How quickly can I save for my first deposit?

With a few simple questions, we'll help you work out how much you need to save and how long it'll be until you reach your deposit amount. Filling in the calculator should only take a couple of minutes.

Wizard

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Current: Your property
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Your deposit
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Your savings
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Result
Current: Your property
Your deposit
Your savings
Result

Tell us about the property you're looking for

If where you're looking to buy isn’t in our list, please choose the closest town or postcode. For example, LE1.

Number of bedrooms

Average house price

The average property prices in XXX can range between XXX as of March 2021. This is according to Santander’s Property Price Estimator which takes data from multiple sources.

You can enter your own property price if you like.

We don’t have average house prices for this type of property. Please try changing your property type or number of bedrooms.

Tell us about the deposit you need

Let’s work out your minimum amount on the average purchase price of XXX. You’ll normally need a deposit of at least 5% but the more you can put down the lower a mortgage rate you may be offered.

How much do you need to save?

As a percentage of the property price

Do you want to include additional costs?

For example, search and legal fees

Do you want to include other costs?

Additional costs

We’ve listed some additional cost ranges and examples for you below. Enter the amount you might need in each case then use the ‘Add costs to your deposit’ button and we’ll do the sums for you.

Additional costs

Product fee

Typical Range:

£0 - £1,999

This is charged on some mortgages as part of taking out the mortgage deal. We don’t charge first time buyers this fee on some mortgages.

Valuation fee

Typical Range:

£150 - £1,500

A standard valuation to make sure the property is worth the amount you’re paying for it.

Most of our mortgages offer a free standard valuation up to £2.5 million.

Stamp duty

Dependent on circumstances.

You must pay Stamp Duty Land Tax (SDLT) to HM Revenue and Customs if you buy a property over a certain price in England and Northern Ireland.

Use the SDLT calculator to work out an estimate (for Wales and Scotland this may be different).

Surveyor’s fees

Typical Range:

£250 - £600

The money paid to a surveyor for an inspection of a building to determine its condition and value.

Search fees

Typical Range:

£200 - £300

The cost paid to a solicitor to find out information about the property.

Your total costs

£0.00

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Summary of your average additional costsEdit

Product feeXXX

Valuation fee XXX

Stamp duty XXX

Surveyor’s fees XXX

Legal fees XXX

Search fees XXX

Additional costs XXX

The deposit you’ll need, plus your additional costs will be XXX

Tell us about your savings

You’ll be saving (rounded to the nearest £10)

This is the AER you see on your savings statements. This has been capped at 0.75% to reflect the current market conditions.

Your results

For your deposit and additional costs you’ll need XXX

You've already saved XXX and you'll be saving XXX a month at an annual interest rate of XXX

Based on what you've told us and what we've worked out

From what you’ve told us you’ve already reached your deposit goal.

This will take XXX

so you would have your deposit in XXX

You won't be able to save this amount with the answers you've given us.

To see how you could reach your goal sooner, move the slider to change your regular savings (rounded to the nearest £10)

Because you'll need to put money away for more than 5 years, you could think about investing as a way to reach your goal.

As with all investments your capital is at risk and you may get back less than you invest. Investments should be held for the medium to long term (5+ years).

Things to look at next

Savings & investments

Take a look at the options we have to help you reach your home deposit goal

First time buyers

Let us help you find your first home

Helping family to buy

Do you want to help your loved one onto the property ladder?

Important information

This calculator is for illustrative purposes only.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Applications are subject to status and lending criteria. Applicants must be UK residents aged 18 or over. The amount we’ll lend depends on your circumstances, the amount borrowed and the property. A higher deposit may be required for flat or new build.

Inflation will affect the real value of amounts saved. Average house prices are based on today's values. The average house price may increase due to inflation by the time you reach your deposit meaning you may need to regularly review your house deposit goal.

The interest rate has been capped at 0.75% to reflect the current market conditions and rates available to customers.

In the calculation, we've made the following assumptions.

  • Interest is paid on the balance each year.
  • Interest paid on your balance is capitalised (this is where interest is paid on interest).
  • If you don't make withdrawals from the account, you’ll be able to accumulate more each year due to the effect of compound interest.
  • The amount being saved is deposited into the account at the start of every month. Any amount already saved, and any first regular deposit are also deposited into the account at the start of the month.
  • There are no additional deposits or withdrawals. Interest is paid gross, without tax deducted. You may need to pay tax on the interest you receive, depending on your personal circumstances.
  • If the total amount of interest you receive exceeds any personal savings allowance which you're entitled to, you may have to pay tax at the applicable rate. This would need to be paid directly to the HMRC. For more information, please visit gov.uk and search for personal savings allowance.
  • The interest rate remains the same during the period. 
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