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Short on cash? Not a problem!


For most mortgages you'll need a deposit of at least 15% (and usually higher). For a £300,000 house, that's at least £45,000. And when you factor in fees, stamp duty and moving costs, you'll need a lot of cash on hand to make the purchase!

However if you don't have piles of spare cash lying about, you may still be able to get a mortgage. Depending on your situation, one of two Government schemes may be able to help:

"Help to Buy"

This is a Government scheme to reduce the size of the deposit you need to purchase a property.

To be eligible you must:

  • Have at least a deposit of 5%
  • Be looking to buy a home in the UK worth £600,000 or less
  • Desire to live in this property for most of the time
  • Intend to use a repayment mortgage plan and not an interest-only mortgage plan
  • Not use this property to let out or as a second home

"Starter Home Initiative"

If you are under the age of 40 and a first time buyer, you are eligible for the Starter Home Initiative which gives a discount of at least 20% on your purchase of the property.

You can sign up for updates about the scheme on the New Homes website.

Struggling to pay your monthly mortgage? Do this.

  • Be proactive and communicate with the lender if you are unable to pay your mortgage payments (consistent late payments negatively affects credit).
  • The lender should offer you refinancing options.
  • A riskier approach would be to investigate an interest-only mortgage plan. This will greatly reduce your monthly payments, but you will incur the debt of the full lump sum you originally borrowed.
  • Only do this if are confident you will be able to reinvest the money you are saving into an investment that will have a return high enough to make up for the lump sum you borrowed.

Next Up

Should You Repay Your Mortgage Early?
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