While lenders usually prefer at least 10% of the property value as a deposit, many offer first time buyers in Blackburn the chance to access 5% deposit deals as a way to get on the property ladder. These are known as 95% mortgages. However, a lower deposit typically leads to higher interest rates and less flexibility.
The more deposit you put in, the better the interest rate will be. For example if you have a 20% deposit then this will get you a better rate of interest than with a deposit of 10%. So saving up as much as you can for a deposit is usually advised.
Although, this all depends on your current situation. For example if you are renting you might want to buy as soon as possible, and getting together more than 5% for your deposit might not be feasible. Speak to one of our expert mortgage brokers in Blackburn for tailored advice, based on your unique circumstances.