UK FIRST-TIME BUYER RESOURCES
How much deposit do you need for your first home?
How much deposit might a first-time buyer need? See 5%, 10% and 15% illustrations and plan for buying costs beyond your deposit.
Deposit examples
On a £250,000 property, a 5% deposit is £12,500, a 10% deposit is £25,000 and a 15% deposit is £37,500. Mortgage availability and pricing depend on the lender and your circumstances.
What a larger deposit changes
A larger deposit reduces the amount you need to borrow and your loan-to-value ratio. It may give access to different mortgage products, but keep enough savings for fees and emergencies.
Plan a savings timeline
Deduct savings already held from your deposit target, then divide the remainder by a monthly amount you can reliably afford. Revisit the target if it requires unrealistic cuts.
Remember the other costs
Allow for conveyancing, searches, surveys, removals, insurance and property taxes if applicable. These are not included in the deposit.
Your next step
Use FirstHome Ready’s free deposit, savings and mortgage calculators, or preview the 18-page home-buying guide.
Try the free calculators → Preview the eBook →Educational guidance only; not individual mortgage, financial, surveying or legal advice. Check requirements and property taxes with relevant qualified professionals and official sources.