Aspiring homebuyers could need as much as £29,270 saved for a five per cent deposit once 95 per cent loan to value (LTV) mortgages return, Barclays has revealed.
The bank will be one of the first to offer government-backed 95 per cent LTV mortgage in April, as announced by chancellor Rishi Sunak in the Budget last week.
Buyers in Northern Ireland will need the smallest deposit of £7,391 based on the average house price of £147,836.
Purchasers in Northern England, Scotland, Wales, Yorkshire & Humber and North West England will need no more than £10,000 saved to meet the minimum deposit.
Buyers in the Midlands need a little more, with five per cent of the average East Midlands property totalling £10,599 compared to £10,710 in the West Midlands.
The most expensive region for a first-time buyer is Greater London, where a minimum deposit of £29,270 will be needed.
This is notably higher than the second most expensive region, South East England, where £18,280 will be required.
Clare Francis, director of savings and investments at Barclays, said: “Saving for your goals can be a slow process, particularly if you are aiming for something like your first home. However, lots of little changes will add up over time and make a big difference to helping you get there.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS