Wednesday 1 August 2018

How To Save Up For A Mortgage

Getting on to the property market can be hard, but teaming up with someone be it a partner, friend sibling, even getting your parents to help you to give you a leg up into the property world can help do the trick, plus having savings too, but at times that can even be hard to do with living costs hiking up year on year.

Whilst some feel it can be an impossible dream, especially when you are forking out an arm and a leg, throw in some blood sweat and tears to even out the scale, the older and younger generation can find themselves thinking, that yes, it is an impossible dream and that is all it will be and we will forever be paying off someone else's mortgage other than our own and facing ridiculously high rent increases year on year.

Location, location, location
You have to really think, sit down and weigh up your options whilst renting may be easier, is it really affordable in the long run, do you stay in a city where you know property prices surge or step outside of your city life and live somewhere more rural, where it will be cheaper to live and saving you some extra cash, that is where I am currently at, but then I weigh up travelling costs and thinking is it worth it to travel so far daily with a kid in tow, who is just about to start school! Whilst everyone's position is different, moving out of the most expensive areas in for a short period is never a bad idea.


If you don’t want to move back into your family home, maybe your parents can help you get on the market in other ways. Take a look at SunLife who have some great advice for parents wanting to help out their kids

Part buy
So many people have taken to this route where a vast deposit is not needed, whilst you may not own the property outright it is a starting point and a way to get your foot in the door, enabling you to save and chip away at the remaining percentage until you own it outright or have the vast majority.

Chill nights in
Saving not splurging can help you save, instead of opting for nights out, cut back on the weekly night out and opt for a night in with some popcorn a good movie and ditch the takeaway and whip up some homemade Chinese sweet sticky chicken wings to help save you a little extra dough towards that dream home of yours.

Make your dream a reality
Simple really, in order to vision what you want, go and see what you want, nothing wrong in booking a few viewings, look at the location, look at the homes available to get an idea of what you want and how much it is going to cost you, to get a real sense of your price range you really need to know what is on the market. In recent years first-time buyers have typically used a 20% deposit to buy a house, so factor that in when you are going on your viewings.

Have you been saving for a deposit? How did you do it, where did you start? I would love to hear your comments below....

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London Mumma

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