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How Much Deposit Do I Need to Buy My First Home? What deposit is required to buy a house

Please refresh the page and retry. There are numerous schemes available to help first-time buyers clamber onto the bottom rung of the housing ladder, including the new London Help to Buy equity loan that launches on February 1. Here, Telegraph Money takes you through what support is available, and our calculator lets you work out the minimum you will actually need to save to buy a house.

In addition to the deposit, you will also need to allow for stamp duty and other fees associated with buying a house. These are likely to run into several thousands of pounds.

Those who use the scheme can reduce the deposit needed to as little as 5pc, through either an equity loan or a mortgage guarantee. The equity loan involves the Government lending you up to 20pc of the value of the house for a deposit, or 40pc with the London scheme, enabling you to get a smaller mortgage - which are much easier to access and typically charge lower rates.

I n the Autumn Statement a new "London Help to Buy" extension was announced, to reflect higher property prices in the capital. With an equity loan the money borrowed from the Government becomes your equity in the house, and the loan remains interest free for five years. After that, a fee of 1. The Help to Buy agent should contact you before the fees start to set up monthly what deposit is required to buy a house. A mortgage guarantee is the other main Help online egt Buy option and involves the Government guaranteeing a portion of your mortgage, enabling you to buy a house with as little as 5pc for a deposit.

Mortgage guarantees are not just for new-build homes and first time buyers. Help to Buy Isas, which launched this year, are tax-free savings products which get topped up by the Government when the money is used to buy a house. It takes four months to reach the minimum pay-out amount what deposit is required to buy a house around four and a half years to reach the maximum.

Help to Buy Isas fall under the same umbrella as cash Isas, meaning only what deposit is required to buy a house type of account can be paid into within any one tax year.

If the money is not used to buy a house savers will still receive all of the interest on their money, just not the 25pc boost. According to the Government announcement, the discount will be funded by cutting the requirement for builders who develop unusable or surplus commercial and industrial land to provide affordable housing.

In return, they will have to offer the homes at a minimum 20pc discount to first-time buyers under It has yet to be decided whether the starter home discount can be used in conjunction with a Help to Buy equity loan or mortgage guarantee. The calculator will show you the total deposit amount required in addition to the individual amounts required if the house is being bought by a pair or group.

It will also display projections of how much that deposit amount will grow by over the next five years, assuming a 5pc rate of what deposit is required to buy a house price inflation. Have a question for our experts? We urge you to turn off your ad blocker for The Telegraph website so that you click continue to access our quality content in the future.

Click here for instructions. Home News Sport Business. Prices are rising in most parts of Britain, meaning would-be buyers are chasing a moving target. Please read the calculator guide beneath the calculator itself. The London boundary definition used is the 32 boroughs plus the City of London. Calculate the size of deposit you'll need to buy a house. The London boundary definition used by the Government is the 32 London boroughs plus the City of London.

How many people are saving for this house? The calculator will then show you both the total and individual deposit amounts, assuming an even split. We've noticed you're adblocking. We rely on advertising to help learn more here our award-winning journalism.

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Help to Buy calculator: what's the minimum deposit you need?

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How much deposit do I need to purchase a house? - Adam Grocke

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