For a £350,000 house, you’ll need a minimum deposit of £17,500 (5%), though £35,000-£70,000 (10-20%) is recommended.
Deposit Options for £350K House
| Deposit % | Amount | Mortgage | Best Rate Tier |
|---|---|---|---|
| 5% | £17,500 | £332,500 | Higher rates (~5.5%) |
| 10% | £35,000 | £315,000 | Good rates (~4.5%) |
| 15% | £52,500 | £297,500 | Better rates (~4.2%) |
| 20% | £70,000 | £280,000 | Best rates (~4.0%) |
Monthly Payments by Deposit Size
| Deposit | Mortgage | Monthly Payment (25yr) | Rate |
|---|---|---|---|
| 5% (£17.5K) | £332,500 | £2,047 | 5.5% |
| 10% (£35K) | £315,000 | £1,754 | 4.5% |
| 15% (£52.5K) | £297,500 | £1,610 | 4.2% |
| 20% (£70K) | £280,000 | £1,479 | 4.0% |
A 20% deposit saves £568/month compared to 5%.
Total Upfront Costs
| Cost | 5% Deposit | 10% Deposit | 20% Deposit |
|---|---|---|---|
| Deposit | £17,500 | £35,000 | £70,000 |
| Stamp duty (FTB) | £2,500 | £2,500 | £2,500 |
| Stamp duty (mover) | £7,500 | £7,500 | £7,500 |
| Solicitor | £1,800 | £1,800 | £1,800 |
| Survey | £600 | £600 | £600 |
| Arrangement fee | £999 | £999 | £999 |
| FTB Total | £23,399 | £40,899 | £75,899 |
Income Required
| Deposit % | Mortgage | Income Needed (4.5x) |
|---|---|---|
| 5% | £332,500 | £73,889 |
| 10% | £315,000 | £70,000 |
| 15% | £297,500 | £66,111 |
| 20% | £280,000 | £62,222 |
Saving for Your Deposit
| Monthly Savings | Time to £35K | Time to £70K |
|---|---|---|
| £500 | 5.8 years | 11.7 years |
| £800 | 3.6 years | 7.3 years |
| £1,000 | 2.9 years | 5.8 years |
| £1,500 | 1.9 years | 3.9 years |
Maximum Lifetime ISA bonus: £33,000 (33 years of £4K contributions from age 18-50).
Cost of Waiting to Save More
Should you wait to save a bigger deposit?
| Scenario | Buy Now (10%) | Wait 2 Years (20%) |
|---|---|---|
| House price (3% growth) | £350,000 | £371,203 |
| Deposit needed | £35,000 | £74,241 |
| Monthly payment | £1,754 | £1,566 |
| 2 years rent paid | £0 | £28,800 |
| Equity built (2 yrs) | £19,200 | £0 |
Often buying sooner with 10% beats waiting for 20%.
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