Homes · First-time buyers
How much deposit do you need for a first home?
The minimum deposit is usually 5% of the price, but a bigger deposit gets you better mortgage rates. And the deposit isn't the only cost.
Deposit sizes
| 5% deposit (95% mortgage) | £12,500 |
| 10% deposit | £25,000 |
| 15% deposit | £37,500 |
Rates usually get cheaper at each 5% step, with big jumps at 10% and 15%. A slightly bigger deposit can save thousands over a mortgage deal.
The other costs
- Stamp Duty: in England and Northern Ireland, first-time buyers pay none on homes up to £300,000, if the price is £500,000 or less. Scotland and Wales have their own taxes and reliefs.
- Solicitor or conveyancer: often around £1,000 to £2,000
- Survey: a few hundred pounds, more for a full building survey
- Mortgage fees: some deals charge £1,000 or more; compare the total cost
- Moving and setting up: van, furniture, basics
How much can you borrow?
Lenders typically lend around four to four and a half times your income, after checking your spending and debts.
Saving faster
- A Lifetime ISA adds 25% to what you save, up to £1,000 a year
- Set up a standing order on payday
- Track every source: savings, gifts from family, ISA bonus
Work out what to save each month to reach your deposit by your target date.
Use the savings calculatorOur house deposit tracker adds up savings, Lifetime ISA bonus and gifts, and shows your progress.
See the tracker