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How much deposit do I need to buy a house?

deposit

You’ve decided to get yourself on the property ladder but how much will you need to put down as a deposit? The minimum deposit you’ll need to get a mortgage is 5%.

With the average house price in the UK (as at Apr 18) being recorded as £226,906* a 5% deposit would be £11,345.30. If you could stretch to 10% (£22,690.60) you would find that this would increase the number of lenders who would be willing to lend to you and you’d have access to more competitive rates.

So how could you get access to these sorts of funds, you could start a savings account and put as much as possible in every month, your family might be willing to gift part or all of it to you (begging Mum and Dad might work) or you could buy with a partner or friend which would then enable you to split the deposit amount.

It’s important to look at the housing market in the area that you’d like to move to, houses prices could be significantly higher or lower than the National average would mean you deposit amount would be different to the illustration above. 

Please note the content of this blog is for guidance purposes only and does not constitute for professional advice. Contact us today at info@wolseymortgage.co.uk or by calling 01473 216950.

*Land Registry Data April 2018

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Monday, 18 November 2019

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