The short answer
- A 5% deposit on £1,000,000 is £50,000, leaving a £950,000 mortgage at 95% loan to value. A 10% deposit is £100,000, leaving £900,000 at 90%.
- These are planning figures, not a lender’s minimum: each lender sets its own deposit for the home, the buyer and the loan, and some lend less on new-build flats.
- The buying costs come on top: with a 10% deposit a first-time buyer in England needs about £150,750 in all.
A £1,000,000 home pays 10% stamp duty in England on the part above £925,000: £43,750 in all, for any buyer. A 25% deposit of £250,000 leaves a £750,000 mortgage, which at 4.5 times income would need a household income of about £166,700 a year.
Deposits on a £1,000,000 house
| Deposit | Deposit in pounds | Mortgage | Loan to value | Rate tonight | A month |
|---|---|---|---|---|---|
| 5% | £50,000 | £950,000 | 95% | 5.42% | £5,346 |
| 10% | £100,000 | £900,000 | 90% | 5.1% | £4,887 |
| 15% | £150,000 | £850,000 | 85% | 4.9% | £4,511 |
| 20% | £200,000 | £800,000 | 80% | 4.9% | £4,246 |
| 25% | £250,000 | £750,000 | 75% | 4.8% | £3,935 |
The percentages show how the deposit changes the loan; whether a deal is open to you is for the lender. The rate is the lowest 2-year fixed rate the lenders NewHomeSearch reads published for each loan to value on 14 November 2026, no lender named, held for the whole term of 30 years to show the borrowing difference: real deals last two to five years and price each loan to value differently. For a 5% deposit on a new build, 67 of the 91 published 95% deals NewHomeSearch reads state a maximum loan below £950,000, or a minimum above it.
Work out your own figures
Change the price, the deposit and the rest: the figures follow as you type. Your income, deposit and savings stay in this browser tab; nothing you type goes into the address or our counts.
The total cash needed
With a 10% deposit, a first-time buyer in England needs about £150,750 in cash: the deposit, £43,750 of stamp duty, and the fees and moving costs below. With 5% down it is £100,750, or £100,750 for a home mover, who pays more stamp duty.
| What, and when it is paid | Amount |
|---|---|
| Before exchange | |
| Survey or inspection | £1,500 |
| Booking and account fees | £500 |
| At exchange | |
| Deposit paid at exchange | £100,000 |
| At completion | |
| Stamp duty | £43,750 |
| Legal fees and searches | £3,005 |
| Mortgage product fee | £995 |
| Moving costs | £1,000 |
| The cash you need | £150,750 |
- Estimates are labelled. Legal fees, the survey, booking and account fees and moving are typical figures from MoneyHelper’s guidance (archived on 19 November 2025) and HM Land Registry’s fees, not quotes; the product fee is the middle product fee of the 218 2-year fixed deals NewHomeSearch read on 14 November 2026. Change any of them in the calculator.
- Fees paid in cash, or borrowed. A product fee can usually be added to the loan instead of paid: it then costs interest for as long as the mortgage runs, so it is not free.
- Paid once. A reservation fee that comes off the price at completion is part of your deposit, not a cost on top, and the deposit paid at exchange is part of the deposit too.
- Each nation’s timing. In England, Wales and Northern Ireland the contract deposit is paid at exchange; in Scotland missives are concluded with no exchange deposit and the price is paid at settlement. Stamp duty is due within 14 days of completion; Land and Buildings Transaction Tax within 30 days of the effective date, usually the date of entry; Land Transaction Tax within 30 days of the effective date, usually completion.
| Where, and the tax | First-time buyer | Home mover |
|---|---|---|
| England and Northern IrelandStamp duty | £43,750 | £43,750 |
| ScotlandLand and Buildings Transaction Tax | £77,750 | £78,350 |
| WalesLand Transaction Tax | £61,750No relief | £61,750 |
A buyer who will own another home pays the higher rates, and a buyer not resident in the UK pays a surcharge on stamp duty: choose either in the calculator. Rates checked against each authority on 21 October 2026 (England and Northern Ireland), 31 October 2026 (Scotland) and 31 October 2026 (Wales).
