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How to Save for a Deposit ?

saving for a mortgage deposit NI

Saving a sizeable deposit is undoubtedly the biggest stumbling block for first-time buyers. Luckily most high street lenders offer 95% mortgages to first-time buyers providing you meet the rest of their criteria.

For those who are unable to save the minimum 5% required co-ownership could still be a viable option.

You should also note that the best deals and rates are usually reserved for applicants with the largest

deposits as you would represent less of a risk to your Bank or Building Society. The best rates will be available to those with a 75% or less LTV (Loan to Value).

Create a Saving Plan and Start now !

When saving for a deposit you should always be working towards a goal, first of all, decide approximately how much you want to spend on the property and then work out how much you will need to spend on a monthly basis in order to get it.

Don’t forget to budget for additional expenses such as decorating, solicitor fees and valuation fees.

Boost your Savings !

If you are eligible the governments Help to Buy ISA is a great way to boost your savings and offers a great combination of return and security.

The government will top up your savings by 25% as long as you save the £1,600 minimum requirement. You will also be restricted to saving no more than £200 / month and your bonus will be paid out when you buy a property.

Contact a Mortgage Broker !

If you need help with your mortgage application or just want to have a professional search through a comprehensive range of mortgage products on your behalf Contact us today. We have mortgage brokers across all of Northern Ireland and are always happy to help.

 

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