The deposit you need as a first-time buyer ranges from nothing at all to around 5%, depending on the scheme you qualify for. Here is a clear picture of your options.
No deposit — 100% mortgages
Through Gable, April and Skipton, qualifying first-time buyers can purchase with no deposit. Skipton's Track Record mortgage uses a 12-month rental history in place of a deposit; Gable and April assess on income and affordability.
5% deposit — 95% mortgages
With as little as 5% deposit you can access 95% loan-to-value mortgages from a range of lenders. On a typical first home that can mean around £5,000 to £15,000 depending on the purchase price.
Reducing your deposit further
Some government and lender schemes can reduce the deposit required, and developer incentives can sometimes contribute. We show you every option you qualify for at your first consultation.
How to decide
The right deposit size depends on your savings, income and timeline. If you have a strong rental history but no savings, a 100% scheme may suit. If you have some savings, a 95% mortgage may offer a lower rate. We assess your affordability and match you to the most competitive option for your deposit size.
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