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First-time buyers saving up to decade for a mortgage deposit

Use our calculator to work out how long you'll have to save for
house hunting

First-time buyers are saving for up to a decade for a mortgage deposit, with more than two thirds saving for over two years, according to new research from Which? Mortgage Advisers. 

In a survey of more than 1,000 first-time buyers, seven in 10 (69%) said it took more than two years to build their home deposit and a quarter (23%) had to save for 5-10 years, illustrating the struggle so-called ‘generation renters’ have trying to get onto the property ladder.

To help first-time buyers to plan realistically, Which? has launched a free interactive tool that allows you to work out how long it will take you to save up enough to buy your dream home. 


  • For advice on property deposits and getting accepted for a mortgage, call the impartial team at Which? Mortgage Advisers on 0808 252 7987.

Bank of mum and dad

The bank of mum and dad continues to play a central role in the property market, as three in 10 (29%) were supported by contributions from their parents. A further 8% were given financial help by other family members.

In London, four in 10 (39%) received financial contributions from their parents when taking their first step on the property ladder.

David Blake, Which? Mortgage Advisers principal mortgage adviser, said: ‘Our research reveals the real difficulty that first time buyers have in saving enough money for a deposit.

‘Given how hard it can be to get onto the property ladder, ensuring you have the right mortgage could not be more important. Seeking independent mortgage advice early on is vital in order to know what options are open to you.’

Your home may be repossessed if you do not keep up repayments on your mortgage.

Which? Limited is an Introducer Appointed Representative of Which? Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited.

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