The average first-time buyer puts down a deposit of 17%, but it is possible to get some mortgages with a minimum deposit of just 5% of a property’s value. This means that for a house costing £232,530, you would need a deposit of at least £11,626.50.
Having a big deposit can benefit you in two ways. Firstly, you may be able to borrow more from a mortgage lender meaning you can purchase a higher value property (this will also depend on other factors aside from the deposit such as your ability to meet the monthly payments). Secondly, you may choose to put down a big deposit on a property of less value. This will give you more equity with a smaller mortgage, a better loan-to-value ratio, and therefore, a lower interest rate.