How much deposit do I need?

Posted on 18 January 2010 by Peter W


I want to buy a house with my partner that costs £300,000 we earn about £50,000 together, how much would we have to put down as a deposit?

Angela

Lenders are now looking at total affordability rather than using a multiple of your earned salary and many will take into account unearned income such as tax credits before making deductions for things like outstanding credit commitments.  Depending on your own personal circumstances, I would expect you to have to raise a deposit of between £50,000 and £75,000.  You will find the more you are able to put down as a deposit the more favourable lenders will be and the cheaper the interest rate you are offered.

Peter 

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