Top Tips to Help You Save for a Mortgage Deposit

One of the biggest challenges first-time buyers (FTBs) face is getting a deposit together.

Here are some tips to help make this daunting task more achievable.

Number crunch
You’ll need a deposit that’s at least 5% of the value of the property you wish to buy, although some FTBs aim for 10% or even 20%. You’ll also have to pay legal, surveying and mortgage fees, and possibly stamp duty as well.

Budget
Identify areas where you can save money (such as nights out, subscriptions and gym memberships). If you’re buying with another person, discuss your income and debts.

Tech
Use a free budgeting app to monitor your incomings and outgoings.

Seek support
Could the Bank of Mum and Dad lend a hand? If so, now’s the time to talk. Also, explore the option of living with a friend or family member to save on rent.

Savings account
Shop around for the best deal. Look into ISAs and Lifetime ISAs, but always read the fine print as conditions apply.

Looking to buy a property? Contact us today!
Tel 01724 487297
Email info@jc-property.co.uk