Life Savings - or Savings for Life?
Reading this you probably won’t need me to remind you that getting that all important first step onto the property ladder has been more difficult than ever over the last few months. We’ve certainly heard our fair share of stories about just how much first time buyers need to save in order to secure their first home.
Much of the talk has been of the need for first time buyers to save colossal amounts towards a deposit with the average down payment now standing at around £20000. Let’s be honest though how many people out there genuinely have instant access to the riches required for such a large deposit? My guess is not many.
Whilst not necessarily guaranteeing a lifetime of wealth the following tips could just be the key to raising a large enough deposit to secure a favourable mortgage deal:
• Draw up a budget and stick to it
Identifying where your money goes allows you to find areas where savings can be made. Do you really need that new pair of shoes?
• Ditch the car
Petrol prices can be a drain on finances in the current economic climate. Could you get active and walk to work instead?
• Shop around & save hard
Cash ISAs and high interest savings accounts really can allow you to get the most from the money you can afford to put aside each month. Shop around to make sure you get the best deal and try to maximise the amount you can deposit each month.
Despite the challenges of a difficult economic climate we’ve remained devoted to lending a helping hand to those looking to get on the property ladder. Our deposit match scheme quashes any scaremongering out there as we promise to match whatever the buyer manages to save towards the deposit for their new home. In addition our own shared equity scheme MiWay enables buyers to own 100% of their new home despite only having to outlay 85% of the purchase price.
I’m not going to play down the significance of a hefty deposit and can certainly say that it’s never too early to start putting some money aside to secure a favourable deal. Interest rates are picking up again meaning that you can get the most from your savings and we have the schemes available to lend a helping hand. That long-awaited first home will be yours before you know it I’m sure.
Sue Warwick National Sales and Marketing Director – Miller Homes
Much of the talk has been of the need for first time buyers to save colossal amounts towards a deposit with the average down payment now standing at around £20000. Let’s be honest though how many people out there genuinely have instant access to the riches required for such a large deposit? My guess is not many.
Whilst not necessarily guaranteeing a lifetime of wealth the following tips could just be the key to raising a large enough deposit to secure a favourable mortgage deal:
• Draw up a budget and stick to it
Identifying where your money goes allows you to find areas where savings can be made. Do you really need that new pair of shoes?
• Ditch the car
Petrol prices can be a drain on finances in the current economic climate. Could you get active and walk to work instead?
• Shop around & save hard
Cash ISAs and high interest savings accounts really can allow you to get the most from the money you can afford to put aside each month. Shop around to make sure you get the best deal and try to maximise the amount you can deposit each month.
Despite the challenges of a difficult economic climate we’ve remained devoted to lending a helping hand to those looking to get on the property ladder. Our deposit match scheme quashes any scaremongering out there as we promise to match whatever the buyer manages to save towards the deposit for their new home. In addition our own shared equity scheme MiWay enables buyers to own 100% of their new home despite only having to outlay 85% of the purchase price.
I’m not going to play down the significance of a hefty deposit and can certainly say that it’s never too early to start putting some money aside to secure a favourable deal. Interest rates are picking up again meaning that you can get the most from your savings and we have the schemes available to lend a helping hand. That long-awaited first home will be yours before you know it I’m sure.
Sue Warwick National Sales and Marketing Director – Miller Homes
Published:
26 August 2010
at
09:08