It sounds ridiculous but just £1 can often see you get you a better mortgage deal and save £££.

It’s basic maths, but the larger your deposit, the less you need to borrow. As a result, the lender will perceive you as less of a credit risk, and in turn you’ll usually get a lower interest rate. This means that the difference between being in one banding to another will be down to the amount you have as a deposit, so just £1 can make the difference and see you saving £££ in the long run.

Lenders tend to offer the best deals to those who put down a deposit of 40% or more. That said, you can usually find good deals with a deposit of 20% to 25%, but anything less and the interest rate will rise.I

f saving 25% is unrealistic, check if you’re eligible for a government help to buy scheme or similar or see if parents or grandparents are able to assist – any help you can get will make a big difference, so it’s always worth asking the question.

Not quite ready to start the mortgage process just yet? Maybe you have a question you want answering? That’s fine, we’re here to support you when you need us – just contact us and we’ll be happy to help.