How much deposit will I need?

The first thing to do is work out what you could realistically spend on your first home. You'll need at least 5-10% of this to put down as a deposit.

You'll also need to make sure you have enough savings to cover other costs(opens in a new window) like Stamp Duty (or LBTT(opens in a new window) in Scotland), solicitor or conveyancer fees, property valuation and surveys.

Remember, the bigger your deposit, the smaller your mortgage loan will be and the less interest you'll pay in the long term. A larger deposit could help you get a better mortgage deal.

Your home may be repossessed if you do not keep up repayments on your mortgage