Most UK buyers should plan for a deposit of at least 5% to 10% of the purchase price. On a £200,000 home, that means £10,000 to £20,000. A 5% deposit is possible for some buyers, but it is not an automatic entitlement: a lender must offer a suitable mortgage, approve what you can borrow and accept the property and your circumstances.
Your deposit is only one part of the money needed to complete a purchase. You will also need to budget separately for taxes, legal work, a survey, moving and other transaction costs. The amount required for those items varies, so do not treat the deposit figure as your complete cash target.
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The usual UK deposit range is 5% to 10%
MoneyHelper’s current guidance is that buyers usually need at least 5% to 10% of a property’s price as a mortgage deposit. The lower end is a possible starting point, not a promise that every buyer can obtain a 95% mortgage.
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A deposit is the part of the purchase price you pay from your own funds. The mortgage covers the remainder. If you put down 5%, the mortgage would be 95% of the price, known as a 95% loan-to-value (LTV) mortgage. A 10% deposit corresponds to 90% LTV.
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The cash amount changes with the property price. These examples are arithmetic illustrations rather than typical UK house prices:
| Property price | 5% deposit | 10% deposit |
|---|---|---|
| £150,000 | £7,500 | £15,000 |
| £200,000 | £10,000 | £20,000 |
| £250,000 | £12,500 | £25,000 |
| £300,000 | £15,000 | £30,000 |
| £400,000 | £20,000 | £40,000 |
To calculate your own figure, multiply the agreed or expected purchase price by the deposit percentage. Keep the percentage and the resulting cash amount together when comparing properties: a 5% deposit on a £400,000 home is £20,000, not the same cash sum as 5% on a £200,000 home.
Can you buy a house with a 5% deposit?
Yes, some buyers can. The UK government’s 2025 Mortgage Guarantee Scheme is permanently available from July 2025 and supports participating lenders in offering mortgages between 91% and 95% LTV. Its official description says: “Mortgages offered through the scheme will enable eligible first-time buyers and home movers to buy a home with a deposit as small as 5% throughout the United Kingdom.”
The wording matters. The scheme supports participating lenders; it does not require every lender to offer a 95% product. You still need to meet the lender’s affordability and eligibility rules, and the property must be acceptable under that lender’s criteria. A buyer who has saved 5% can therefore be refused, offered a different LTV, or find that a suitable product is unavailable.
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The scheme covers eligible first-time buyers and home movers. Eligibility is not the same as simply being resident in the UK or having a 5% deposit, so check the current government and lender conditions before making an offer. Do not assume that a 5% option applies to every property type, price or personal situation.
What a larger deposit changes
Increasing your deposit reduces the amount you need to borrow and lowers your LTV. MoneyHelper notes that mortgage pricing often depends on LTV. A lower LTV may open different product bands or rates, but the actual rate and monthly payment depend on the products available when you apply. No general rate saving can be promised without a current, buyer-specific comparison.
Lower borrowing and payments
For a £200,000 purchase, a 5% deposit leaves a £190,000 mortgage. A 10% deposit leaves a £180,000 mortgage. The second loan is £10,000 smaller before interest, so its payment calculation will also be based on a lower balance. The interest rate, term and lender’s affordability assessment still determine the payment you are offered.
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Lenders decide how much a buyer can borrow and assess the buyer’s circumstances. A larger deposit can help because you are asking for a smaller loan against the same property, but it does not replace the lender’s assessment. If your maximum borrowing is below the amount needed for the home, adding a deposit may or may not close the gap.
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Less cash left after exchange and completion
Putting every available pound into the deposit can leave you unable to pay other purchase costs or cope with an emergency after moving. Compare the mortgage benefit of waiting for a larger deposit with the cost of delaying your purchase and the cash reserve you would retain. The right percentage is the one that is both acceptable to a lender and sustainable for your household.
What first-time buyers need to know about “average” deposits
An average deposit is not a minimum requirement. The English Housing Survey 2024–25 reported a mean first-time-buyer deposit of £78,131 and a median of £36,500. These figures cover England and that survey year, not the whole United Kingdom, and they describe deposits that buyers in the survey actually used rather than a sum every first-time buyer must save.
The large gap between the mean and median shows why the median is often a better description of a typical middle buyer: a smaller number of very large deposits pulls the mean upward. Neither statistic tells you what a lender will require for your property or what you can afford. Use your target price, the available LTV products and your own budget instead.
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The Office for National Statistics reported average loan-to-income ratios in 2025 of 3.5 for all mortgage sales and 3.6 for first-time buyers. These are ratios of mortgage borrowing to income, not deposit percentages, recommended limits or guarantees of what an individual can borrow.
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For your application, the key questions are whether the lender has a mortgage at the required LTV and whether its assessment says you can borrow enough for the purchase. A 5% deposit does not solve an income or affordability shortfall. Conversely, a buyer with a larger deposit may still face a borrowing limit that rules out a particular price.
