Getting your deposit together is a big step towards getting on the property ladder. These tips could help you get there a little bit quicker.

This article is part of our Zooploma for first-time buyers - a series of free guides, advice and inspirational stories delivered straight to your inbox.

Saving for a deposit is a crucial part of turning your dream of home ownership into reality.

Whatever your age, by making a few simple tweaks to your lifestyle, capitalising on incentives from the available government schemes, and using a budgeting app (designed to actually make saving fun) the keys to that first home are within reach. Here’s our fail-safe guide.

How much will I need to save?

To secure a mortgage, you're likely to need a minimum deposit of between 10-15%, which means borrowing at least 85-90% of the purchase price from a lender. 

For a home with a price tag of £200,000, for example, you’ll need to put down at least £20,000. 

You can research house prices in your chosen area, and find out what homes have actually sold for, at our property valuations page.

The bigger your deposit, the smaller your mortgage. And the smaller your mortgage as a percentage of the property value, the better interest rate you could get. 

Mortgage lenders will offer different rates of interest depending on the the Loan-to-Value (LTV) percentage, with a smaller percentage meaning better rates.

How much you need to save will obviously depend on your individual circumstances but as an indication, our data shows the average first-time buyer home costs £220,000 while their average deposit stands at 15%. That’s £33,000 to raise.

What are the first steps to saving?

Paying off existing debts is a good start. Then set a realistic savings goal, working out how much money you can afford to put aside each month. 

Next – before you take up a second job, flog all your worldly possessions on eBay and swear off takeaway lattes forever – decide what you realistically can and can’t give up. Perhaps that gym membership is crucial, but you can live without facials? 

Ignore the media hype about sacrificing avocado on toast to achieve your dream. After all, you’d need to give up around 30,000 avocados in order to save a deposit of £33,000.

What are the best types of accounts to save in to?

High street banks’ current accounts can often pay decent interest, depending on how much money you pay into them each month. 

However, if you are going to put money aside regularly, savings accounts are a good option, because they offer some of the highest interest rates around.

Sarah Coles, a personal finance analyst at Hargreaves Lansdown, says: “If you can afford to put a lump sum away, it’s worth considering how long it is until you plan to buy: if you can put your money away in a fixed rate account for anything up to three years, you can get an even higher interest rate. But whatever you go for, it’s vital to shop around.”

It’s well worth spending five minutes on a comparison website such as, seeking out the most competitive rates. Sign up at, and all the best deals will be delivered straight into your inbox.

Track it all an app

You can be your own savings superhero by downloading one of the nifty budgeting apps popping up on the fintech market. 

They allow you to manage all your income, outgoings and savings from one place, with many showing you where you could be making savings to achieve your personalised targets. 

Apps such as Moneybox, for example, nudges you to ‘round up’ online transactions to the nearest pound, and save the change. And app-based banks such as Monzo and Starling set spending limits.

Get help from the government

With house price rises threatening to outpace the rate at which many first-time buyers can get their deposit together, savvy savers are taking advantage of the government schemes on offer. 

See if you can take advantage of Help to Buy, a Lifetime ISA, Shared Ownership or any of the other schemes available with our comprehensive guide.

Can I buy a house without a deposit?

First-time buyers are increasingly reliant on the bank of mum and dad – or even gran and grandad – to give or lend them the money for a deposit. 

If this just isn’t an option, there are some other ways family members can help you out if you are struggling to save, as it’s highly unlikely a lender will offer a 100% mortgage. 

A newer niche in the mortgage market is the ‘family offset’  or ‘guarantor’ mortgage, where a parent, or sometimes another other relative, puts up their savings or property as security, so you can borrow 100% of a home’s value. 

If you default on your loan, however, those good-hearted folks will be liable to making up the shortfall, so it’s not an arrangement anyone should enter into lightly. 

Sit down and talk it through properly and get independent legal advice.

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The information and data in this article was correct at the time of publishing and every attempt is made to ensure its accuracy. However, it may now be out of date or superseded. Zoopla Ltd and its group companies make no representation or warranty of any kind regarding the content of this article and accept no responsibility or liability for any decisions made by the reader based on the information and/or data shown here.
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