We want to make your house-buying process as straightforward as possible. That’s why we’ve created this first-time buyers’ guide using the information provided by the Money Advice Service.
This guide takes you through the process of buying your first home, including saving for your deposit and applying for a mortgage. Remember, we’re on hand to offer advice and support at every stage of your home buying journey. If you have any questions after reading our guide, don’t hesitate to get in touch.
How much deposit do I need to buy a house?
Before looking at properties, you need to save for a deposit.
Generally, you’ll need to save a deposit of at least 10% to 20% of the cost of the home you would like.
For example, if you want to buy a home costing £150,000, you’ll need to save at least £15,000 (10%).
Saving more than 10% will give you access to a broader range of mortgages and may even help you get one of the cheaper mortgage options available on the market.