Saving a deposit for your first home
When you’re not on the property ladder, getting together the deposit you need to buy your first home can be a real struggle. We’ve put together these tips to help you get started.
How much do you need?
The first thing to do is work out what you could realistically spend on your first home. You’ll need at least 5-10% of this to put down as a deposit. You’ll also need to make sure you have enough savings to cover other costs like Stamp Duty (or LBTT in Scotland), solicitor or conveyancer fees, property valuation and surveys. Remember, the bigger your deposit, the smaller your mortgage loan will be and the less interest you’ll pay in the long term. A larger deposit could help you get a better mortgage deal.