Are you looking to buy a home in Birmingham? If so, you'll need to know the minimum deposit required for a Birmingham Midshires mortgage. Generally, you need at least a 25% deposit to get a purchase mortgage to rent with us. Self-employed applicants must be self-employed for a minimum of two years and be able to provide at least two years of business figures. To buy a home, it's recommended to have at least a five percent deposit to secure a mortgage.
The cheapest area in Birmingham to buy a house is Winson Green, with an average price of 122,428 pounds sterling, which would only require just over 6,000 pounds as a minimum deposit. However, once the funds have reached your linked account, you can follow the procedure to make a deposit and return them to your savings account. We've looked at the average house prices in Birmingham and the minimum deposits of 5 and 20% that you would have to save to buy a home in those areas. Employed applicants are expected to have been employed for a minimum of three months in their current job and have had 12 months of continuous employment. Contract workers should normally have a permanent contract and have been with the current employer for at least six months. Once you've logged into your account, choose the withdrawal or deposit option and follow the instructions provided.
Let's take a look at the full list of areas in Birmingham, their average home prices and the deposit you'd need to save to move there. Whether you're looking to buy your first home or want to move, here are the mortgage deposits you'll need for a Birmingham Midshires mortgage:
- Winson Green: 122,428 pounds sterling; minimum deposit: 6,000 pounds
- ...
- ...
