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First-time buyers need to budget for these 21 costs

Lovemoney Logo By Abby Driver of Lovemoney | Slide 2 of 22: When it comes to buying a house, the deposit amount will differ depending on where you choose to buy and the size of the property. In the UK, the average deposit amount is 10% of the home's value, however there are a number of goverment schemes to help support first-time buyers, such as The mortgage guarantee scheme, which requires just a 5% deposit. In the US the minimum down payment can be as little as 3%, if you have a good credit score. If you're able to put down a larger deposit, even better, as you'll be able to get a lower interest rate.

Deposits and down payments

When it comes to buying a house, the deposit amount will differ depending on where you choose to buy and the size of the property. In the UK, the average deposit amount is 10% of the home's value, however there are a number of goverment schemes to help support first-time buyers, such as The mortgage guarantee scheme, which requires just a 5% deposit. In the US the minimum down payment can be as little as 3%, if you have a good credit score. If you're able to put down a larger deposit, even better, as you'll be able to get a lower interest rate.

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