To buy a £350,000 house you need a minimum deposit of ££17,500 (5%), but most buyers put down at least ££35,000 (10%) to access better mortgage rates and reduce monthly payments. On top of the deposit, budget for stamp duty (££7,500 for standard buyers, ££2,500 for first-time buyers) plus solicitor and survey fees of around £2,500–£4,000.
Deposit Options for a £350,000 House
| Deposit | Amount | Loan amount | Monthly payment (4.5%, 25yr) | LTV |
|---|---|---|---|---|
| 5% | £17,500 | £332,500 | £1,848 | 95% |
| 10% | £35,000 | £315,000 | £1,751 | 90% |
| 15% | £52,500 | £297,500 | £1,654 | 85% |
| 20% | £70,000 | £280,000 | £1,556 | 80% |
| 25% | £87,500 | £262,500 | £1,459 | 75% |
A larger deposit reduces your loan-to-value (LTV). Lower LTV typically means better interest rates — which can save thousands over the mortgage term.
Worked Example
First-time buyer purchasing a £350,000 property. They have saved £35,000 (10%). Their mortgage is £315,000 at 4.5% over 25 years — monthly payments of £1,751. Stamp duty (first-time buyer rate): £2,500. Solicitor fees: £1,800. Survey: £600. Total upfront cost: approximately £39,900.
Total Upfront Costs for a £350,000 House
| Cost item | 5% deposit scenario | 10% deposit scenario | 20% deposit scenario |
|---|---|---|---|
| Deposit | £17,500 | £35,000 | £70,000 |
| Stamp duty (standard buyer) | £7,500 | £7,500 | £7,500 |
| Stamp duty (first-time buyer) | £2,500 | £2,500 | £2,500 |
| Solicitor / conveyancing | ~£2,000 | ~£2,000 | ~£2,000 |
| Survey (RICS Level 2) | ~£600 | ~£600 | ~£600 |
| Mortgage arrangement fee | £0–£1,499 | £0–£1,499 | £0–£1,499 |
| Total (standard, incl deposit) | ~£28,100 | ~£45,600 | ~£80,600 |
| Total (FTB, incl deposit) | ~£23,100 | ~£40,600 | ~£75,600 |
Salary Required for a £350,000 House
Lenders use an income multiple to determine the maximum mortgage. Most use 4–4.5x annual salary.
| Deposit | Mortgage amount | Salary needed (4.5x) | Joint salary needed |
|---|---|---|---|
| 5% | £332,500 | £73,888 | £36,944 each |
| 10% | £315,000 | £70,000 | £35,000 each |
| 20% | £280,000 | £62,222 | £31,111 each |
Stamp Duty on a £350,000 House
| Buyer type | Stamp duty |
|---|---|
| Standard buyer | £7,500 |
| First-time buyer | £2,500 |
See the full stamp duty on a £350,000 house guide for the complete band-by-band calculation.
First-Time Buyer Schemes for a £350,000 House
- 95% mortgage guarantee scheme — enables lenders to offer 95% LTV mortgages; deposit of just £17,500 required.
- Shared Ownership — buy a 25–75% share; your mortgage and deposit are based only on the share, not the full price.
- Lifetime ISA — save up to £4,000/year, government adds 25% (up to £1,000/year) toward your deposit.
- First Homes scheme — 30–50% discount on new-build homes in some areas; requires property value below a local cap.
Building Your Deposit
Most buyers take 2–5 years to save a deposit. With a target of £35,000:
| Monthly saving | Time to save £35,000 |
|---|---|
| £500/month | 70 months (5.0 years) |
| £750/month | 46 months (3.0 years) |
| £1,000/month | 35 months (2.0 years) |
| £1,500/month | 23 months (1.0 years) |
A Lifetime ISA or high-interest savings account will grow your deposit while you save. See best savings accounts UK and the Lifetime ISA guide.
For more, see how much deposit you need for a house, first-time buyer guide UK, and stamp duty guide UK.