How long is a piece of string? There are many variables at play when considering the ideal deposit to make your house purchase, but the primary one is most likely to be “What is the minimum deposit I can get away with to buy this house?”

Most of us, especially in our early years in the housing market, stretch ourselves to buy the best house we can afford. This is usually a balancing act between location, size and then add-ons like off street parking, garage, extra bedroom… swimming pool? OK, so most of us have to wait a while for the pool, but a minimum number of bedrooms and a location near a decent school are probably high on most family’s wish lists.

Post Credit Crunch, mortgage lenders are under a greater obligation than ever to make sure that the loans they make are affordable. They are also keen to see their customers putting some of their own money into the purchase. Therefore, at present, you will be required to put down a minimum of 5% of the purchase price, leaving 95% on mortgage.

In simple terms, the more deposit you can scrape together, the better the mortgage terms and the better the interest rate you are likely to obtain. Also, with a larger deposit you are of course borrowing less and there is therefore less to pay back and mortgage repayments will be cheaper.

The best deals on the market will usually require a 40% deposit, but with most first time buyers having between 5% and 20% to put down, there are mortgages to suit all. Of course, this is only part of the equation.

For an initial, no obligation, discussion to clarify your options why contact us or call now on 01628 507477.

Your home may be repossessed if you do not keep up repayments on your mortgage.

There will be no fee for Mortgage Advice. There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, but we estimate it to be between £399 and £599.

Mortgage Required Ltd, Finance House, 5 Bath Road, Maidenhead, SL6 4AQ is authorised and regulated by the Financial Conduct Authority reference 573718 at

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