Myth Buster: "I Need a 10% Deposit to Buy a Home"

This is one of the biggest myths holding buyers back.

Many people assume that unless they have a 10% deposit saved, buying a home simply isn’t possible. As a result, they delay their plans for years - often unnecessarily.

The truth? You may not need a 10% deposit at all.

In fact, some lenders now offer 0% deposit mortgages, while others allow buyers to get started with as little as £5,000, subject to criteria.

At Endurance Mortgages, we help buyers understand what’s really available - not just what’s commonly assumed.

Why This Myth Exists

For a long time, 10% was seen as the standard deposit amount. High street banks often reinforced this by promoting products that required larger deposits.

But the mortgage market has evolved.

Lenders now recognise:

• Rising rents make saving harder

• Buyers can afford monthly payments but struggle to build deposits

• Different support structures (family help, guarantees, concessions) can reduce risk

As a result, low and no-deposit options are returning.

What Deposit Options Exist Right Now?

Depending on your circumstances, you may be able to buy with:

0% Deposit

A small number of lenders now offer 100% mortgages, usually with specific criteria. These may involve:

• Strong income and affordability

• Stable employment

• Support structures such as family backing or guarantees

These aren’t right for everyone, but they do exist - and they’re worth exploring.

£5,000 Deposit Options

Some lenders allow buyers to purchase with a very small fixed cash deposit, rather than a full percentage of the property price.

This can be particularly helpful for:

• First-time buyers

• Buyers with good income but limited savings

• Those currently paying high rent

What Lenders Look At (Beyond the Deposit)

While deposit size matters, it’s not the only factor.

Lenders will also assess:

• Your income and job stability

• Monthly outgoings and affordability

• Credit history

• Property type and value

• The mortgage product itself

In many cases, a smaller deposit can still work if the rest of your application is strong.

Is a Low or No Deposit Mortgage Right for You?

These options can help you buy sooner - but they’re not one-size-fits-all.

Things to consider:

• Interest rates may be higher than larger-deposit deals

• Borrowing more means higher monthly repayments

• It’s important to plan for the long term, not just the move-in date

That’s why advice matters.

How Endurance Mortgages Can Help

At Endurance Mortgages, we don’t assume - we assess.

We will:

• Review your income, savings, and credit profile

• Tell you honestly whether 0% or low-deposit options are realistic for you

• Compare lenders offering £5k deposit and specialist products

• Explain the long-term costs clearly, without jargon

• Help you decide whether to buy now or build your position further

Final Thoughts

You don’t always need 10% to buy a home. Low and no-deposit mortgages are back - and they could change what’s possible for you.

Key takeaways: ✓ 10% deposit is no longer the only route ✓ Some lenders now offer 0% deposit mortgages ✓ Others allow purchases with as little as £5,000 ✓ Expert advice helps you choose the right option, not just the fastest one

If you’ve been putting off buying because of your deposit, it’s time to get an expert opinion.

Speak to Endurance Mortgages today and find out what you could really afford.

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Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. Some Buy to Let mortgages are not regulated by the Financial Conduct Authority A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Endurance Mortgages Ltd is an appointed representative of The Right Mortgage Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales no. 15060351. Registered Address: Worting House, Church Lane, Basingstoke, Hampshire RG23 8PX.