To buy a £600,000 house you need a minimum deposit of ££30,000 (5%), but most buyers put down at least ££60,000 (10%) to access better mortgage rates and reduce monthly payments. On top of the deposit, budget for stamp duty (££20,000 for standard buyers, ££20,000 for first-time buyers) plus solicitor and survey fees of around £2,500–£4,000.
Deposit Options for a £600,000 House
| Deposit | Amount | Loan amount | Monthly payment (4.5%, 25yr) | LTV |
|---|---|---|---|---|
| 5% | £30,000 | £570,000 | £3,168 | 95% |
| 10% | £60,000 | £540,000 | £3,001 | 90% |
| 15% | £90,000 | £510,000 | £2,835 | 85% |
| 20% | £120,000 | £480,000 | £2,668 | 80% |
| 25% | £150,000 | £450,000 | £2,501 | 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 £600,000 property. They have saved £60,000 (10%). Their mortgage is £540,000 at 4.5% over 25 years — monthly payments of £3,001. Stamp duty (first-time buyer rate): £20,000. Solicitor fees: £1,800. Survey: £600. Total upfront cost: approximately £82,400.
Total Upfront Costs for a £600,000 House
| Cost item | 5% deposit scenario | 10% deposit scenario | 20% deposit scenario |
|---|---|---|---|
| Deposit | £30,000 | £60,000 | £120,000 |
| Stamp duty (standard buyer) | £20,000 | £20,000 | £20,000 |
| Stamp duty (first-time buyer) | £20,000 | £20,000 | £20,000 |
| 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) | ~£53,100 | ~£83,100 | ~£143,100 |
| Total (FTB, incl deposit) | ~£53,100 | ~£83,100 | ~£143,100 |
Salary Required for a £600,000 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% | £570,000 | £126,666 | £63,333 each |
| 10% | £540,000 | £120,000 | £60,000 each |
| 20% | £480,000 | £106,666 | £53,333 each |
Stamp Duty on a £600,000 House
| Buyer type | Stamp duty |
|---|---|
| Standard buyer | £20,000 |
| First-time buyer | £20,000 |
See the full stamp duty on a £600,000 house guide for the complete band-by-band calculation.
First-Time Buyer Schemes for a £600,000 House
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95% mortgage guarantee scheme — enables lenders to offer 95% LTV mortgages; deposit of just £30,000 required.
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Shared Ownership — buy a 25–75% share; your mortgage and deposit are based only on the share, not the full price.
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Joint Borrower Sole Proprietor — a parent or guarantor on the mortgage (but not the property deeds) can boost borrowing capacity.
Building Your Deposit
Most buyers take 2–5 years to save a deposit. With a target of £60,000:
| Monthly saving | Time to save £60,000 |
|---|---|
| £500/month | 120 months (10.0 years) |
| £750/month | 80 months (6.0 years) |
| £1,000/month | 60 months (5.0 years) |
| £1,500/month | 40 months (3.0 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.
Legal and Survey Costs to Budget For
Beyond the deposit and stamp duty, buying a £600,000 property involves several additional upfront costs:
| Cost | Typical range |
|---|---|
| Solicitor/conveyancing fees | £1,500–£3,000 |
| Surveyor (HomeBuyer Report) | £500–£900 |
| Mortgage arrangement fee | £0–£2,000 (varies by deal) |
| Removal costs | £1,000–£3,000 |
| Buildings insurance (year 1) | £200–£600 |
| Total additional costs | ~£3,200–£9,500 |
For a £600,000 purchase with a 10% deposit (£60,000), a realistic total cash requirement including SDLT and costs is around £90,000–£95,000. Budget for the upper end.