Q: How much deposit do I need?

Q: Typically, to purchase a property, you will need a minimum of 5% of the value of the property. For example, if you were purchasing a property at £250,000, then you would need at least £12,500 and a mortgage of £237,500.

It is worth considering, however, that the higher level of deposit you are able to put down, the lower the total amount of your mortgage would be, and also, the better your rate. This means that your monthly payments will be exponentially cheaper, so a lot of mortgage advisers will tell you to put as much deposit into your purchase as you can.

There are a lot of things that can affect the overall cost of your mortgage, so speak to me and let me know any questions you have.