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EXPERT ADVICE

If you’re saving for your first home but not
Top tips to boost your planning to buy just yet, you could consider
a Lifetime ISA.
mortgage deposit

Buying your first home? ESPC Mortgages’
Paul Demarco shares his top tips to Your Lifetime ISA must either go towards your first
enhance your budget before buying. home or retirement, which you can withdraw free
of charge from age 60. If you withdraw money for
any other purpose, you won’t receive the bonus
and may face penalties on the withdrawn amount.

hen it comes to buying your first home, You must have had a Lifetime ISA for at least a year
having a bigger deposit can help your in order to use the money to buy a property, so it’s
W budget to stretch further, especially best suited to those planning to buy next year.
when it comes to making offers on properties and
bidding over Home Report valuations. Not only Research different locations
that, but having a larger deposit may also help you Properties in popular areas can come with
to secure lower interest rates on your mortgage, a premium price tag, meaning you’ll likely
leading to smaller monthly repayments, which need a larger deposit to live there – or you’ll need to
could leave you with more disposable income each have extra funds available to make higher bids in a
month to spend on furnishing your new home. competitive market, in the event of a closing date.

If you’re searching for ways to boost your It’s worth spending time researching a variety of
mortgage deposit, independent mortgage broker different areas to explore what places meet your
Paul Demarco has shared his top tips to help needs – you might discover somewhere more
enhance your savings and make your money go Save as much as you can Set up a Lifetime ISA affordable nearby that offers similar amenities, but
further. If you’re in a financial position If you’re saving for your first at a lower price.
where you can afford to save home but not planning to buy
Seek independent mortgage advice money each month, then you should try just yet, you could consider a Lifetime For example, if you love the idea of living in
An independent mortgage broker, like and save as much as you possibly can ISA. You can save up to £4,000 a year, Portobello but find the prices a stretch, you could
those at ESPC Mortgages, can offer advice while you’re getting your deposit together. and get a 25% tax-free bonus from the save money by looking at nearby areas such as
on how much you need to save based on your Government – a maximum yearly bonus Musselburgh. If you long to live in Leith, it’s much
property goals, and how to reach your savings Try calculating a monthly budget to work of £1,000. You need to be aged 18 to 39 more affordable to buy a home in the Easter Road
target. When you meet with us, we’ll discuss your out what you can afford to save each to open a Lifetime ISA but once open, area than it is at The Shore. Small compromises
lifestyle and outgoings in detail, which can highlight month, considering areas where you can you can make contributions and get this on location can make a huge difference when it
areas where you can afford to make savings. cut costs. Perhaps you can dine out less, bonus until age 50. comes to your loan-to-value amount.
or order fewer takeaways – or perhaps you
Independent mortgage brokers will also examine could swap your bus, train or tram commute
ESPC Mortgages is a team of independent mortgage advisers based in Edinburgh. With many years of experience, they are
the mortgage market to find the most suitable for a walk or cycle? Once you’ve decided on well-placed to help you purchase your first property. Get in touch with the team on 0131 253 2920 or fsenquiries@espc.com.
deal for your particular circumstances and offer the amount you’ll save, set up a standing
different options which may even mean that order to transfer it to your savings account
you might not need to save as much money as as soon as you get paid, so it’s already set The information contained in this article is provided in good faith. Whilst The initial consultation with an ESPC Mortgages adviser is free and
you think. aside and you don’t need to think about it. every care has been taken in the preparation of the information, no without obligation. Thereafter, ESPC Mortgages’ charges for mortgage
responsibility is accepted for any errors which, despite our precautions, advice are usually £395 (£345 for first-time buyers). YOUR HOME MAY
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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