If you have a bigger deposit will that mean you

[User33002]

Would be allowed to buy a more expensive property than your income would usually allow?

Yes

So work put what the maximum mortgage you can get on your household income is (when we bought our most recent house in march this year most banks were lending around 4.5x your household income but I dont know if this has changed now), and then add on the amount you have for a deposit and that's your house price you can afford.

Bear in mind that with the pandemic it seems that you need at least 15% of the house price as a deposit, if not more.

If you got the maximum mortagate available then yes the bigger your deposit the more expensive house you could buy. I don’t think lenders would lend more because your deposit is bigger but you would possibly get a better interest rate depending on the loan to value rate.

Yes in short.

When I was buying a house I could borrow up to £290,000.

A 10% deposit would be £29,000 so I could buy a house for £319,000.

A 20% deposit would be £58,000 meaning I could buy a house for £348,000.

The more deposit you put down the lower the interest rate based on loan to value (LTV), making it cheaper over the long term.