To get a mortgage, you must first put down a deposit. This is a sum of money - usually a certain percentage of the total mortgage - that you pay upfront before borrowing money from a lender. Deposit amounts vary according to the price of the property, the average cost of properties in your area, and the type of mortgage for which you are applying. Generally, you'll need to have at least 5% of the overall mortgage sum saved, and borrow the rest. However, many current homeowners are putting down up to 16% of the cost when taking out their mortgage.