It is a question we get asked a lot at the moment, and the honest answer is that it depends on your situation more than it depends on the market. But if you are ready, there are some genuinely encouraging signs right now.
Lenders have become noticeably more flexible over the past year. More products are available at 90% and 95% loan to value than there were two years ago, which means buyers with a smaller deposit have more options than they might think. Some lenders are also offering products that allow borrowing of up to six times income for certain buyers, which was rare not long ago. Some lenders are even offering deals with £5k or £10k deposits, subject to conditions. That does not mean everyone will qualify, but it does mean the market is trying harder to help people get on the ladder.
So what do you actually need to get started?
The first thing is a realistic sense of your numbers. Most lenders will offer between four and four and a half times your household income. On a £300,000 property in Reading, a 10% deposit of £30,000 and a household income of around £60,000 would typically get you there. A mortgage decision in principle, which a broker can usually arrange within 48 hours, will give you a firm figure based on your actual circumstances.
The second thing is your deposit. Typically, the minimum is 5% of the purchase price, though 10% opens up better rates and a wider choice of lenders. If a family member is gifting some or all of the deposit, that is fine with most lenders but it needs to be documented properly.
The third thing, and the one most people forget until it is too late, is the full cost of buying. Beyond the deposit, you need to budget for solicitor fees, a survey, and stamp duty. The temporary stamp duty relief that first-time buyers had a few years ago was reduced in April 2025, so the bill can be higher than people expect. On a £300,000 purchase, allow at least £4,000 to £5,000 on top of your deposit to cover everything. Check stamp duty rates on the Gov.uk official page.
Check your credit file early too. Errors on credit reports are more common than you would think and they can cause real problems if you only spot them once you have found a property. You can check you credit file with Checkmyfile (free 7 day trial)
Rates are not as low as they were a few years ago, but they have been falling gradually and more cuts were expected later in 2026 – however the conflict in the Middle East is likely to impact with higher rates . Waiting for the perfect rate is rarely the right strategy. If the numbers work for you today and you have found somewhere you want to live, that could matter more than trying to guess where rates will be in six months.
Your home may be repossessed if you do not keep up repayments on your mortgage.
