How much money to save for a flat?

Your deposit should be at least 5% or 10% of the price of the home you'd like to buy. The bigger your deposit, the less you might need to borrow. Larger deposits can also give you access to a wider range of mortgage deals or lower interest rates to save you money in the long term.
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What is a good amount of money to save for an apartment?

The 50/15/5 rule is our simple guideline for saving and spending: Aim to allocate no more than 50% of take-home pay to essential expenses, aim to save 15% of pretax income for retirement savings (which includes any employer contributions), and keep 5% of take-home pay for short-term savings.
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Is 10k enough for a house deposit?

I'd do 30K deposit (or 20%). By shifting up to 20% deposit you'll be able to access better interest rates. As a rule of thumb from 5-25% for each 5% deposit you have you get a better rate, so putting down 17% is not ideal. Your left over 10K should be more than enough for 6 months expenses if you lost your job.
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What salary do you need to buy a flat?

Now that you've mentally prepared yourself, we can reveal that if you want to buy your own house in London, you should to be earning around £101,080 a year, based on the average house price of £535,100.
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Is owning a flat worth it?

Flats tend to appreciate less than houses, as they have less land value and potential for improvement. Flats may also offer less stability, as you'll need to deal with any leasehold issues such as lease extensions, ground rent charges, service charges or freeholder disputes.
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What's The Best Way To Save For A House?

How much do I need to earn to buy a 200k flat?

So, for a £200,000 mortgage, you'd need an annual income of around £45,000. Some lenders will offer a mortgage at five times your annual salary or even six times, depending on other factors. Thus, you could get a £200,000 mortgage with a salary as low as £33,000 a year.
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What is a good deposit on a 200k house?

For a home purchase, you normally need to put down at least 5% or 10% of the total amount. Let's say you want to buy a property valued at £200,000, your lender may ask for a 10% deposit. This means you would need a deposit of £20,000.
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Why can't you deposit more than 10k?

These procedures exist to help prevent money laundering, counterfeit deposits and similar financial crimes from occurring. By requiring banks to report deposits of $10,000 or more, the government can more easily keep track of monetary transactions.
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What is the lowest acceptable down payment on a house?

Conventional loan

The minimum down payment for a conventional mortgage loan is 3% of the purchase price if you're a first-time home buyer, though many lenders will require a down payment of at least 5%.
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What do first-time buyers get?

Under the scheme, homes are offered for sale with a discount of at least 30% of market value. Exclusively available on selected new-build homes in England, up to a maximum price of £250,000 (after the discount has been applied). In Greater London, the maximum price is £420,000 (after the discount has been applied).
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How much salary for a 300k mortgage?

What you can borrow is based on your salary. Most lenders will lend 4 to 4.5 times your combined annual household income. Your annual earnings will need to be between £66,000 and £75,000 to borrow £300k. This is above the average UK annual salary, currently £37,430 (August 2025).
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Can you still get 100% mortgages?

It might be possible to get a 100% mortgage if you're a first-time buyer. But there is considerably more choice if you can put down a deposit. First-time buyers may be able to build up a deposit faster with a Lifetime ISA.
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How much should a 24 year old have saved?

Rule of thumb? Aim to have three-to-six months' worth of expenses set aside. To figure out how much you should have saved for emergencies, multiply the amount of money you spend each month on expenses by either three or six months to get your target goal amount.
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Is 10K a good emergency fund?

Experts recommend your emergency fund be large enough to cover three to six months' of essential living expenses. June 26, 2025, at 11:30 a.m. Is a $10K Emergency Fund Enough? Your emergency fund should be large enough to cover three to six months' worth of essential living expenses.
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What is the 50/30/20 rule?

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings.
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Is depositing 10k suspicious?

You don't have anything to worry about if you deposit more than $10,000 in cash to your checking account or your savings account, assuming you are doing nothing wrong. A large deposit is simply reported by a bank to regulators to track possible suspicious activity.
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Do banks notify HMRC of large deposits?

So, Do Banks Report You to HMRC? Not by default. But Banks are obliged to report suspicious transactions under AML laws.
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Can I do a 10% deposit?

Deposit savings

Ideally, you should save as much as possible before buying a home. The minimum required deposit is 10%, but aim for 20% if possible. If you're borrowing more than 80%1 of the property value, you'll need to take out Lenders' Mortgage Insurance or Low Deposit Premium.
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What salary to get a 200k mortgage?

The amount you can borrow is based on your salary. Most lenders will loan around 4 or 4.5 times your annual income. To be approved for a £200,000 mortgage, you'd need an annual income of around £44,000-£50,000. This is above the average UK annual salary, currently £37,430 (August 2025).
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Can I get a 0 deposit mortgage?

Can I get a mortgage with no deposit? Yes, but it can be tricky. No deposit mortgages are no longer widely available, although some lenders do offer them. If you need a 100% mortgage it can be a good idea to talk to a mortgage broker who can look at all the mortgages available to see if any are on offer.
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How much deposit to buy a flat?

Deposits typically range from 5% to 20% of the property's value. The average flat price in London is currently around £500,000, which means that the average deposit is roughly between £25,000 and £100,000. Start by thinking about the type of property you want and where you are looking to live.
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How much mortgage can I afford rightmove?

Your income forms the basis of how much you can borrow. Generally, the maximum loan amount is capped at a multiple of around 4.5 times your income. There are exceptions to this, and the cap can be higher, but this can depend on a range of factors, the main one being how much you earn.
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Is 95000 a good salary in the UK?

Earning a 90k salary in the UK is generally considered a good income that provides the means to cover living costs and housing expenses, and save for the future. It allows for comfortable accommodation options, both for renters and potential homeowners.
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How many times your salary can you borrow?

The amount you could borrow is based on your income increased by a multiplier. Lenders traditionally offer an amount between four and five times your income, though in some cases they may offer more or less than this. If you are borrowing with a partner there are a few ways a lender might combine your incomes.
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