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How to Save For a House Deposit

February 1, 2022 By Mortgage Light Leave a Comment

So, you’ve decided to begin planning your first step onto the property ladder. For many, the largest obstacle you will face is saving up enough cash for a house deposit. A house deposit is usually required by most mortgage lenders as your initial contribution towards the cost of your property purchase. For a first time buyer, saving for a house deposit can be particularly difficult – especially if you are currently paying out a large part of your income in rent for your existing accommodation.

Before you begin saving for your house deposit, it’s a good idea to have an idea of roughly how much you’ll need to save and the options available to you if you are struggling to reach this goal. Here is a guide and some tips on how to save for a house deposit. [Read more…]

All of our brokers deal with the whole of the mortgage market. It doesn’t matter what the question or when you want to speak to us, we have brokers available on the phone or face to face seven days a week. Whether you are just thinking of buying a home and have no idea where to start, a seasoned investor or someone looking to better your current mortgage product, we are happy to help andchat over ideas free of charge.

So we can give you plain and simple advice we will run through some basic questions to help us tailor products to suit your needs. Upon us taking your application forward we will write to inform you that we have given you advice and give you a Key Facts Illustration breaking down the important elements of the product and the fees involved.

For us to take your application forward to a lender we charge an upfront administration fee of £495. For our returning customers looking to renew their mortgage product this fee reduces to £250. We also receive commission from the lender.

Our fee is payable on mortgage application. We charge up to 1% but our typical fee is £495 for all new residential applications, £645 for loan sizes of £50,000 or lower, and £695.00 for limited company buy to lets. However, with our existing customers our fee is reduced to £250 for a Remortgage or if we end up doing a product transfer we do not charge. Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage. For commercial mortgages, our fees are subject to the nature of the finance and structure of the loan, with a minimum fee of £1000. Other fees may apply. We will receive commission from the lender in addition to the fees you pay. As with all insurance policies, conditions and exclusions will apply.

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