How to buy your new home with a smaller deposit

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How to buy your new home with a smaller deposit

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How can you buy a new home with a smaller deposit?

Saving up a deposit to buy a home is tougher than ever before. High property prices and inflated cost of living means that people all over the UK are struggling to get a foot on the housing ladder. 

The average first-time buyer is now 30 years old. And needs to save a massive £20,000 to be able to buy a home. This can typically take upwards of eight years. 

But this doesn’t just apply to first-time buyers. It applies to anybody who is looking to own a home. Whether you’re downsizing, relocating, or simply getting a fresh start – unless you already have a property to sell, you may need a huge deposit to buy a home. 

But is there another way? 

Saving a suitable deposit is the biggest hurdle for most people trying to buy a home. So, what if there was an easy way to get on the property ladder with a lower deposit than you’d expect? A much lower deposit, in fact. 

Well, you might be surprised to learn that there is! 

Shared ownership is an affordable, easy way of getting on the property ladder. 

If you’re not already familiar with the concept, it’s quite simple. Shared ownership gives you the option to buy a share of a property, rather than the whole thing. You take out a mortgage on the share you own and pay rent to a trusted housing provider on the remainder. 

This means that you will be getting a mortgage on 25-75% of a home, depending on what you can afford. This will obviously require a much smaller deposit than if you were buying a home outright. 

To sweeten the deal even further, shared ownership mortgages usually only require a 5% deposit. Whereas to buy a property outright you would be expected to save a 10%, or even 20%, deposit.  

So, what does all this really mean? 

It means that you could leap onto the property ladder with a deposit as low as £2,000. Now that sounds much more manageable than the £20,000 we mentioned earlier, doesn’t it? 

Shared ownership is the ideal option if you need some help to buy a home. By purchasing a smaller share of your home with just a 5% deposit on the mortgage, you could be collecting the keys before you know it.



Do you want to know more about shared ownership? Your questions may have already been answered here.

Take a look at some of the homes we have available right now.

If you’d like any further information our team are here to help – you can email us at or call us on 01782 854748.

Why Choose
Cerris Homes?

We provide high quality, new homes that are affordable for you to buy, through the shared ownership scheme.