How big a deposit do you actually need?
The honest answer is 5% will do and 10% is much better. What matters after that is whether you are close to the next band, and what waiting actually costs.
5% is the usual minimum deposit and 10% opens up noticeably better pricing. Lenders price in bands at 95%, 90%, 85%, 80% and 75% loan to value, so crossing a band is worth more than saving an arbitrary extra amount. The cheapest rates are typically available with a 40% deposit (60% loan to value).
The bands, and what crossing one is worth
Lenders price by loan to value band. The bands are usually 95%, 90%, 85%, 80%, 75% and 60%. Crossing one is where the saving happens.
| You have saved | On a £220,000 home | Loan to value |
|---|---|---|
| £11,000 | 5% | 95% |
| £22,000 | 10% | 90% |
| £33,000 | 15% | 85% |
| £55,000 | 25% | 75% |
Illustration only. The relationship between deposit and pricing is consistent even as rates move.
Working out whether to wait
Two numbers decide it. What the rate improvement saves you over the fixed period, and what waiting costs in rent and rising prices.
Run that comparison with your own numbers. The answer flips depending on how close you already are to the next band.
Things that are not worth waiting for
- Going from 25% to 30%, which may change the rate by less than a band does
- Waiting for prices to fall, which nobody can time
- Saving an extra thousand that leaves you mid-band
- Emptying an emergency fund to reach a band
Want this checked against your own situation?
Send us a message and we can introduce you to a separately authorised firm that can look at your figures.
Ask us a questionPrefer WhatsApp? Message us there. We are open Monday to Saturday, 9am to 8pm.
This goes to a separately authorised firm we have vetted. The introduction costs you nothing. If you go ahead, we may be paid a fee by that firm.
Getting there faster without risk
Where you stand
- You are already at a band such as 10% or 15%
- Rent is high and saving faster is not realistic
- Your credit file is clean and your income is steady
- You have costs and a small buffer on top of the deposit
- You are within a couple of thousand pounds of the next band
- The deposit would leave you with nothing behind it
- A credit commitment ends soon and would free up borrowing
- A missed payment will drop off your file shortly
Check broadband before you make an offer
Broadband speeds can vary street by street, so check the exact address before you commit. Ofcom's free checker shows which broadband speeds and mobile coverage are available at any UK property.
Want all your bills in one?
We can introduce you to a specialist who can combine your mobile, broadband and utilities into one bill. There's no fee for the introduction.
We don't provide these services ourselves. Switching household bills is not a regulated financial service, so FCA protections and the Financial Ombudsman do not apply. We'll only pass your details to the specialist if you ask us to. See our privacy notice.
Questions people actually ask
How big a deposit do I need?
Is a 5% deposit enough?
Should I wait to save more?
Does a deposit have to be my own money?
Where should I keep my deposit?
How do I check broadband speed at a property?
Where to go next
Figures checked on 1 September 2026 and correct for the 2026/27 tax year. Rates change, so check the source before you act on a number.
Close to a band and not sure whether to wait?
Send us a message and we can introduce you to a separately authorised firm that can work through it with you.
Start a conversationPrefer WhatsApp? Message us there. We are open Monday to Saturday, 9am to 8pm.
This goes to a separately authorised firm we have vetted. The introduction costs you nothing. If you go ahead, we may be paid a fee by that firm.