The Deposit Factor

When the time comes to make a big change, sometimes all you need to do is take the first step.

In terms of buying a home, that first step is gathering a substantial deposit.

Not only will a deposit contribute to the size of the loan you can secure, it will also affect the amount of interest you will pay and how long you will be paying off your mortgage.

It is for this reason that it is important to start a regimented savings plan. Setting aside a certain amount of your pay each month will help you to build up a healthy deposit.

Presenting a large deposit will also provide more options than providing a minimum deposit - which usually comes with stringent requirements.

However, for those looking to make the step away from renting and towards ownership, you may be able to claim your monthly payments as genuine savings and secure a minimum deposit loan.

Every lender has its own requirements so it is important to shop around to find the most suitable option for your situation.

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.