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.
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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.