top of page

Average first-time buyer deposit tops £30k

  • Writer: Mortgage Tree
    Mortgage Tree
  • May 2, 2019
  • 2 min read


First-time buyer deposits are on the rise with the average amount being saved to get onto the property ladder rising to nearly £31,000.


Figures released by Experian revealed people buying their first property were saving 12% more over the course of 2018 to put down as a deposit.


Indeed, back in January 2018 the typical amount being saved by UK first-time buyers was £27,768. But this amount had soared by January 2019 to £30,989, highlighting the extent of the challenge faced by potential homeowners.


Experian said previous research had revealed more than a fifth of homebuyers had admitted securing a deposit was the biggest hurdle they faced when trying to buy their home.


More than a quarter said they relied on financial help from their family to gather enough money, receiving on average £7,637 from the so-called Bank of Mum and Dad.


Credit score

The report also revealed the impact of first-time buyers’ credit scores. The analysis showed a quarter of those searching for mortgages had an Experian credit score of ‘Excellent’.


This meant, said Experian, the majority of potential homeowners were putting themselves at risk of being rejected for the best deals when they applied for a mortgage. Indeed, 13% of people were scored as ‘very poor’ and 17% as ‘poor’ – these customers would be unlikely to be accepted for a mortgage.


Amir Goshtai, managing director of Experian Marketplace and Affinity, said: “It’s understandable that gathering enough money for a deposit can seem overwhelming for first-time buyers when you see how much they have to save, while many are reliant on some sort of support from their family to help boost their coffers.”


Fixed-rate mortgages

Experian’s report also revealed the types of mortgages people were looking at. It found three quarters of people were looking for fixed-rate mortgages in April.


Goshtai added: “When people can buy, most are looking at the security of a fixed-rate deal, giving them the assurance of the same monthly payments over the length of the mortgage.


“However, searches for fixed-term mortgages did reduce slightly, which may have been the result of consumers anticipating a resolution to Brexit discussions and greater certainty in the economy.”


Article my Kate Saines for www.whatmortgage.co.uk


 
 
 

Comments


Sign Up To Our Newsletter

Stay Connected...

Our Address...

Mortgage Tree

Blake House

18 Blake St

York

YO1 8QG

01904 263012

Mortgage Tree - Mortgage Advisors York - Services & Standards

Mortgage Tree offers a nationwide mortgage broking service from our base near York, North Yorkshire. We specialise in mortgages and insurance. Whether you are a first time buyer or you are a buy to let investor with multiple properties, Mortgage Tree will ensure that you get the most suitable products available.

We are a Whole Of Market broker which means that we will choose the most suitable mortgage for you from the hundreds available on the UK mortgage market. Our network also gets specially discounted deals from lenders which are available to our network.

 

We also provide insurance cover that will give you & your loved ones a blanket of protection that is so vital. We will endeavour to give you the best service that we can at all times.

Jason Gentles t/a Mortgage Tree  (FCA No. 502275) is an appointed representative of Julian Harris Mortgages Ltd (FCA No. 304155), which is authorised and regulated by the Financial Conduct Authority.

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Please note that some mortgages such as commercial BTLs are not regulated by the FCA.

The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.

© 2025 Mortgage Tree  |  Web Design by Studio.END

bottom of page