SAVING FOR A DEPOSIT
If you want to get a foot on the property ladder, then buying a home is going to cost you. You must have enough money in the reserve to cover stamp duty and conveyancing fees, as well as a hefty deposit. According to the Council of Mortgage Lenders, the average first-time buyer deposit in 2017 was 17% of the purchase price. With this in mind, saving for a home can seem like an impossible task. However, there are ways to make it easier.
First off - let's remember why you want to save up all that money. Put simply, you are building up a deposit of money that you can use to buy your home.
This is the amount of money that lenders look at when deciding whether or not to give you a mortgage. If you have saved up 20% of the home's value, then you are more likely to be granted a loan because it shows that you are committed and serious about buying. If you have not saved up such a high deposit, it means that lenders may judge your level of commitment and whether or not they're willing to lend to you in the first place.