How Much Can I Borrow With a £15000 Deposit?

Short answer: a £15000 deposit can allow you to buy a property between £150000 and £300000, depending on how lenders assess loan to value and whether your income supports the mortgage.

While a £15000 deposit gives you more flexibility than smaller deposits, income and affordability still determine how much you can actually borrow. This guide explains how lenders view a £15000 deposit, what purchase prices it can support, and what factors may limit or increase your borrowing.

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What Does a £15000 Deposit Mean to Lenders?

A £15000 deposit can place you into stronger loan to value bands.

Common examples:

• £15000 on a £300000 property = 5% deposit (95% LTV)
• £15000 on a £200000 property = 7.5% deposit (92.5% LTV)
• £15000 on a £150000 property = 10% deposit (90% LTV)

Lower loan to value generally means:

• More lenders available
• Better interest rates
• More flexible affordability assessments

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How Much Can I Borrow With a £15000 Deposit?

Your income sets the borrowing limit, not the deposit alone.

Most lenders use income multiples of:

• 4 to 4.5 times income in standard cases

Example borrowing ranges

• Income £30000 → potential borrowing £120000–£135000
• Income £40000 → potential borrowing £160000–£180000
• Income £50000 → potential borrowing £200000–£225000

If your income does not support the mortgage required for the property price, the application will be declined even with a £15000 deposit.

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Why a £15000 Deposit Improves Your Options

Compared to £5000 or £10000 deposits, £15000 gives lenders more comfort.

Benefits often include:

• Access to 90% LTV products rather than only 95%
• Wider lender choice
• Improved interest rates
• Greater tolerance for minor credit issues

Even moving from 95% to 90% loan to value can significantly improve outcomes.

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What Income Do I Need With a £15000 Deposit?

Income must align with the property price you are targeting.

Example:

• Property price £200000
• Deposit £15000
• Mortgage £185000

Typical income required: £42000–£46000, depending on outgoings.

Buying at a lower purchase price reduces income pressure and improves affordability.

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Can I Borrow More Than 95% With a £15000 Deposit?

In most cases, no.

95% is typically the maximum loan to value available on standard residential mortgages. Borrowing above this level is extremely limited and not generally available through mainstream lenders.

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How Credit History Affects Borrowing With a £15000 Deposit

Credit quality still matters, but lenders are more flexible at lower LTVs.

Applications are strongest when:

• There are no recent missed payments
• Defaults or CCJs are historic and satisfied
• Credit balances are well managed

With a £15000 deposit, some lenders may still consider applications with minor historic credit issues that would be declined at 95% LTV.

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What Outgoings Can Reduce Borrowing?

Monthly commitments directly affect affordability calculations.

Common examples include:

• Car finance
• Personal loans
• Credit cards
• Student loan deductions
• Childcare costs

Reducing unsecured debt can significantly improve borrowing power.

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Is a £15000 Deposit Enough for First-Time Buyers?

Yes, very commonly.

A £15000 deposit is often used by:

• First-time buyers
• Buyers purchasing modest to mid-priced properties
• Applicants with steady income and clean or improving credit

Gifted deposits are usually acceptable if declared and confirmed as non-repayable.

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Can I Buy a Higher-Value Property With a £15000 Deposit?

Only if loan to value limits and income allow it.

For example:

• £15000 on a £350000 property = just over 4% deposit
• This typically falls outside lender criteria

Increasing the deposit or targeting a lower purchase price is usually required.

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What Might Monthly Repayments Look Like?

Monthly repayments depend on interest rate and term.

Indicative repayments on a £185000 mortgage:

• Over 25 years: mid hundreds to low thousands per month
• Over 30 years: lower monthly cost but higher total interest

Lenders also stress-test repayments at higher interest rates to ensure affordability.

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Other Costs to Budget For

The deposit is not the only upfront expense.

Buyers should also plan for:

• Solicitor fees
• Valuation and survey costs
• Moving expenses

Having savings beyond the £15000 deposit reduces the risk of delays.

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How to Improve Borrowing Power With a £15000 Deposit

Borrowers often improve outcomes by:

• Reducing unsecured debts
• Avoiding overdraft usage
• Tidying bank statements
• Avoiding new credit applications
• Saving slightly more to reach a lower LTV band

Even small improvements can unlock better lender options.

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Is It Better to Wait and Save More?

Not always.

For some buyers:

• Waiting may delay buying opportunities
• Rent costs may offset additional savings

For others, saving more can reduce monthly repayments and interest costs. The right decision depends on individual circumstances.

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Key Takeaways

• A £15000 deposit can support purchases between £150000 and £300000
• Income ultimately determines how much you can borrow
• Loan to value has a major impact on lender choice
• Credit history still matters but flexibility improves at lower LTVs
• Saving more can help, but £15000 is often workable

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Learn More in Related Guides

You can learn more about deposits, affordability, and lender criteria in our other Mortgage Bridge guides.

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This guide provides general information only. Personalised mortgage advice should always come from a regulated mortgage adviser.