Four apartments in Redhill and Merstham, and the real mortgage numbers behind them
Most first time buyers who put off looking for a flat aren’t worried about the monthly repayments. They’re worried about the deposit. Specifically, they’re worried about not having tens of thousands of pounds sitting saved.
Here’s what a lot of people don’t realise. Some current mortgage schemes for first time buyers only ask for £5,000 down. Not £5,000 as a token gesture towards a much bigger sum. £5,000, full stop, as the actual deposit.
So to show what that opens up in practice, here are four apartments in Redhill and Merstham, along with the real numbers behind buying one of them.
What A Low Deposit Mortgage Actually Costs
Halifax currently offers a First Time Buyer Support mortgage with no product fee. It’s built for buyers who don’t have a large deposit saved.
As a guide, a £175,000 purchase with a £5,000 deposit works out at around £956 a month. A £250,000 purchase with the same £5,000 deposit comes to around £1,528 a month. Both include a free valuation. That means the lender waives the fee for confirming the property’s worth as part of your application, a cost that normally sits separately from your deposit and other upfront fees.
The scheme covers flats as well as houses. However, it isn’t available on new build properties or shared equity and shared ownership schemes. It also caps lending at 4.49 times income, with a maximum purchase price of £300,000.
That’s worth sitting with for a moment. It’s a five figure sum that a lot of people could realistically save towards. Compare that to the twenty or thirty thousand many assume they’d need. Of course, every buyer’s circumstances are different, so it’s worth getting a proper mortgage illustration based on your own income and deposit before making any decisions.
Talk To Someone Who Knows These Schemes Inside Out
Numbers on a page are one thing. Knowing exactly what you personally could borrow is another, and that’s where a good mortgage adviser makes all the difference.
Lauren Lambert at Mortgage Advice Bureau in Crawley specialises in exactly this. She helps first time buyers work out what’s realistically available to them, including low deposit schemes like this one. She can talk you through your own numbers and what a lender would actually offer, with no obligation.
Lauren Lambert, Mortgage and Protection Adviser, Mortgage Advice Bureau
T: 01293 525525 | M: 07516 182539 | E: Lauren.Lambert@mab.org.uk
Mortgage Advice Bureau, Crawley
Four Apartments Worth A Closer Look
London Road North, Merstham, RH1
Guide price £250,000 to £275,000 – One bedroom, one bathroom, duplex penthouse across three mezzanine floors
This one genuinely stands out. Arranged across three split-level mezzanine floors, it doesn’t feel like a typical one bedroom flat. Instead, it feels like a proper home with real character. Modern fittings and clever architectural touches run throughout, and natural light pours in through large windows. The open-plan living space gives you room to properly spread out, whether that’s a quiet night in or having friends over. The double bedroom offers a genuine retreat rather than an afterthought, and allocated parking plus thoughtful storage complete the picture. It sits just moments from Merstham station, with shops, cafes and everyday amenities close by. In other words, you get a home with real personality and an easy commute in one. If you’ve been looking at flats that all start to blur into one, this is the one that stops you scrolling.
View London Road North and book a viewing
Penryn House, London Road, RH1
Guide price £250,000 to £275,000 – One bedroom, one bathroom, refurbished top floor apartment
This is a flat that’s genuinely ready to move into. The current owners have refurbished it throughout, and it comes with a private balcony to enjoy your morning coffee, an en suite bathroom and a separate guest WC. Floor-to-ceiling fitted wardrobes make the most of the space, and allocated parking is included too. Redhill station and the town centre both sit within easy walking distance, which makes it an easy sell for anyone wanting low-maintenance living close to the trains. Because there’s no onward chain, a first time buyer could move in quickly too.
View Penryn House and book a viewing
Laton Place, Carlton Road, RH1
Guide price £240,000 – One bedroom, one bathroom, modern top floor apartment
Bright and modern throughout, this top floor flat has a Juliet balcony that fills the living space with natural light. A separate fitted kitchen, and allocated parking is included. It sits in a well-kept development just a short walk from Redhill station. Better still, the vendor is already found and ready to proceed, which takes one of the biggest uncertainties out of the process for a first time buyer.
View Laton Place and book a viewing
Stirling House, Garlands Road, RH1
Guide price in excess of £175,000 — One bedroom, one bathroom, purpose-built upper ground floor apartment
The most accessible of the four on price, and it doesn’t feel like a compromise. This purpose-built flat sits on a quiet, popular residential road, with the station and town centre both within easy walking distance. It comes with allocated parking, a long lease and no onward chain, making it a genuinely straightforward first purchase.
View Stirling House and book a viewing
Ready To See Them In Person?
None of this replaces proper mortgage advice, and every buyer’s circumstances are different. But if a £30,000 deposit was the thing standing between you and buying, it might be worth finding out what’s actually possible with a lot less.
Click through to any of the four listings above to book a viewing directly online, or call Sky Sharp on 01737 888220 to arrange a time that works for you.
Frequently Asked Questions
How much deposit do I need to buy a flat as a first time buyer?
Some current schemes accept deposits as low as £5,000, subject to lending criteria, income multiples and a maximum purchase price. Every lender’s terms differ, so it’s worth getting advice on which scheme fits your circumstances.
Can you buy a flat in Redhill or Merstham with a £5,000 deposit?
In many cases, yes. Some first time buyer mortgage schemes accept a £5,000 deposit on properties up to £300,000, which covers a number of flats currently for sale in Redhill and Merstham. Eligibility depends on income, lending criteria and the specific property, so it’s worth checking with a mortgage adviser.
Can first time buyers get a mortgage on a flat with a low deposit?
Yes, though not every low deposit scheme covers flats. It’s important to check that the specific product you’re considering applies to the property type you want, since some schemes exclude flats, new build homes or shared ownership.
Is buying cheaper than renting?
It depends entirely on the property, the mortgage product and your own finances. Monthly repayments on a low deposit scheme are often more manageable than people expect, but the bigger barrier for most first time buyers isn’t the monthly cost, it’s assuming they need far more saved for a deposit than they actually do.
Are these mortgage rates guaranteed?
No. Rates, criteria and product availability change and depend on individual circumstances. The figures here are illustrative examples and should be checked with a qualified mortgage adviser before making any decisions.
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