Sacrificing to Save Guide
In our second guide to saving your deposit, we're helping those who have already made a start and are looking to increase their savings.
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In our second guide to saving your deposit, we're helping those who have already made a start and are looking to increase their savings.
Some mortgage lenders offer 5% deposit mortgage agreements. Not every lender will offer 95% mortgages, so it’s important to research in advance.
The amount you will need to save for a deposit will depend on the price of the house you are purchasing and the percentage of the mortgage you are paying with a deposit. Typically, you will need to save at least 10% of the cost of your mortgage.
It’s important to remember the other costs of moving house. You will need to save for more than just your mortgage deposit.
The amount you need to earn will depend on factors such as whether you are purchasing the property with someone else, the price of the property you are purchasing, and how much you are paying with a deposit.
Although most mortgage lenders do not have a minimum income requirement, the majority of lenders will allow you to borrow around 4.5% of your annual salary.
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