How Much Deposit Do You Need?

Your deposit affects mortgage options, monthly payments and how much flexibility you have when buying.

Many buyers aim for at least 5% to 10%, but a larger deposit can improve mortgage options.

Why deposit size matters

A larger deposit can reduce the loan-to-value ratio.

That may open up more mortgage deals and reduce monthly payments.

Budget for surveys, legal fees, moving costs and ongoing maintenance.

Deposit is only one part of the buying decision.

Lower upfront savings requirement, but monthly payments may be higher.

More options may become available depending on lender criteria.

Property

Compare renting and buying a home, including flexibility, deposit, repairs and long-term equity.

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Estimate whether renting or buying could cost less over time.

Usually it helps, but you still need cash left for fees, moving and emergencies.

Sometimes, depending on lender criteria and available mortgage products.