For a £600,000 house, you’ll need a minimum deposit of £30,000 (5%), though £60,000-£120,000 (10-20%) is the norm at this price point.
Deposit Options for £600K House
| Deposit % | Amount | Mortgage | Best Rate Tier |
|---|---|---|---|
| 5% | £30,000 | £570,000 | Limited options (high LTV) |
| 10% | £60,000 | £540,000 | Good rates (~4.5%) |
| 15% | £90,000 | £510,000 | Better rates (~4.2%) |
| 20% | £120,000 | £480,000 | Best rates (~4.0%) |
| 25% | £150,000 | £450,000 | Premium rates (~3.8%) |
Note: At 95% LTV, fewer lenders compete for this loan size, limiting options.
Monthly Payments by Deposit Size
| Deposit | Mortgage | Monthly Payment (25yr) | Rate |
|---|---|---|---|
| 5% (£30K) | £570,000 | £3,508 | 5.5% |
| 10% (£60K) | £540,000 | £3,007 | 4.5% |
| 15% (£90K) | £510,000 | £2,761 | 4.2% |
| 20% (£120K) | £480,000 | £2,534 | 4.0% |
| 25% (£150K) | £450,000 | £2,305 | 3.8% |
A 25% deposit saves £1,203/month compared to 5%.
Total Upfront Costs
| Cost | 10% Deposit | 15% Deposit | 20% Deposit |
|---|---|---|---|
| Deposit | £60,000 | £90,000 | £120,000 |
| Stamp duty (no FTB relief) | £20,000 | £20,000 | £20,000 |
| Solicitor | £2,800 | £2,800 | £2,800 |
| Survey (full building) | £1,000 | £1,000 | £1,000 |
| Arrangement fee | £999 | £999 | £999 |
| Total needed | £84,799 | £114,799 | £144,799 |
Note: First-time buyer stamp duty relief doesn’t apply above £500,000 properties.
Income Required
| Deposit % | Mortgage | Income Needed (4.5x) |
|---|---|---|
| 10% | £540,000 | £120,000 |
| 15% | £510,000 | £113,333 |
| 20% | £480,000 | £106,667 |
| 25% | £450,000 | £100,000 |
Joint Buyer Options
| Deposit | Mortgage | Single (4.5x) | Joint (Combined) |
|---|---|---|---|
| 10% | £540,000 | £120,000 | £70K + £50K |
| 15% | £510,000 | £113,333 | £65K + £48K |
| 20% | £480,000 | £106,667 | £60K + £47K |
Professional Mortgage Options
High earners in certain professions may access better terms:
| Profession | Typical Multiple | Max Mortgage (£120K income) |
|---|---|---|
| Standard | 4.5x | £540,000 |
| Doctor/Dentist | 5.5x | £660,000 |
| Solicitor/Accountant | 5x | £600,000 |
| Consultant | 5.5x | £660,000 |
Affordability at £600K
On £125,000 salary (£6,250/month take-home estimate):
| Expense | 10% Deposit | 20% Deposit |
|---|---|---|
| Mortgage | £3,007 (48%) | £2,534 (41%) |
| Council Tax | £300 (5%) | £300 (5%) |
| Utilities | £350 (6%) | £350 (6%) |
| Insurance | £150 (2%) | £150 (2%) |
| Housing % | 61% | 54% |
At 20% deposit, the housing costs become more manageable.
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