How Much Deposit Do You Need When You’re on a Visa?
If you’re here on a visa and wondering exactly how much deposit you’ll need to secure a mortgage, you’re not alone. At Mortgage Wala, this is exactly what we help clients with every day.
💰 What Exactly is a Mortgage Deposit—and Why Does It Matter If You’re on a Visa?
A mortgage deposit is simply the upfront cash you put towards your property purchase. For example, if you’re buying a home valued at £250,000 and you have a 10% deposit (£25,000), the mortgage covers the remaining £225,000.
Your deposit amount can directly impact:
- Which lenders are available to you
- The interest rate you’ll pay
- Your overall borrowing power
🏦 How Much Deposit Do You Typically Need as a Foreign National?
Here’s a clear breakdown of typical deposits required:
| Situation | Typical Deposit Needed |
|---|---|
| Employed, good credit | 5%–10% |
| Adverse credit (defaults, CCJs) | 10%–15% |
| Self-employed | Usually 10%–15% |
| Buy-to-let | 25% minimum |
| New to country, limited credit history | Often 10%+ |
🔍 What Factors Affect the Deposit You’ll Need?
Key considerations include your visa type, credit history, employment status, and time in the country.
🚂 Does My Visa Type Affect My Deposit?
Yes, significantly. Visas like Skilled Worker, Partner, or Limited Leave to Remain are commonly accepted. Some lenders might require more deposit if your visa has less than 12 months remaining.
💼 Do Self-Employed or Newly Employed Visa Holders Need a Bigger Deposit?
Typically, yes. Self-employed applicants usually need around 10%–15%, depending on their financial stability.
💳 How Much Deposit Do I Need if I Have Bad Credit?
Generally, at least 10%. But adverse credit doesn’t automatically disqualify you—we help many clients successfully apply despite credit issues.
🏨 Do Buy-to-Let Mortgages Require More Deposit?
Yes—25% minimum is standard, irrespective of visa or credit.
💸 Can I Use a Gifted Deposit from Family?
Yes, lenders usually accept gifted deposits if:
- It’s from immediate family.
- It’s clearly documented and non-repayable.
🌍 Can My Deposit Come from Abroad?
Yes, but lenders may request additional documentation on overseas funds. Transferring funds early helps streamline the process.
👑 Does Applying Jointly with a Settled Partner Reduce the Deposit Needed?
Yes, often significantly. It can enhance your affordability and access to better deals.
❌ Does Being Previously Declined Mean a Higher Deposit Now?
Not always—but a bigger deposit might improve your application if previous issues were related to credit or affordability.
💡 Is a Larger Deposit Always Better?
Yes—a larger deposit usually:
- Unlocks better interest rates
- Increases lender options
- Improves overall application strength
📊 Real Examples of Deposit Amounts for Visa Holders
- Employed, Skilled Worker, clean credit: 5% deposit ✅
- Partner visa, minor credit issues: 10% deposit ✅
- Self-employed, Ancestry Visa, limited accounts: 15% deposit ✅
- Buy-to-let applicants: 25% deposit ✅
✅ What’s the Next Step?
Reach out—we’ll assess your unique situation and clarify your exact deposit requirements. No jargon, just clear answers tailored specifically to you.