How much do you need for a mortgage deposit?
Published: 9 March 2026
Thinking of buying a home? Before you scroll through the listings, one thing to bear in mind is saving a deposit.
Read on for some answers to common questions about deposits as well as a few ways to potentially help you save for one.
What is a mortgage deposit?
A mortgage deposit is the money you pay upfront when you take out a mortgage to buy a home. Most lenders require a mortgage deposit when you apply, but the amount can vary.
Lots of homebuyers save up for a deposit. And may be given help in the form of a cash gift from family members (more on this later).
The bigger your deposit, the greater choice of mortgage options that you’re likely to get. This could mean smaller monthly payments.
How much deposit do you need for a mortgage?
There’s no set deposit amount. It depends on your budget, the type of mortgage you apply for and how much the property costs to buy.
For example, you could put down 5%, 10% or even 20% of the property purchase price as a mortgage deposit – but it can be more.
Let’s say you want to buy a house for £200,000. If you’re getting a 95% mortgage, you need a 5% deposit of £10,000. If you’re getting a 90% mortgage, then a 10% deposit is £20,000.
If you’re a first time buyer, getting a deposit together isn’t always easy. Use our Savings Calculator to help you work out how you could save for a deposit.
Do you need a deposit for a buy to let mortgage?
Yes, and you generally need a bigger deposit for a buy to let mortgage than for a residential mortgage.
Usually, lenders ask for a minimum deposit of 25% if you’re buying a home to rent out. So, if you’re buying the property for £200,000 then a 25% deposit works out at £50,000.
Lower deposit deals for buy-to-lets may be available - but may cost more over time.
It’s worth knowing that many lenders (including us) don’t offer buy-to-let mortgages to first time buyers. This is because they prefer borrowers to have previously had a mortgage before.
Can you get a mortgage with a 5% deposit?
Yes, lots of lenders offer mortgages with a 5% deposit (including us). These are known as 95% loan-to-value (LTV) mortgages. This means you put down a 5% deposit and borrow the other 95% of the property value with a mortgage.
If you qualify for one, they often come with higher interest rates than lower LTV mortgages.
Do you need a deposit for a first time buyer mortgage?
Yes, for many first time buyer mortgages you’ll need at least a 5% deposit.
It might be possible to get a mortgage with less than 5% or no deposit (a 100% LTV mortgage) with other lenders, but these are less common and usually cost more over the long run as they come with higher interest rates.
Remember, a bigger deposit means a lower LTV – and usually lower mortgage rates. So the more deposit you can save, the better.
How can I save for a deposit?
Everyone saves differently, and as tough as it can be to save a deposit, there are a few things that could give you a helping hand.
Find out about the Home Deposit Saver
Our Home Deposit Saver lets you earn an attractive rate of interest whilst building the deposit you need for your first (or next) home. You can save up to £500 per month, up to a maximum of £30,000. You can make one withdrawal a year without losing any interest. Plus, you could be eligible for a £500 bonus if you receive a residential mortgage offer from us to buy a home.1
Look into a Lifetime ISA
A Lifetime ISA (Individual Savings Account) is an option if you’re a first time buyer.
If you’re aged between 18 and 39 this may be suitable. You have to open it and make your first deposit before you’re 40. You can then put in up to £4,000 each year (part of your annual ISA allowance) until you’re 50 and get a 25% bonus (up to a maximum of £1,000 per year) from the government. There are withdrawal restrictions.
Get a gift from family
A relative or family member could give you some, or all, the money for a deposit, as long as they’re over 18. This is called a gifted deposit. It must be a gift, not a loan you have to pay back - you’ll need to confirm this in writing. You’ll need to follow the lender’s requirements for this arrangement.
This article is not advice, and you should seek independent financial or legal advice if needed.
1You will be eligible for a £500 bonus if:
i. You have received an offer for a residential purchase mortgage with Leeds Building Society (Re-mortgages are excluded) and
ii. You have a minimum of £2,500 in your account and
iii. Your account has been open for a minimum of 6 months.
The bonus of £500 will only be payable within the first 5 years of opening the account.
Only one bonus of £500 will be paid for each Leeds Building Society residential purchase mortgage.
If you have a Home Deposit Saver account and another party to the residential purchase mortgage has a Home Deposit Saver account, only one bonus of £500 will be paid. This will be paid to the first eligible person named on the residential purchase mortgage.
Opening a Home Deposit Saver account does not mean that you will be eligible for a mortgage offer as lending criteria will still apply.
If you meet all of the eligibility criteria the bonus of £500 will be paid into the account within 14 calendar days of receipt of the residential purchase mortgage offer. The account will then be transferred to an Access Saver or a similar access account.
If your mortgage does not complete we have the right to reclaim the bonus of £500.
