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Building A deposit

A deposit is the amount of money that you will be required to provide towards the purchase of a property, with the balance made up from mortgage finance. A house deposit is something you should save for and gather before you start thinking about which property you want to buy.

Family members often help first time buyers build a sizable amount enabling their children to gain access to the property ladder. Once you have saved a deposit, you should consider property buying options and which mortgage lender and product is best for your circumstances. The size of your house deposit may affect the interest rate you pay for some mortgage products - the more you put down as a mortgage deposit, the lower the rate of interest you may be charged.

A typical deposit would be up to 10 to 20% per cent of the price of the property. So, for instance, if you were required to provide a 20 per cent deposit and the purchase price was 7,500,000 KSHs you would need to put down a 1,500,000 KSHs deposit. See our Deposit Calculator tool for more guidance.