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Your Expert Guide to Remortgaging

Whole of Market Mortgage Advice Right at Your Fingertips

Read our articles for a wealth of mortgage advice straight from our experts. Wherever you are on the property ladder, we understand that you’ll have plenty of questions about how the mortgage process works and which loan is right for your circumstances right now. For all your questions, big and small, refer to our comprehensive mortgage advice to get the information you’re looking for.

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Posted On: January 20, 2022

How Much Deposit Do You Need To Move House?

How much deposit you need to move house will predominantly depend on what type of mortgage you’re looking for. Your financial history may also be taken into consideration, particularly if you’re hoping to negotiate a lower deposit for a larger loan. The deposit is usually relative to the value of the property and is worked out as a percentage, often referred to as the Loan to Value rate (LTV).

Typically the lowest deposit amount available on the market today is 5%. This is often offered to first-time buyers. Buy-to-let mortgages typically come with larger deposits of 20% to 40% of the property’s value. This type of loan is not suitable for first-time buyers.

What about 0% deposits?

With 100% mortgages being partially blamed for the financial crash of 2008, the 0% deposit is pretty much a thing of the past. The 100% mortgage is elusive, especially if you’re a first-time buyer. There are lenders that will offer this type of mortgage, however they will be very selective about who they’re willing to lend to. Also, a guarantor is usually required.

Moving house mortgage deposit – how much do I need to save?

If you’re in the stages of saving for a property, you’ll want to know how much you can afford. Speaking to a mortgage advisor is a great way to clarify which mortgages are suitable for your circumstances. They can also calculate what type of property you’d be likely to afford. From there, they can estimate what your deposit amount could be. Once you have a rough idea of how much your deposit will be, you can even ask your advisor for tips on how to speed up the saving process so you can move house sooner rather than later.

If you’re saving for a deposit to buy a house, having a deposit goal in mind can really help motivate your saving efforts.

Speak to Agentis today to arrange your free initial consultation to discuss your mortgage options and get professional advice to make your house move that little bit easier.