Posted on 10 April 2018 by Mr P

How much deposit do I need?

Hi Mr P,

You will need a deposit of at least 10% of the purchase price, but you will need to save more than this to cover the associated costs, such as Solicitor's fees, of buying a property.

Whilst 10% may be enough for a selection of Lenders to consider you for a mortgage, you will find that the choice of Lender, product type and rate increases the more you are able to put down.  The size of deposit also has an effect on how likely you are to have your mortgage application accepted and I would strongly recommend saving a larger deposit if you are able.

Depending on how you would raise your deposit, we often see questions about capital raising. If the title deeds are in your name from an existing property, you may be able to use the equity to raise the initial funds and the remaining mortgage allowance will depend on your affordability.

Raising a deposit is the first step, next comes being able to manage your monthly payments - you can use the payment calculator on our website.

I believe we can help you and that you would benefit from speaking to one of our independent mortgage advisers.  Please call 0344 346 3672 and they will then be able to offer further advice on your situation.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.


You are currently offline. Some pages or content may fail to load.