Income and repayments
Lenders’ limits are built around lending 4.5 times income: regulators cap how much of their lending may be at or above it. As a planning yardstick only, the income each mortgage is 4.5 times:
| Deposit | Mortgage | A month | Income at 4.5× |
|---|---|---|---|
| 5% | £950,000 | £5,346 | £211,200 |
| 10% | £900,000 | £4,887 | £200,000 |
| 15% | £850,000 | £4,511 | £188,900 |
| 20% | £800,000 | £4,246 | £177,800 |
| 25% | £750,000 | £3,935 | £166,700 |
| Rate | A month |
|---|---|
| 4.1% | £4,349 |
| 5.1% | £4,887 |
| 6.1% | £5,454 |
| 7.1% | £6,048 |
| Term | A month | Interest over the term |
|---|---|---|
| 25 years | £5,314 | £694,164 |
| 30 years | £4,887 | £859,157 |
| 35 years | £4,600 | £1,031,895 |
- One rate, for illustration. Each figure holds one rate for the whole term to show the difference the deposit makes. A deal’s rate lasts its fixed period, usually two or five years; a 30-year term is how long you take to repay, not a 30-year fixed rate.
- Income is not the only test. Lenders also weigh your commitments, dependants, age and credit record, and test the payment at a higher rate. Some lend more than 4.5 times income to buyers who meet their conditions.
- The mortgage, not the rest. The repayment is the mortgage alone: a service charge, estate charge, council tax and bills are on top. The affordability calculator works out what your income could borrow.
Buying a new build at £1m
Of the 113 new homes for sale near £1,000,000 today, 51 carry an offer stated by the builder or on the listing, and 10 a deposit contribution; the middle contribution stated in pounds is £24,625.
- A builder’s money is not your deposit. A deposit contribution is cash you do not pay, but the builder declares it to your lender on the UK Finance Disclosure Form, and a lender may take it off the price before working out its loan to value. The calculator shows both loans to value.
- Reserving. A reservation fee secures the plot; under the New Homes Quality Code you get a cooling-off period and a full refund within it. Ask whether the fee comes off the price at completion. See reservation to completion.
- Your mortgage offer has an end date. If the build runs late, an offer can expire before completion: match its length to the expected completion and long-stop dates. See new build mortgages.
- The valuation. If the lender values the home below the price, it lends its percentage of the lower figure and your deposit has to cover the difference.
- Houses and flats. Some lenders lend less on new-build flats than on houses, so a flat can need a bigger deposit.
- Charges. Estate and service charges, and any ground rent, come on top of the mortgage. See leasehold, freehold and estate charges.
Questions to ask the builder and your conveyancer
- Is the reservation fee taken off the price, and when is it refundable?
- How much is due at exchange, and does the reservation fee count towards it?
- Which offers are on the Disclosure Form, and how does my lender treat each one?
- What are the estate charge, the service charge and any ground rent, and can they rise?
- What are the expected completion date and the long-stop date in the contract?
- Is anything payable at completion beyond the price, such as a management company fee?
Closing a deposit gap
- Lifetime ISA. £1,000,000 is above its £450,000 price cap, so taking the money out to buy costs the 20% withdrawal charge.
- A gift from family. Lenders accept a gifted deposit with a signed declaration that it is a gift, not a loan; a loan you must repay counts as a debt and lowers what you can borrow. See family help and guarantor mortgages.
- Equity in the home you own. Your deposit is what is left of the sale after the mortgage is repaid and the costs of selling and of repaying it early are paid. The part exchange calculator works it out against a builder’s offer.
- Shared ownership. You buy a share and pay rent on the rest; the deposit is on your share’s price, not the full value, and a share price is never the price of the whole home.
- First Homes. Not at this price: the cap after the discount is £250,000, or £420,000 in London.
- Mortgage guarantee scheme. The government guarantees loans of more than 90% and up to 95% of the price, which keeps deals for a 5% deposit available.
- Your First Home. Not open yet: applications are expected from February 2027, with a deposit of at least 2.5% of the price.
- Closed schemes. Help to Buy’s equity loan and Deposit Unlock are closed to new buyers: every scheme and its status.
New homes for sale at about £1,000,000
113 new homes for sale from £950,000 to £1,050,000, checked 14 November 2026: what this budget buys across the UK today. A broad match on price alone, not on what you can borrow, which the calculator above works out.
The middle floor area is 1,849 sq ft, from the 59 homes that state one.
| Region | Homes | Middle price |
|---|---|---|
| South East | 37 | £980,000 |
| East of England | 31 | £985,000 |
| London | 14 | £1,000,000 |
| North West | 10 | £963,500 |
| East Midlands | 7 | £975,000 |
| South West | 7 | £975,000 |
| Yorkshire and The Humber | 4 | £1,002,500 |
| North East | 2 | £999,999 |
- 17 Incentive
Checked 11 November 2026
- 5
Checked 13 November 2026
- 1
Checked 14 November 2026
- 6
Checked 14 November 2026
- 6
Checked 14 November 2026
- 2 Incentive
£1,000,000
- 4 beds
- 3 baths
- 1,849 sq ft
- Detached house
Green Park Gardens
Broxbourne
Christmas Incentives
Matthew HomesChecked 14 November 2026
See all 113 homes at this priceSave the search there to hear when new homes at this price are listed.
