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How Much Deposit Do You Really Need?
How Much Deposit Do You Really Need?
Many first-time buyers assume they need a large deposit, but that's not always the case. While most lenders typically ask for at least 5% of the property price, there are situations where lower deposits, sometimes from 2.5%, may be considered, depending on the scheme and your circumstances.
A larger deposit can give you access to better rates and a wider choice of lenders; however, having a smaller deposit doesn't automatically mean buying isn't possible. Lenders will also look closely at your income, credit history, and overall affordability.
If your deposit is coming from family, gifted deposits are widely accepted by lenders, as long as it is a genuine gift rather than a loan.
The key is understanding what is realistic for you: speaking to an expert can help you see how much you could borrow, what deposit level works best, and which lenders may consider your application.
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First-time buyer specialists
We help first-time buyers every day — from understanding deposits and affordability to finding the right lender for your circumstances.
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First Time Buyers —
What You Need to Know
Buying your first home is exciting, but it can also feel overwhelming. Understanding how first-time buyer mortgages work will help you make confident decisions and move forward with clarity.
How Much You Could Borrow
Mortgage affordability is based on a lender's affordability assessment, which looks at your income, spending habits, existing commitments, and credit profile.
As a rough guide:
- Most lenders offer between 4–4.5 times your annual income
- Some lenders may go up to 5–5.5 times income in the right circumstances
Each lender has their own calculator and criteria, so getting personalised guidance can make a big difference.
Your Credit Score Matters
Your credit history plays a key role in mortgage approval. Lenders review:
- Missed or late payments
- Existing debts
- Credit usage
- Electoral roll registration
A strong credit profile can open access to more competitive mortgage deals, but there are still options available if your credit history isn't perfect.
The True Cost of Buying a Home
Beyond your deposit, it's important to budget for:
- Solicitor fees
- Survey costs
- Mortgage arrangement fees
- Moving expenses
- Home insurance
Planning ahead for these costs can help prevent delays and reduce stress later in the process.
Getting a Mortgage Agreement in Principle
An Agreement in Principle (AIP) gives you an estimate of how much you may be able to borrow and shows estate agents you're a serious buyer. It can also:
- Speed up the buying process
- Highlight potential issues early
- Strengthen your offer on a property
Find Out Where You Stand
Speak to a mortgage expert who understands first-time buyers and can guide you through your options — with no upfront fees and no obligation.
First-Time Buyer Mortgage FAQs
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Mortgages are complex. The best way to understand your options is to speak to an expert—and we're here to help.
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Meet Some of Our Mortgage Specialists
Real people ready to help you find the right mortgage
Liz Cunningham
First time buyer & remortgages specialist
Michael Budzak
Complex mortgages specialist
Ava Conroy
Complex mortgages specialist
Examples from our wider team of mortgage specialists
You don't need to choose — we'll connect you with the right adviser