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Step 2 - Sort out your deposit

How much do you need to save?

When selling your home to buy a new one, calculate how much you will need for a deposit. This is typically 10% of the asking price. You may already have enough equity to use, or might need a mortgage too. As a mover, you can borrow up to 3.5% of your income, or up to 90% of the property's purchase price.

Top tip

Banks like to see a regular savings habit over at least six months, on top of paying rent and bills. If you are currently renting, that can also be used to demonstrate your ability to repay a mortgage. It is important that you save your deposit in an account separate from your current account.

 

Use our tool to compare regular savings accounts. 

 

Compare savings accounts

 

Budgeting resources

If you need to save for the deposit on your new home while paying the mortgage on your current home, things might get a little tight. Visit our budgeting resources section for tips and tools to help you manage your expenses and build your deposit. 

Top tip
If you are buying a new build, you could apply for the Help to Buy Scheme to help build up your deposit. For more information on this scheme see our grants and incentives page.

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