G
etting a good mortgage deal with low interest rates means you need to have a huge deposit which can be a daunting task. The following step-by- step guide shows how you can make turn this colossal task into a manageable reality and finally purchase your dream home.
Weigh your options:
You can reduce your payment using many ways some which include
- Informal loans from family
- Buying the house with friends and family
- Using shared equity schemes
The option you pick should be arrived at after careful consideration of your own unique circumstances, it should be the option that will bring you closest to your goal.
Figuring out deposit rates:
Once you have worked out how much to deposit, you would need to know how much you will be able to save each month. Regular sums are better than irregular one off sums. It pays to be realistic at this stage with how much you can afford to put aside.
Get started:
You should then pick where to put all your savings. The choice should be arrrived at after careful deliberation. You can either set up a separate savings account or an online bank account. The choice is yours
Watch your savings grow:
You should review your savings account once a year to confirm if you are getting the best rate of interest possible.
Our advertising partners offer repayment duration of 12 to 120 months. I.e. 8000 in 48 monthly payments to the 4.50% rate. amount tot. due: 8,756.64; APR max: 10:50%
