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Buying your first home is an exciting time, but saving for a mortgage deposit can be a challenge. A savings plan can make all the difference.
To be able to start saving for a home, firstly you need to get an idea of how much you need to save.
Many mortgage lenders have an online calculator that will help you establish your price range by giving a quick indication of how much they will lend, what your repayments will be and how much of a deposit you will need.
Bear in mind that these calculators are for illustrative purposes, based on the product range on offer at the time, and the result doesn’t constitute a mortgage offer which would require a full application.
Typically, mortgage providers will lend you a percentage of either the purchase price or property valuation, whichever is lower. The rest is what you need to save for your deposit. Bear in mind that the more deposit you put down, the less you need to borrow.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).