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Money

Understand your deposit, the extra costs of buying and what you can comfortably afford each month.

What is it?

This stage is about your money: the deposit, the other costs of buying, a safety buffer and what monthly payment you can manage.

Why does it matter?

The deposit is not the only cost. Many buyers are surprised by legal fees, surveys, tax and moving costs. Knowing your numbers protects you from a stressful shortfall later.

What do I need to do?

  1. 1Add up the savings you can use for a deposit.
  2. 2Estimate your other buying costs (solicitor, survey, fees, moving, possible tax).
  3. 3Keep a buffer for emergencies after you move in.
  4. 4Work out a monthly payment you are comfortable with — not just the maximum.
  5. 5Check your credit report and fix any errors.
  6. 6Start gathering documents a mortgage adviser normally asks for.
Work out my budget Calculate Mortgage & LTV

Key terms explained

Deposit
The part of the price you pay from your own money. The rest is usually borrowed with a mortgage. A bigger deposit generally gives access to more mortgage products.
Buying costs
Solicitor or conveyancer fees, searches, survey, mortgage product or broker fees, moving costs and, depending on price and location, property tax.
Monthly affordability
Lenders look at income and outgoings. You should also ask yourself: could I still pay if rates rose or my income dropped?
Financial buffer
Money kept back after completion for repairs, furniture and emergencies. New owners are responsible for everything, including the boiler.
Gifted deposit
Money given by family towards the deposit. Lenders usually need a signed letter confirming it is a gift, not a loan, and your solicitor will check where it came from.
Credit profile
Your record of borrowing and repayments in the UK. A short UK history can limit options with some lenders; a broker can tell you which lenders consider your situation.
Money from abroad
Funds sent from outside the UK, including from Ukraine, need a clear paper trail. Solicitors must check where purchase money came from (anti-money-laundering rules).
Common documents
Proof of ID and address, payslips, bank statements and proof of deposit are commonly requested. You will not upload these to us.

Your checklist for this stage

Tick items as you go. Your progress is saved on this device only.

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What happens next?

When you know your numbers, you can prepare for a mortgage conversation and an Agreement in Principle.

Related guides

This is general information, not mortgage advice. We are not authorised to recommend mortgages. Speak to an FCA-authorised mortgage adviser about your circumstances.