Budget for costs beyond the deposit
The deposit is applied to the purchase price. Separate cash may be needed for purchase taxes, legal work, a survey, moving and other transaction costs. The exact total depends on your location within the UK, the property, the transaction and your circumstances, so there is no single reliable “extra amount” to add to every deposit.
- Taxes: the applicable property transaction tax depends on the UK nation, price and buyer status.
- Legal work: a conveyancer handles the legal transfer and related searches.
- Survey and valuation: the lender’s valuation and any survey you commission serve different purposes and may have separate charges.
- Moving and setup: removal, storage, insurance, repairs and initial household bills can all require cash around completion.
- Contingency: retaining an emergency reserve reduces the risk of relying on expensive credit after moving.
Get written estimates for the costs that apply to your purchase before deciding that your deposit savings are sufficient. Do not use the full balance of a savings account as the deposit if doing so leaves no money for completion or emergencies.
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Set a target from the property price
Start with a realistic price range rather than an arbitrary cash goal. Calculate both a 5% and a 10% target for each price point, then add your separately estimated purchase costs and the cash reserve you want to keep. This shows whether a cheaper property, more time saving, or a different LTV is the change that makes the plan workable.
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Consider a Lifetime ISA if you qualify
MoneyHelper identifies a Lifetime ISA as a possible 25% government bonus for eligible first-time buyers under 40. Eligibility, account rules and withdrawal conditions apply, and those rules can change. Check the current terms with the provider and government guidance before counting the bonus toward a specific completion date or property.
Check the mortgage market before committing to a timetable
A qualified mortgage adviser can help establish whether a 5% option is actually available and affordable for your circumstances. You can also ask lenders directly about their current LTV bands and eligibility. An agreement in principle is an indication based on information supplied at that stage, not a final mortgage offer.
How to choose between buying with 5% and waiting for more
Compare the two options using the same property price and realistic budget. The relevant trade-offs are:
| Question | 5% deposit | Larger deposit |
|---|---|---|
| Is a suitable mortgage available? | Only if a participating or other lender offers an acceptable 95% LTV product and you qualify. | More LTV bands may be available, subject to lender criteria. |
| How much do you borrow? | 95% of the price before any other borrowing. | Less than 95% of the price; the exact amount depends on your chosen percentage. |
| What happens to pricing? | The rate depends on the 95% LTV products available when you apply. | A lower LTV may qualify for different pricing; compare live products rather than assuming a saving. |
| What cash remains? | More savings remain available for costs and emergencies, provided the mortgage payment is affordable. | Less cash remains after completion unless you save beyond the deposit target. |
| What could prevent completion? | A lender’s affordability decision, property restrictions or lack of a suitable product. | A delay while saving, or an affordability limit that still leaves the required loan too large. |
Run both scenarios using the same income, expenditure and property assumptions. Choose only after checking that the resulting payment, transaction costs and emergency reserve fit your budget.
A practical deposit-planning sequence
- Set a defensible price ceiling. Base it on what you could afford monthly, not solely on the maximum a website calculator displays.
- Calculate 5% and 10% deposits. Multiply each candidate price by 0.05 and 0.10, and record the cash figures.
- List non-deposit costs separately. Obtain estimates for tax, conveyancing, survey, moving and any property-specific work.
- Protect a reserve. Decide how much must remain in savings after completion for emergencies and immediate household needs.
- Check borrowing and LTV availability. Ask a lender or qualified adviser whether a suitable 90% or 95% LTV mortgage exists for your circumstances and property.
- Obtain an agreement in principle. Use it to test whether your target price and deposit align with the lender’s initial assessment, while recognising that full underwriting comes later.
- Recalculate before exchange. Confirm the deposit source, all completion costs and the cash balance you will retain; prices, product availability and your circumstances may have changed.
Common mistakes to avoid
- Treating 5% as an entitlement: it is a possible minimum for some eligible buyers, not a universal approval rule.
- Confusing LTV with loan-to-income: LTV compares the mortgage with the property value; loan-to-income compares borrowing with income.
- Using the English survey average as your target: the £78,131 mean and £36,500 median describe England in 2024–25, not a UK-wide requirement.
- Forgetting the price multiplier: the cash needed rises with the property price even when the percentage is unchanged.
- Spending all savings on the deposit: completion costs and post-move emergencies still need funding.
- Assuming a named scheme is open to everyone: check current eligibility, lender participation and property conditions before relying on it.
- Quoting a rate without a date and LTV: mortgage pricing changes; compare an actual current product for your circumstances.
Bottom line for a UK buyer
Plan on 5% to 10% of the purchase price as the usual starting range. A £200,000 home therefore implies £10,000 to £20,000 for the deposit itself. The 2025 Mortgage Guarantee Scheme means eligible first-time buyers and home movers may be able to use 5% across the UK, but lender approval, affordability and property eligibility still decide whether that route works. A larger deposit can reduce LTV and borrowing, while a smaller one preserves more cash; make the decision only after allowing for all purchase costs and an emergency reserve.
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