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EXPERT ADVICE

Top tips to boost your mortgage deposit

Save as much as you can
Buying your first home? ESPC Mortgages’ Paul Demarco shares his top tips
If you can afford to save money each month,
to enhance your budget before buying. then you should try and save as much as you
possibly can while you’re getting your deposit
together.
Try calculating a monthly budget to work
out what you can afford to save each
month, considering where you can cut costs. Research different locations
Perhaps you can dine out less, or order fewer Properties in popular areas can come with a
takeaways – or perhaps you could swap your premium price tag, meaning you’ll likely need
bus, train or tram commute for a walk or cycle? a larger deposit– or you’ll need to have extra
Once you’ve decided on the amount, set up funds available to make higher bids, in the
a standing order to transfer it to your savings event of a closing date.
account as soon as you get paid.
It’s worth spending time researching a variety
Set up a Lifetime ISA of different areas to explore what places meet
If you’re saving for your first home but not your needs – you might discover somewhere
planning to buy just yet, you could consider more affordable nearby that offers similar
a Lifetime ISA. You can save up to £4,000 a amenities, but at a lower price.
year, and get a 25% tax-free bonus from the
Government – a maximum yearly bonus of For example, if you love the idea of Portobello
£1,000. You need to be aged 18 and 39 to open but find the prices a stretch, you could look
a Lifetime ISA but once open, you can make at nearby areas such as Musselburgh. If you
contributions and get this bonus until age 50. long to live in Leith, it’s much more affordable
in the Easter Road area than at The Shore.
Your Lifetime ISA must either go towards Small compromises on location can make a
hen it comes to buying your first Seek independent mortgage advice your first home or retirement which you can huge difference when it comes to your loan-
to-value amount.
home, having a bigger deposit can An independent mortgage broker, like those withdraw free of charge from age 60. If you
Whelp your budget stretch further, at ESPC Mortgages, can offer advice on how withdraw money for any other purpose, you
especially when it comes to making offers on much you need to save based on your property won’t receive the bonus and may face penalties Get mortgage advice today
properties. Not only that, but having a larger goals, and how to reach your savings target. on the withdrawn amount. ESPC Mortgages is a team of independent
deposit may also help you to secure lower They’ll discuss your lifestyle and outgoings in mortgage advisers based in Edinburgh. With
interest rates on your mortgage, leading to detail, which can highlight areas where you can You must have had a Lifetime ISA for at least many years of experience, they are well-placed
smaller monthly repayments, which could afford to make savings. a year in order to use the money to buy a to help you purchase your first property. Get
leave you with more disposable income to property, so it’s best suited to those planning in touch with the team on 0131 253 2920 or
spend on furnishing your new home. Independent mortgage brokers will also to buy next year. fsenquiries@espc.com.
examine the mortgage market to find the most
If you’re searching for ways to boost your suitable deal for your particular circumstances
mortgage deposit, independent mortgage and offer different options which may even The information contained in this article is provided in good faith. Whilst The initial consultation with an ESPC Mortgages adviser is free and
broker Paul Demarco has shared with us his mean that you might not need to save as every care has been taken in the preparation of the information, no without obligation. Thereafter, ESPC Mortgages’ charges for mortgage
advice are usually £395 (£345 for first-time buyers). YOUR HOME MAY
responsibility is accepted for any errors which, despite our precautions,
top tips to help enhance your savings. much money as you think. it may contain. BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A
MORTGAGE OR OTHER LOANS SECURED AGAINST IT.
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