Buying your own home is a dream for many people, although the increasing house prices and strict affordability checks may make it seem impossible. Taking action now could help you to make your dream a reality.
Reducing outgoings will help you to increase monthly savings, so you reach your target much faster. Once you apply for a mortgage, lenders will view the reduced outgoings in a favourable light. Even if you’re currently living with parents, you can still make significant reductions in expenditure. Mobile phone contracts can be changed to something which is a little cheaper and still practical. You could consider a SIM only deal. Produce a budget so that you can see where savings can be made.
Try to make some extra money. If you are working full time, you may be able to secure a pay rise. You could sell some of your belongings which you no longer use, like old mobile phones or any designer clothes which you no longer wear. If you are living with parents, they may agree to put some of the board money which you pay, into a savings account towards your deposit.
Make sure that your savings are in the best place for attracting higher rates of interest. Some accounts will pay more in interest than others. Once you have found a way to make some extra cash to save towards your deposit, speak to a CeMAP mortgage adviser, who will help to find the most cost effective mortgage deal.
