How to save for a mortgage deposit

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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.

Read also: How to get Start up loans with bad credits

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┬álike the Help to Buy Isa.

READ ALSO: GIZ donates motorbikes, laptops and others to Ghana Police Service.

Source: Ghnewspress.com

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