The annoying and unhelpful answer that most people will tell you is "it depends"

And it truly does depend - but we want to be a bit more helpful than just giving you a useless answer.

First off, the three of us recorded a podcast around this topic so listen to that here when you have a chance (it's only 15mins long).

But to get to the original question it would depend on a few different situations on whether paying down debt or saving a bigger deposit was best, but ultimately we are just trying to make the numbers on the bank calculators add up.

So if you already have quite a big deposit, it might be best to pay down the debt with any spare money.

If you only have a bit of debt and just need a little bit more deposit to get you to the 10% mark then focusing on getting that deposit up should be where the spare money goes.

Or maybe you are a high-income earner and having a bit of debt and a small deposit isn't going to matter much and we would still be able to get you approved for a mortgage.

Another thing to think about is if you were to get a gift from a family member - is that better to add to the deposit or pay off debt?

A few different scenarios  - hopefully, you can identify with one of them - but again we are the experts, and these kinds of questions are exactly why you have a mortgage broker.

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