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Message: <blockquote data-quote="1sam" data-source="post: 28812359" data-attributes="member: 557062">If you go for the lowest possible deposit (5% of the value of the property) banks force you to have mortgage repayment insurance. If you can't afford more, you have no choice, but to have that insurance at that minimum deposit.If you can afford to have a deposit of 10% or more (this value may change with banks) that insurance is not compulsory.  Find out what's the minimum deposit necessary to avoid that insurance. Then use an amount just above that figure as your deposit.If you have any extra money, do not give it to the bank as your deposit. Keep it in a mortgage interest saver account.(it's the same scenario I have mentioned in the answer to <a href="https://elakiri.com/goto/post?id=28811942" target="_blank">ruwantheekshana</a> above.)</blockquote>

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