Your mortgage deposit
Your mortgage deposit and everything you need to know to help you take your first step on the property ladder.
How much deposit do you need for a mortgage?
A mortgage deposit is one of the biggest factors in buying a home. It will influence how much you can borrow and subsequently the mortgage lenders that will be available to you.
With huge deposit figures of £40,000 upwards reported in the press, it is easy to feel like quitting before you have even started. Yes, some first time buyers may need a larger deposit. But your dream home can still be a reality with a mortgage deposit around half this size.
Here are our top tips to help you get off to the best start:
- Take time to consider what you are looking for in your home. There are many influences to this, such as how much lenders are willing to lend you and what it is going to cost. But, it will give you a good idea of the deposit you will need.
- Save, save, save. Saving more than you think you need is of course never a bad thing, and larger deposits can mean lower monthly mortgage repayments.
- Don’t be put off by the headlines. Talk to us about your plans and we can tell you exactly what you will need to secure your first home.
Want to know more about your options, including how big a mortgage deposit you will need to buy your first home? Get in touch with the team today!