Saving a house deposit needs careful planning and 60% of young people in Britain need help from family to raise a house deposit. It does pay though to do your research and have a plan!
60% of young people in Britain with aspirations of home ownership admit that they cannot afford a deposit for a first home without financial help from their family.
According to research form HSBC bank young brits are rethinking how they might spend their savings with 47% looking to cut the cost of a wedding in favour of putting it towards a house deposit.
26% of respondents suggested they would ask guests for cash instead of a traditional wedding gift to put towards a house.
Peter Dockar, head of mortgages at HSBC, said: “With the average deposit for first time buyers now £23,500, it appears that couples are choosing to be pragmatic when it comes to tackling the difficult decision of whether to shell out on a big wedding or buy a home.
“Clearly, it appears that being savvy with the pennies and giving more thought to home buying is becoming a priority.”
Saving for a deposit can always seem like you are taking on a mammoth task but it pays to do your research and plan how you will raise your deposit.
Buying a property is one of the biggest financial commitments you may ever make so researching your options is vital. Mortgage Advice Bureau works with Ryder & Dutton Estate Agents to provide independent mortgage advice in the Manchester, Oldham, Tameside, Derbyshire and West Yorkshire areas.
Meeting with our advisers you will receive totally independent advice specifically tailored to your needs and circumstances, so you will be able to establish exactly what percentage or mortgage you would be eligible for, how much your monthly repayments are likely to be, what additional costs you can expect and how much deposit you need to save.
With clear goals it can be easier to monitor your progress and start to create a budget that includes your deposit and any additional moving fees.
To arrange your free no obligation meeting with our adviser contact us on 0161 925 3255.