Save your home deposit
Do your research, stick to your budget, make your move.
Saving for a house deposit is one of the most rewarding and important steps toward owning your own home. In the UK, the size of your deposit affects the mortgage deals you can access, and how much interest you pay over time. Whether you’re aiming for the minimum 5% deposit, or hoping to save more for better mortgage rates, these guides will help you understand how much you need and how to get there faster.
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Popular savings and home deposit FAQs
A deposit is usually 5% of the property price through the Mortgage Guarantee Scheme, but if you can, aim for 10% or 15% so you pay less for the mortgage in the long run. A larger deposit increases your equity (or how much of the home you own), which unlocks much lower mortgage interest rates and a wider choice of lenders.
A Lifetime Individual Savings Account (LISA) allows you to save up to £4,000 each tax year for your first home, which the government then tops up with a 25% bonus. This means you could receive up to £1,000 in free money every year, boosting your deposit savings and empowering you to save more if you’re a first-time buyer.
If traditional market prices are out of reach, you could get on the property ladder through other government routes like shared ownership or the First Homes Scheme. They’re designed to help you get moving and go from renting to owning more easily.
Many people start by making a budget that works for their everyday life. Regular automatic transfers to a savings account can help your deposit grow. Some people also use government incentives alongside saving to help them move from renting to owning.
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