Can you really buy a house with a £10k deposit?

Make no mistake – £10,000 is a lot of money. But it is possible to save up over a few years, especially if you're planning to buy a home with a partner who's also saving.

Is it enough to get a mortgage though? Keep reading to find out.

Is £10k enough for a house deposit?

A £10k deposit for a house might be enough - it depends on your personal circumstances. When you apply for a mortgage, the lender will not only consider your deposit, but they’ll also look at things like your:

• income and employment history – mortgage lenders want to ensure you have a reliable source of income to make your mortgage payments.
• debt-to-income ratio (DTI) – this is your total income compared to how much you owe each month. The lower your DTI, the higher your chances of approval.
• credit history – this shows lenders how well you’ve managed money in the past. The better your credit history and the higher your credit score, the less risky you’ll seem - and the easier you may find it to borrow.
• valuation survey – this shows if the property you’re buying is worth the price you’re going to pay for it.

Let’s take a look at an example. From April 2025, a couple who work full-time and earn the National Living Wage would have a combined salary of just over £47,600. If you multiply this by four (a general rule of thumb for mortgage borrowing limits), it could allow them to borrow approximately £190,000. This is only a very rough guide though, as the lender will carry out affordability checks (looking at how much money they have coming in vs. out) and consider other factors too.

In this example, adding a £10,000 deposit may allow the couple to buy a property worth £200,000. The lender would be taking a risk though, because £10,000 is just 5% of £200,000. So, the couple’s options could be limited. If a lender accepts their application, they may charge them a higher interest rate to balance out the risk.

Should I take the maximum I can borrow?

If you go for the maximum amount you qualify for, you might end up stretching yourself too thin and facing financial trouble.

Before getting a mortgage, think about what you can comfortably afford to repay and whether you'd still be able to make the payments if your situation or interest rates change in the future.

There are also other expenses that you’ll need to consider when moving, like stamp duty, estate agent fees, legal fees, surveys, and removal company costs.

What government help can I get to buy a house?

There are several government schemes available if you need a little extra help to get your foot on the housing ladder, including:

• First Homes scheme: This scheme offers first-time buyers a discount of 30% to 50% off the market value of a home. The home must be your only or main residence.
• Lifetime ISA (LISA): You can save up to £4,000 a year towards your first home. The government will add a 25% bonus to your savings, up to a maximum of £1,000 per year.
• Shared ownership: This allows you to buy a share of a home (usually between 25% and 75%) and pay rent on the remaining share. You can buy more shares over time.
• Right to Buy and Right to Acquire: These schemes help eligible council and housing association tenants in England buy their home at a discount.
• Mortgage guarantee scheme: This scheme helps you buy a home with a deposit as low as 5% by providing a government guarantee to lenders. It is due to run until the end of June 2025.
  
  

Our take

Saving £10,000 for a home is a fantastic achievement, and you should be proud. While it might be enough to get a mortgage, taking a little extra time to save more could help you secure a better deal and feel more confident about your finances.

Remember, homeownership is a long-term commitment—so there’s no harm in waiting until the time feels right for you.

Find out how to get a mortgage in principle and what paperwork you’ll need for a mortgage application.