£1,000,000 against the budgets either side
| Price | Deposit | Mortgage | Cash needed | A month |
|---|---|---|---|---|
| £900,000 | £90,000 | £810,000 | £132,000 | £4,398 |
| £1,000,000 | £100,000 | £900,000 | £150,750 | £4,887 |
£900,000 needs £18,750 less cash, under the same assumptions.
Questions people ask
Is a £50,000 deposit enough for a £1,000,000 house?
£50,000 is 5% of £1,000,000, leaving a £950,000 mortgage at 95% loan to value. For a new build, 67 of the 91 published 95% deals NewHomeSearch reads state a maximum loan below £950,000, or a minimum above it. The cash needed is more than the deposit: about £100,750 for a first-time buyer in England, with the stamp duty, fees and moving. The lender also checks your income and commitments.
What salary do I need for a £1,000,000 house?
At 4.5 times income, the multiple lenders’ limits are built around, a 10% deposit’s £900,000 mortgage needs a household income of about £200,000 a year, and a 5% deposit’s £950,000 about £211,200. Some lenders lend more to eligible buyers; each decides on income, commitments and credit.
How much is stamp duty on a £1,000,000 house?
In England and Northern Ireland a first-time buyer pays £43,750 and a home mover £43,750. In Scotland Land and Buildings Transaction Tax is £77,750 for a first-time buyer and £78,350 for a mover; in Wales Land Transaction Tax is £61,750, as Wales has no first-time buyer relief. A buyer who will own another home pays more.
What are the monthly payments on a £1,000,000 house?
With a 10% deposit, the £900,000 mortgage costs £4,887 a month over 30 years at 5.1%, the lowest 2-year fixed rate published for a 90% loan on 14 November 2026, from the 11 lenders NewHomeSearch reads, if that rate held for the whole term. With 5% down it is £5,346 at 5.42%. A deal’s rate lasts only its fixed period, so the payment changes when it ends.
Does a builder’s deposit contribution count towards my deposit?
Not automatically. The builder declares it to your lender on the UK Finance Disclosure Form, and some lenders take a cash incentive off the price before they work out how much they will lend. A £24,625 contribution, the middle one builders state at this price, with a 5% deposit would leave a 97.4% loan to value if the lender took it off the price. Ask the lender how it treats the offer before you count on it.
Sources and method
- GOV.UK: Stamp Duty Land Tax: residential property ratesgov.uk
- GOV.UK: Stamp Duty Land Tax: when to paygov.uk
- Revenue Scotland: Land and Buildings Transaction Tax, residential propertyrevenue.scot
- Welsh Government: Land Transaction Tax rates and bandsgov.wales
- Welsh Government: Pay Land Transaction Taxgov.wales
- GOV.UK: Lifetime ISA withdrawal charge above the price capgov.uk
- GOV.UK: First Homesgov.uk
- HM Treasury: 2025 Mortgage guarantee scheme rulesgov.uk
- GOV.UK: Your First Homegov.uk
- Bank of England: high loan to income lending (SS2/26)bankofengland.co.uk
- UK Finance: Disclosure Form, frequently asked questionsukfinance.org.uk
- MoneyHelper: buying and moving costs (archived 19 November 2025)web.archive.org
- HM Land Registry: registration services feesgov.uk
- NewHomeSearch: the lenders’ own published mortgage ratesnewhomesearch.co.uk
How the figures are made. Deposits, loans and loan to value come from the same calculation engine as NewHomeSearch’s calculators; the purchase taxes from each nation’s dated rates; fees from dated allowances with their sources; repayments from the mortgage engine at the rate shown. The homes are today’s listings within 5% of the price, shared ownership left out.
Who checked it. Written by Solomon Amos, Founder, NewHomeSearch. The rules were checked against GOV.UK, Revenue Scotland and the Welsh Revenue Authority on 14 November 2026, and every figure is tested against an independent calculation. No financial adviser reviewed this page: it is an illustration, not advice.
A guide, not advice. NewHomeSearch is independent: it does not sell homes, arrange mortgages or take payment from builders or lenders, and it names no lender here. Take independent legal and financial advice before you commit.