This Mortgage Deposit Calculator helps you calculate how long you will need to save for to reach the required deposit to purchase a home in the UK.
How your deposit impacts home affordability
The deposit that you have saved for a home puchase in the UK can help you access lower rates which will help make mortgage payments more affordable. This is a result of the deposit size having a direct relationship with the loan-to-value ratio. Having a larger deposit also means that you will need to take out a smaller loan which will reduce the total amount borrowerd. This will also have an impact on the affordability of mortgage payments.
How this deposit calculator works
This calculator takes the expected property value of the home you are looking to purchase and calculates the size of the deposit needed based on a percentage. You will then enter the current savings that you have in addition to regular contributions you are able to make. A specific length of time can be entered if you want to know how much money you will have by a certain date. This will help calculate either how long it will take to save the required amount as well as the likely amount you will have saved.
Disclaimer: This calculator uses general assumptions that may differ from your actual results. It is important to seek professional advice from a lender to see how much home you can afford.