You feel ready to purchase your first house and take on the responsibilities that come with it – but you need to save for a deposit.
Saving up for a deposit may seem difficult and can test your patience, but having a sizeable deposit has many benefits. It means you could be offered better mortgage rates due to reduced risk for the lender and it provides them with confidence in your ability to budget, save, and therefore be able to meet your monthly repayments.
Here are our top 3 tips to make saving that little bit easier:
Speak to a mortgage adviser
Whether you have only just started the saving process, half way through or believe you have saved enough to move to the next step, a mortgage adviser can explain to you all your options. They will search the whole of market to find you the best deal that suits your budget and your circumstances. They will look at your income and your out-going costs, and be able to advise you on how much you can borrow, and how much you will need to save.
Budget and make cutbacks
To be able to save efficiently the first step is taking control of your finances. These means understanding and controlling your monthly outgoings against your income. Once you have a grasp on this, it will become easier to identify areas where you are overspending and can cut back.
It is important to estimate your budgets sensibly, and ensure you have some money put aside for unexpected costs – such as car maintenance.
The government has introduced several different schemes to help people like you get on the property ladder. These Help-To-Buy programmes are there to be taken advantage of and could provide you with the helping hand you need to make the final jump to home ownership. If you would like to discuss the different options available to you please don’t hesitate in getting in touch with one of our advisers.
Contact one of our expert financial advisers today for clear information and advice regarding the best mortgage products on the market for you. Call us on 01639 262222 or click here to send us an email.
*Your home may be repossessed if you do not keep up repayments on your mortgage.