How to Put Away the Right Amount of Deposit as a First Time Buyer

As a prospective first-time homeowner in the UK things have never been tougher. The traditional UK lending streams have put in place much stricter terms for securing a mortgage, and the average deposit on a property now stands at around 20% of the total value of the property. This proves a stumbling block to many people wishing to own a home and put the first steps on the property ladder, but it isn’t impossible.

There are a few options open to those looking to put together a deposit for a property. Parents and other family members may have the means to lend or gift a lump sum; help-to-buy schemes are in existence, as well as the choice of shared ownership of property with friends or strangers. All of these options can help to reduce the burden of saving for a large deposit on your own.

It is important to understand the amount of money required in order to put down a deposit. Research the locations and areas that you would like to live, work out average house prices, and take on board professional advice as to what you can expect to receive from a mortgage lender. From there you can work out a strict budget and savings plan to help you meet your target goals.

Once you stick to a regular plan the end result is in sight. Speak to the friendly team at Central Mortgages and we can help you find a mortgage lender that suits your specific needs and budgets, helping you to secure your first home. Call us on 01277 630 183 or email office@centralmortgages.net for more information.

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