Deposit savings calculator
How long your deposit will really take at your monthly saving rate.
Ignores savings interest (a Lifetime ISA bonus or decent rate shortens this) and assumes prices stand still — they may not. Illustration only.
The arithmetic is simple — target divided by monthly saving — but the honest version has more moving parts. A 10% deposit on a £250,000 home is £25,000: at £500 a month that is just over four years ignoring interest, a little under with it. Add the costs that land alongside the deposit (legal fees, survey, moving — typically £3,000–£5,000 even where no stamp duty is due) so the target is the real cash-on-completion figure, not just the headline deposit.
Two things can shorten the road. A Lifetime ISA adds 25% to up to £4,000 a year of first-time-buyer savings — £500 a month with the first £333 going into a LISA turns four years of saving into roughly three and a half. And the minimum deposit is 5%, not 10%: 95% mortgages are widely available, so on that £250,000 home you could buy with £12,500 down. The trade-off is price — 95% deals cost measurably more per month than 90% — but waiting has a cost too.
Which is the third moving part: the target itself. If prices in your area rise 3% a year, a £25,000 target grows by about £750 a year while you save — real, but smaller than it feels, and in flat or falling markets it works in your favour. The genuinely controllable variables are the monthly amount, the LISA bonus, and being realistic about the price band you are saving towards.
Common questions
How much deposit do I need to buy a house?
The minimum is usually 5% of the price — £12,500 on a £250,000 home. 10% unlocks noticeably better mortgage rates, and each step to 15%, 20% and 25% improves pricing again. There is no single right answer: buying sooner at 95% versus saving longer for 90% is a genuine trade-off the LTV calculator can put numbers on.
How long does it take to save a house deposit?
At £500 a month, a £15,000 target takes about 2½ years and £25,000 just over 4, before interest and any LISA bonus. First-time buyers using a Lifetime ISA effectively save 25% faster on the first £4,000 a year. The calculator lets you test your own numbers, including price growth moving the target.
Where should I keep deposit savings?
For money needed within a few years, cash: a Lifetime ISA first if you qualify (the 25% bonus beats any savings rate), then the best easy-access or fixed-term rates you can find, using ISAs where tax matters. Investing a deposit you need in two years risks a badly timed dip. Illustration, not advice.
Can family money count towards a deposit?
Yes — gifted deposits are routine and accepted by almost all lenders, provided the giver signs a letter confirming it is a gift, not a loan, and passes anti-money-laundering checks. Loans from family are different: they count as a commitment in affordability checks and some lenders won’t accept them at all.
Numbers are half the story. Check the home itself.
One search pulls the official record on any address in England & Wales — value, flood risk, schools, noise and more, scored 0–100.