How Much Deposit You Need For a Mortgage in York?

Saving for a Deposit as a First Time Buyer in York

Getting your deposit together is one of the first big steps when you’re thinking about buying a home. If you’re wondering how much deposit you need for a mortgage in York, you’re not alone. Whether you’re just starting your journey as a first time buyer in York or you’re already familiar with the property market, knowing how much to save can make things feel far more manageable.

For most buyers, the minimum deposit starts at around 5% of the property’s value. This means if you’re looking at a home in York costing £200,000, you’d need at least £10,000 saved. Of course, the more you can put down, the better your mortgage options usually are. Bigger deposits often give you access to lower interest rates, which helps keep your monthly repayments down.

York is home to a wide range of property types and prices, which means the deposit you’ll need can vary quite a bit depending on the area and the home you’re looking at. This is why it’s so important to understand what you can borrow before you get too far into your search. To help you work that out, you can try our mortgage calculator and get a quick idea of what your budget might look like.

How Much Can You Borrow in York?

One of the first things many buyers want to know is how much they can borrow. Whether you’re a first time buyer in York or moving home, lenders will look at your income, regular outgoings, and any other financial commitments you have.

Your credit score also plays an important part. Lenders want to see that you’ve been able to manage your money well, so things like credit cards, loan repayments, and even your phone bill can all influence their decision. For those who are new to borrowing or have a limited credit history, keeping up with any existing payments and managing your accounts sensibly can make a real difference when the time comes to apply.

If you’re unsure where to start or you want to see what might be possible, our mortgage calculator is a great place to begin. It can give you a rough idea of how much you might be able to borrow and help you work out what size deposit you’ll need to get started.

Are There Deposit Help Schemes for First Time Buyers in York?

Saving up a deposit can be one of the hardest parts of buying your first home, but there are ways to make things a bit easier. While schemes like Help to Buy have now ended, there are still a few options out there that could support first time buyers in York.

These might include gifted deposits from family, shared ownership opportunities, or mortgage products designed specifically with lower deposits in mind. If you’re looking to buy your first home but are worried about the deposit, our mortgage advisors in York can take a look at what’s available and help you explore the options that might work for you.

Why Do Bigger Deposits Mean Better Mortgage Deals?

While it is possible to get a mortgage with a smaller deposit, saving more can open the door to better deals. The amount you put down affects something called loan-to-value (LTV), which is the percentage of the property price you’re borrowing. The lower your LTV, the more choice you’ll usually have when it comes to mortgage products, and the more competitive your interest rate is likely to be.

For example, a first time buyer in York with a 5% deposit might find their options are a bit more limited compared to someone with a 10% or 15% deposit. That doesn’t mean it’s not possible, but if you have the time to save more, it can really pay off in the long run.

Getting Started with Your Mortgage in York

Understanding your deposit, your borrowing potential, and the types of mortgage deals available are all part of the journey. Whether you’re saving towards your first home or already have a deposit and want to know what happens next, our experienced mortgage advisors in York are here to help you every step of the way.

From working out how much you might be able to borrow using our mortgage calculator to finding the right lender based on your circumstances, we’re here to make the process as smooth as possible.

If you’re a first time buyer in York and you’re ready to find out more about your mortgage options, our team is on hand to guide you through the whole process, from deposit advice to getting your keys.

Date Last Edited: March 7, 2025