Saving up for a Deposit for a Home

It has become much harder to gain a foothold on the property ladder in the UK, and even if you do have a home, the deposits required on any property purchase can sometimes be as high as 20%. For many people this is just not possible, or they have bad credit and are struggling to find a mortgage as a result. At Central Mortgages we understand these difficulties, and that’s why we offer access to adverse mortgage providers.

Learning how to save for a deposit is important, as it could make the difference in your quest to buy a new home.

Live within Your Means – It is important to work out your exact outgoings and incomings each month and make a budget. Sticking to that budget can be difficult at first but it is achievable. Never go over your budget, buy only the groceries that are on your list, only buy new clothes when they are actually needed, and keep a kitty for social activities and fun times.

Shop Around for Better Bills – There is always a better option for your utility bills. It pays to regularly review what you are spending on your gas, electricity, Internet and phone bills, and shop around for a better deal. Even if it provides you with leverage to get a better deal with your current provider it could give you access to a few extra pounds that can be put away in savings each month.

Shared Ownership or Lodger – If you are struggling with a deposit, why not look at alternative future arrangements for a new home, such as taking in a lodger to help pay the mortgage, or shared ownership where deposit and mortgage will be split down the middle with another person?

For more information about finding the right mortgage for your new home, contact the friendly Central Mortgages team today on 01277 630 183 or email office@centralmortgages.net and we’ll be happy to offer expert advice and guidance on a wide range of mortgage solutions.