How To Save For A Mortgage And Plan Ahead To Buy Your First Home | HuffPost UK – HuffPost UK

Approximately 23-41% of the income that is earned by British residents ends up going to rent or a mortgage payment. These alarming statistics show that it is imperative to think about your future of home-ownership before it actually happens to become better financially prepared. Sitting down and analyzing what you will actually be able to afford in the future is a great place to start. Also be sure to take a look at your spending and see which areas can be decreased.

Key Takeaways:

  • Data shows that in the UK, Brit renters are shelling out, on average, approximately 23-41% of their hard-earned dough.
  • Numbers tallied and put out by the Institute For Fiscal Studies indicate that homeownership among young adults has collapsed over the last two decades.
  • Most lenders require a deposit, which is frequently equivalent to a tenth of the total property value.

“Every little helps and apps can make life easier when it comes to saving. If you bank with HSBC, Santander, Lloyds, NatWest, Nationwide, RBS, TSB, Halifax, First Direct, Co-operative Bank or Metro, you can use an app called Chip. This works by calculating how much you can afford to put away – and then deposits it into savings automatically.”

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