With increasing demand for properties and its associated exorbitant prices, mortgage comes to mind.
A mortgage is a type of loan that a bank or building society lends to you to help you buy a property. The amount of mortgage you need to borrow will depend on your personal circumstances. Which include, the amount you’ve saved up to put towards a deposit for a property. Also, is the amount you still need to reach the purchase price of the property you want to buy.
The amount of mortgage you then take out will be a percentage of the purchase price, which is called a loan-to-value or LTV.
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Therefore, there is an urgent need to save towards a mortgage if you require one. Ghnewspress.com, will take you through how to save towards a mortgage briefly.
HOW TO SAVE
At this point, you need to plan your outgoing and incoming funds;
- Plan the percentage of the mortgage you want to put as deposit (thus 5%, 10% or 30%). This will give you a clear picture of how much to save and how long it’ll take to save.
- Reduce drastically, your level of borrowings. This can be done by paying down any credit card or loan debts
- Regularise and prioritise your expenses to reduce unnecessary expenditure.
- Set up a regular standing order or take advantage of government schemes like the Help to Buy Isa.