Mortgage Deposit in Reigate & Redhill | First-Time Buyer Tips
One of the biggest hurdles for first-time buyers is saving for a deposit. If you’re planning to buy in Reigate or Redhill, here’s what you need to know about how much you’ll need — and how to get there faster.
How Much Is the Average Deposit?
Most lenders in the UK require a deposit of at least 5%, though a 10–15% deposit often gets you better rates. In Reigate, where average property prices are around £450,000, that means a deposit of:
- 5% = £22,500
- 10% = £45,000
In Redhill, prices are slightly lower, but still in the £400,000–£430,000 range, so expect a similar deposit requirement.
Can You Get a Mortgage with Less?
Some lenders offer 95% mortgages for first-time buyers, especially with schemes like Help to Buy or Shared Ownership. But these may come with higher interest rates or stricter credit checks.
Tips for Saving Your Deposit Faster
- Open a LISA (Lifetime ISA) for a 25% government bonus
- Cut unnecessary subscriptions and redirect those funds
- Use budgeting apps to monitor your spending
Local Expert Tip
In Reigate and Redhill, some lenders also factor in your rental payment history to determine eligibility — something we help our clients with regularly.
Let’s Get You Mortgage-Ready
Want a personalised deposit plan and access to exclusive mortgage deals in Surrey? Book a consultation with me and let’s make your homeownership dream a reality.