Affordit guide
Can I afford a house deposit?
Written by the Affordit Editorial Team
Affordit guidance and product content
Important note
Affordit is designed to help you plan before you commit. It does not run a credit check, connect to your bank account, approve finance or provide regulated financial advice. Use it as general planning guidance to sense-check your numbers.
A deposit is only one part of buying
The deposit target is the headline number, but buying a home can also involve solicitor fees, survey costs, mortgage or broker fees, moving costs, furniture, insurance and a buffer for the first months.
Using every pound of savings for the deposit may make the purchase feel possible on paper while leaving the move itself exposed.
Costs to include
- Deposit target
- Current savings
- Monthly contribution
- Solicitor fees
- Survey costs
- Mortgage or broker fees
- Moving costs
- Furniture and basics
- Insurance
- Repairs or first-month setup
- Emergency buffer after completion
Warning signs the deposit route may be too tight
- The deposit uses all of your savings
- Fees and moving costs are not included
- The timeline needs an unrealistic monthly contribution
- You would have no buffer after completion
- The plan depends on uncertain gifts or bonuses
- Other debts or bills are being ignored
A house deposit is not the only cash needed
A house deposit calculator should include the deposit percentage, property price, buying costs, moving costs and setup buffer. The useful question is how much cash you might need to buy, not just the deposit itself.
First home deposit planning can also include Lifetime ISA assumptions, but rules can change and withdrawals have restrictions, so always check current provider and GOV.UK guidance.
Costs to include before buying
- Deposit target
- Deposit percentage
- Solicitor or conveyancing
- Survey
- Mortgage or broker fees
- Stamp duty estimate
- Moving costs
- Furniture or setup buffer
- Lifetime ISA assumptions
Example scenario
You want to save a £20,000 deposit. You already have £6,000 and can save £500 per month. In a simple calculation, the remaining £14,000 would take around 28 months. But if you also need money for solicitor fees, survey costs, moving costs and furniture, the true savings target may be higher.
How Affordit helps
Affordit helps you compare the deposit target with your savings, monthly contribution, income, regular costs and timeline. It can show whether the route feels realistic or whether you may need a longer timeline, smaller target or bigger buffer.
Common questions
Is the house deposit the full amount I need?
Usually no. You may also need solicitor fees, survey costs, moving costs, insurance, furniture and a buffer after completion.
Should I use all my savings for a deposit?
That can be risky because you may need money for moving, repairs, bills and emergencies after completion.
How long will it take to save a deposit?
Subtract your current savings from the target, then divide the remaining amount by your realistic monthly contribution. Add extra time if fees and moving costs are not included yet.
Can Affordit tell me if I will get a mortgage?
No. Affordit helps you plan affordability, but it does not approve mortgages or predict lender decisions.
Primary sources
These official sources support the rules or regulated concepts referenced on this page. Check them for the latest position before acting.
- Lifetime ISA rules
GOV.UK
Supports: Lifetime ISA eligibility, government bonuses and first-home withdrawal rules.
- Stamp Duty Land Tax residential rates
GOV.UK
Supports: Current residential property tax rates and first-time buyer relief in England and Northern Ireland.
Related guides
Useful next reads based on this topic.