How Much Deposit You Really Need to Buy a Home in Glasgow, Edinburgh or London

One of the first questions buyers ask when planning to purchase a home is this: what deposit do I need to buy a property in Glasgow, Edinburgh or London?

You will often see headline answers like “5% deposits,” but the real picture is more complex. Location, income type, lender criteria, and market competition all affect what is realistic.

This guide breaks down deposits through real buyer scenarios across Glasgow, Edinburgh, and London, and explains why many buyers underestimate what they need.

‍

Why Deposit Advice Often Feels Confusing

‍

Many buyers base deposit plans on:

• Online calculators
  
• Friends’ past experiences
  
• Old assumptions from previous market conditions
  
• Bank advertising
  
  

The issue is that deposit expectations vary by city, lender appetite, property type, and buyer profile. What worked two years ago, or in another region, may not work today.

That is why the question “what deposit do I need to buy a property in Glasgow, Edinburgh or London” cannot be answered with one single number.

‍

The Difference Between a Minimum Deposit and a Workable Deposit

‍

Many lenders advertise a minimum deposit, but buyers should focus on a workable deposit. A workable deposit is the amount that realistically allows the purchase to proceed once affordability checks, valuations, and competition pressure are considered.

Two useful definitions:

• Minimum deposit: the lowest deposit a lender may accept
  
• Workable deposit: the deposit level that gives you a realistic chance of approval and completion
  
  

In many cases, these are not the same.

‍

Buyer Scenario 1: Buying in Glasgow

Glasgow remains one of the more accessible cities for buyers in Scotland.

‍

Typical profile

• First time buyer
  
• Employed income
  
• Standard flat or house
  
• Moderate competition
  
  

Deposit reality

• Minimum possible: 5%
  
• Most successful buyers: 5% to 10%
  

The key Scotland factor: Home Report values

‍

In Scotland, lenders base borrowing on the Home Report valuation, not necessarily your offer price. If you offer above the valuation, the difference usually needs to be covered in cash. That can quietly increase the total cash you need, even when the mortgage deposit percentage looks fine.

‍

Buyer Scenario 2: Buying in Edinburgh

‍

Edinburgh is one of the most competitive property markets in the UK.

Typical profile

• First time buyer or professional couple
  
• Strong income
  
• Competitive bidding environment
  

Deposit reality

• Advertised minimum: often 10%
  
• Realistic workable range: 10% to 15%, plus extra cash
  
  

Why?

• Closing dates are common
  
• Properties often sell above valuation
  
• Cash flexibility can make the difference

‍

Many buyers believe they have “a 10% deposit,” but struggle because they do not have additional funds beyond the mortgage deposit when competition pushes offers above valuation.

Buyer Scenario 3: Buying in London

‍

London buyers often face the highest pressure due to higher prices and stricter affordability testing.

Typical profile

• First time buyer
  
• Higher income required
  
• Buyingnear the limit of affordability
  

Deposit reality

• Minimum possible: 5%
  
• Commonly required in practice: 10% to 20%
  

Even when a 5% deposit is technically accepted, affordability checks may still fail due to:

• Living cost assumptions
  
• Interest rate stress testing
  
• Existing commitments such as loans and credit cards
  
  

In many London cases, a larger deposit is needed not because the lender requires it on paper, but because it reduces monthly repayments enough to pass affordability.

‍

Deposit Comparison by Location and Buyer Type

‍

Here is the same information presented clearly in bullet points:

• Glasgow – First Time Buyers
  • Minimum deposit advertised: 5%
  • Realistic deposit needed: 5% to 10%
• Edinburgh – First Time Buyers
  • Minimum deposit advertised: 10%
  • Realistic deposit needed: 10% to 15%, plus additional cash to cover offers over valuation
• London – First Time Buyers
  • Minimum deposit advertised: 5%
  • Realistic deposit needed: 10% to 20%

How Your Job and Income Affect Deposit Size

‍

Employment type can significantly influence deposit expectations:

• Employed buyers: more lender options and smoother affordability assessment
  
• Self employed buyers: may need stronger deposits depending on accounts history and income pattern
  
• Contractors: deposit depends on contract length, history, and how income is assessed
  
  

In London especially, some self employed buyers find larger deposits helpful because it reduces affordability pressure.

‍

Hidden Costs That Reduce Your Available Deposit

‍

Many buyers save a deposit but forget costs that reduce their available cash, such as:

• Solicitor fees
  
• Stamp Duty in England
  
• Land and Buildings Transaction Tax in Scotland
  
• Surveys
  
• Moving costs and initial home setup
  

These costs can cause deals to fail late if they are not planned for properly.

Why Guessing Your Deposit Amount Is Risky

‍

Saving too little can:

• Lead to rejected offers
  
• Cause failed applications
  
• Waste valuation and legal costs
  

Saving too much without guidance can:

• Delay buying unnecessarily
  
• Keep money tied up longer than needed
  

This is why real advice matters when asking what deposit you need in Glasgow, Edinburgh, or London.

How Mortgage Advice Helps You Set the Right Target

A good mortgage adviser helps you:

• Assess realistic lender expectations for your situation
  
• Account for local competition and valuation issues
  
• Align deposit size with affordability, not just minimum rules
  
• Reduce the risk of wasted time and failed application
  

Pelican Finance Limited supports buyers across Scotland and London with clear, practical guidance so deposit targets are based on real lender criteria and local market conditions.

Frequently Asked Questions

Is a 5% deposit realistic in Scotland?

‍
In some cases, yes, especially in Glasgow. In competitive areas, additional cash may still be needed if offers go above valuation.

Why do Edinburgh buyers need extra money beyond the deposit?

‍
Because lenders rely on Home Report values, and many properties sell above valuation.

Is London harder than Scotland for deposits?

‍
Yes, mainly because property prices are higher and affordability stress tests are stricter.

Does a bigger deposit always mean approval?

‍
No, but it can improve affordability and often reduces monthly repayments.

When should I speak to a mortgage adviser?

‍
Ideally before you set a long term savings target, not after you find a property.