All You Need To Know About A House Deposit

If you want to own a house, there’s a key thing you’ll need to have… And don’t say a house, because that’s not what we mean…

No, in order to purchase your first home, you’ll need a house deposit – to land yourself a mortgage. Because of the infamous saying, ‘everything comes at a price’… Whilst it sounds ominous, it’s an essential part of buying a home and landing yourself a mortgage. You’ll need to put a deposit down first, so you can secure the funds to purchase your new home.

With that in mind, we’re here to explain to you all you need to know about your House Deposit – and even some tricks on how to start saving for your house deposit.

Here’s what you should know.

Why a house deposit?

Like we said above, everything comes at a price, and you can’t get something for nothing. You need to show your mortgage provider that you’re serious about purchasing a home, and not just taking a mortgage out on a whim. So, you’ll need to present a deposit to your mortgage provider that shows you’ve been looking at houses, know how much you need, and the right amount of deposit to match your borrowing amount.

How much?

This is the one question that everyone wants the answer to… Usually, you’ll need around 5%-10% of the properties price, to qualify for a mortgage. It’s worth noting that the more deposit you bring forward to your mortgage provider, the better. A larger deposit means you might get better rates, and their investment is more secure with a larger deposit.

Below you can see an example of how much deposit you need.

House Price: £150,000 5% deposit: £7,500 | 10% deposit: £15,000

This is just an example, and not representative of any mortgage broker or lender. The general consensus is that you put down a deposit for 5-10% and then the lender provides you with the other 90-95% (dependent on how much deposit you have). They assess your income as part of whether you can afford to repayments, but the more deposit you have, the better it is for you. So, if you can afford to wait, try and do so. It means you’ll put yourself in a better position and have a larger deposit for your first house.

How to Save

If the thought of saving that much for a house scares you, don’t worry. There are some handy tricks to help reach your saving goals quicker! All it takes is a little sacrifice (not that kind…) and some smart decisions. Find out more underneath.

  • Give up the rent

Okay, whilst this isn’t an easy option for everyone, if you can find somewhere to live with reduced or even better no rent (mum & dad’s) then you’ll be able to put more away each month. For those that this isn’t an option for, there’s always downsizing. It’s ideal but not everyone can stop renting or find reduced rent, but this is a fast way to save.

  • Start budgeting

One way is to adjust your lifestyle and spending. If you can start avoiding too many social and costly gatherings, you could add a few more coins to your house deposit fund. Don’t become a hermit though, it’s about budgeting smartly so you’re cutting out unnecessary things – but everyone still needs a social life, just a cheaper one…

  • Find a friend

Another way to secure a house quicker is to team up with a friend or partner. You could both combine deposit, purchase a house, then after a few years, once the mortgage is paid, sell and split the amount. Make sure you can tolerate your friend though, you’ll be stuck with them for a while…


Remember, for a house deposit you’ll need as little as 5% of the house’s price to put down, but the more the better. Start saving now and use our money saving tips to get started. If you’re looking for a mortgage, and have a deposit, contact the Zing team to see what rates you could receive.

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