Saving for a house can be an exciting and crucial experience. With the UK economy going through a recession, being smart with our money is the best we can do to have a better future for our generations to come. Opening a mortgage savings account can help and following the tips and tricks from Love Discount Vouchers will help when saving for a mortgage in 2023.
In this blog we will discuss the following:
The average property price in the UK has dropped more than 2% of what it was in 2022. This has not been a shocker for investors as prices have been dropping since the beginning of the year. Some investors seem to project that furthermore price drops are to be expected for the rest of 2023. This is not all bad news because for all those who want to start investing in property, now would be the perfect time to start.
Due to the economic state, some houses are taking longer to sell. This is true for homes selling for ยฃ1 million or above. Some homes are selling below the asking price. On average, sellers often have to accept offers that are 3.8% lower than the original asking price, and more sellers get more discounts.
What does this mean for you as a first-time buyer? Is there any way you can save when buying a house? Letโs dive into it.
If you are looking to save money for a set amount of time and want the certainty of a fixed interest rate, then the fixed-rate bond could be right for you.
No withdrawals are permitted during the fixed term only when the term has matured.
Interest is calculated daily and added annually to the account on the 30th of September.
Using any of these accounts can help in getting ready for your lifetime investment of buying a house. โWhen you decide to buy property, just remember to work out how much can you afford and how much you will need to save up to get a good interest rate.โ - Property explorer, Nontozakhe Raps.
To get more information on Cash ISA Rates, check out our Cash ISA Rates Nationwide: Saving Rates Today blog and start exploring.
As a first-time home buyer, you will need to put down a 20% deposit so you can be comfortable with the repayments. So if your home is worth ยฃ250,000 this means you will need to come up with a ยฃ50,000 deposit from your savings.
Raising that kind of money without proper planning may be a challenge. However, here at Love Discount Vouchers, we always got your back. Use our useful tips to see how you can save successfully for your home. Let’s begin:
Finding the best mortgage rate against your bond is very crucial. Hereโs some valid advice you can take to heart: โMortgages are secured on your home. You could lose your home if you do not keep up payments on your mortgage.โ - Nationwide. So, it is important to choose the right mortgage bond, or simply save up a good amount of deposit to lower your overall interest rate.
Saving for a mortgage deposit can take some time, which is why you need to be smart and not naive about things. So if you are thinking of saving for a house, start now! Donโt put it off for later because that will delay things.
Below are a few Dos and Donโts that we have put together to see if you are on track:
Taking into account these tips will help you save for a mortgage successfully and efficiently.
Itโs no secret that saving for a house is considered the biggest challenge one can embark on. With the cost-of-living crisis currently in the UK and the world, saving for a mortgage is more difficult now than ever before! But not all is lost, although it can take a bit longer than usual, but itโs possible. With our mortgage savings account guide and tips and tricks on how to save for a deposit, you can own property in no time.
Donโt delay, start saving today. To see more best mortgage interest rates for buying a house, check out an HSBC promo code to see how much you can qualify for as a first-time buyer or a remortgager.
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