Do I need a deposit to buy a house?

When a lender evaluates whether to grant you a mortgage to buy a house they look at your risk profile.

This involves looking at your

• incomings & outgoings
• other debts
• your ability to put down a deposit

The last one has become increasingly important since the start of the Credit Crunch. The reason is that lenders have less money to lend and are taking fewer risks and therefore are more choosy who to lend to.

So the answer to the question is yes.

A good independent financial or mortgage adviser can give you more information.
Remember to ask "are you whole of market or do you only have products from 1 provider?"

Posted by Sean Wilson, Independent Financial Adviser, Swindon, Wiltshire.