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Saving for a deposit is often the biggest hurdle for first-time buyers. Many assume they need a large percentage saved before they can even consider applying for a mortgage.
In reality, there are options available for first-time buyer mortgages that may require a smaller deposit than you expect.
Minimum deposit requirements
Most lenders require a minimum deposit of 5% of the property value. However, the size of your deposit can influence:
- The interest rate available
- The lender options open to you
- Your monthly repayments
A larger deposit can improve your position, but it is not always essential to have 10–20% saved. In 2024-25, 16% of first-time buyers in England put down less than 10%, and 31% had help from family or friends, according to our first-time buyer statistics.
Planning realistically
Before starting property viewings, it’s helpful to understand how much you can borrow and what deposit level works best for your circumstances.
Getting advice early can help you avoid disappointment and move forward with confidence.