How much deposit will I need?
The minimum deposit mortgage lenders will usually accept is 5% of the property’s value. These are also known as 95% mortgages, if you go with this option then your options may be limited. Most lenders prefer to ask for a deposit that is 10% of the property’s value.
The minimum deposit lenders will generally accept is 5% of the property value. These are known as 95% mortgages, and if you want one of these your options may be limited. This is because most lenders prefer to ask for at least 10% of the property value as a deposit. You can also put down a 15% deposit.
For example, if the property is £300,000, this is how much deposit you would need:
5% deposit: 15,000
10% deposit: 30,000
15% deposit: 45,000