Savings

817036

Do I have to use all of my savings as a mortgage deposit? 

davidmcn

Of course not. Besides, even if you chose to, how would you then pay for all the other expenses involved in buying a house?

moneysavinghero

If you need to use all of your savings to meet the required % deposit, then yes. Otherwise you can use as much or as little as you want.

corcutt

817036 said:

Do I have to use all of my savings as a mortgage deposit? 

I would think about your personal finance preferences. I personally would feel exposed draining 100% of my savings (even if its a home of my dreams) to buy a house in these challenging times. Could be worth it to wait a couple more months to give yourself a proper buffer. 

grumiofoundation

817036 said:

Do I have to use all of my savings as a mortgage deposit? 

Fo course not. Even assuming you include the fees  (solicitor etc) that you have to pay, personally I would not be comfortable having no savings left after buying.  

How much money you want to keep back would presumably depend on your living expenses, job security, how quickly you can build your savings back up (to name but a few factors).