposit to me. I think it is substantial, as most are in debt. Try saving that amount of money. You will then realise how difficult it can be for the average joe. Quote Link to comment Share on other sites More sharing options...
adamUK Posted February 9, 2006 Author Share Posted February 9, 2006 A similar deposit to me. I think it is substantial, as most are in debt. Try saving that amount of money. You will then realise how difficult it can be for the average joe. Yeah, that's what I though. 40k would take me about 6 years to save, even putting it in Isas and things. Bonkers! Quote Link to comment Share on other sites More sharing options...
pyewackitt Posted February 9, 2006 Share Posted February 9, 2006 Erm... isn't the substantial element only judgable based on the actual sale value of the property? 30K is substantial on a 100K property but not on a London typical 300K property.... I believe a deposit of anything above 25% of the sale price can be classed 'substantial' Quote Link to comment Share on other sites More sharing options...
Smell the Fear Posted February 9, 2006 Share Posted February 9, 2006 (edited) Since Time to Raise the Rent thinks that a 40k deposit is laughably small, (see here), what would you gauge, as a non-houseowner as a substantial deposit???? £40k seems a fair wedge to me.. Am I wrong? "Substantial" is meaningless without reference to the price of the property you are buying. If it is a £100k house, then £40k is substantial. If it is a £500k house, £40k is nothing. It would be better expressed as a percentage - I would say 40%+ was "substantial". Edited February 9, 2006 by Smell the Fear Quote Link to comment Share on other sites More sharing options...
Mr Blek Posted February 9, 2006 Share Posted February 9, 2006 Substantial deposit to me is 60% plus having the earning power to pay the rest off quickly Quote Link to comment Share on other sites More sharing options...
OzzMosiz Posted February 9, 2006 Share Posted February 9, 2006 I'd say 50% of the total was substantial. Anything between that and 25% is pretty decent. Quote Link to comment Share on other sites More sharing options...
DonnieDarker Posted February 9, 2006 Share Posted February 9, 2006 25%+ is substantial I'd say. On an average property that's £50K cash...quite a lot of dough. Quote Link to comment Share on other sites More sharing options...
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