First Time Buyer Deposit: How Much You Really Need and Where to Find Help
When you're buying your first home, the first time buyer deposit, the upfront cash needed to secure a mortgage when purchasing a home for the first time. Also known as a down payment, it's often the biggest hurdle—not because it's impossible, but because people don’t know how low it can actually go. Many think you need 20% of the home’s price, but that’s not true for most first-time buyers in the UK. In fact, some loans let you put down as little as 5%, and there are government schemes that can cover part of it entirely.
What you pay depends on your loan type, income, and where you’re buying. For example, if you’re looking at a £250,000 home, a 5% deposit is £12,500. That’s still a lot, but it’s far less than £50,000. Programs like Help to Buy (where still available) or local housing grants can chip away at that number. Some first-time buyers in places like Virginia or North Carolina even get cash grants of $15,000 or more—though UK options like Shared Ownership let you start with just a 5% stake in the property and pay rent on the rest. This is a real path for people who can’t save a full deposit but still want to get on the ladder.
Your credit score matters too. Lenders don’t just look at your deposit—they check if you’ve paid bills on time, how much debt you carry, and whether you’ve got a steady job. A score above 620 opens more doors, but even lower scores can work if you’ve got a solid deposit and a co-signer. You don’t need to be rich. You just need to be prepared. And that means knowing what’s out there: FHA-style loans in the UK, shared ownership schemes, first-time buyer grants, and even family help through gifted deposits (which are legal if documented right).
There’s a big difference between what you think you need and what you actually need. One person saves for five years to hit 20%. Another gets a £10,000 grant, uses a 95% mortgage, and buys their first home in 18 months. The difference? Information. That’s what this collection is for. Below, you’ll find real guides on how much deposit you need for a £300k home, what Virginia and North Carolina programs look like (yes, even if you’re in the UK, these models inspire local schemes), how shared ownership cuts your deposit in half, and how to spot a lender who actually wants to help first-timers—not just sell you a loan. No fluff. Just what works.
