The bigger the deposit you can put down on a property, the better. This will mean you’ll have a lower loan-to-value (LTV) rate and you won’t need to borrow as much. Alternatively, having a bigger deposit could help you buy a property that was previously out of your reach, as you will take a bigger chunk out of the loan value and your monthly repayments will be lower.
Consider getting a Help to Buy ISA, where the government will top up your deposit savings by 25%, up to a maximum government bonus of £3,000. If you’re buying with someone else, they can get their own Help to Buy ISA, so the potential boost to your deposit is huge.
It’s also worth checking what information the credit reference agencies hold on you, and get any mistakes fixed if you haven’t already, as mortgage providers will use this to calculate your credit score. If your credit score and affordability checks don’t meet their criteria, your application for a mortgage may be turned down.
Everyone is entitled to view their credit score for free once a year from the three major credit bureaus: TransUnion, Experian and Equifax, which they can do by going to AnnualCreditReport.com.