It is becoming a harder proposition to buy a property as a first time buyer in the UK, but it isnbt impossible. The average deposit put down on a property for a first time buyer is 20% of the total value. Here we look at a few steps to consider when you are looking to save money for a deposit.
How to Lower the Burden b There are a few ways in which you can lower the financial burden, including asking for help from parents or family members for a lump sum gift or informal loan, a shared ownership with friends, help to buy schemes, studying house prices for maximum value in your property choice or by searching for the best value mortgage to reduce overall costs.
Work Out Required Savings b Itbs hard work whichever way you look at it but once you know exactly the amount of money youbll need for a deposit you can plan a savings schedule. Stick to a regular plan, with a set amount that is manageable for your finances.
Choose Where to Save Wisely b You might have a standard savings account or want to put your money away somewhere you canbt touch it for a set number of years. Either way set up a direct debit to transfer money into your savings each payday. That way itbs an automatic thing that you canbt forget about, or change your mind about.
Central Mortgages has a range of mortgage options, including for first time buyers. Give us a call today and webll be happy to talk with you about your personal financial circumstances and put together a plan for your first home.
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