The Initial Step Towards Your First Home
As a first-time homebuyer, one of the most significant steps in your homeownership journey is saving for a deposit. At Castle View Finance, we understand the importance of this milestone and offer insights from a mortgage broker’s perspective to help you navigate this crucial aspect of purchasing your first home.
Understanding Deposit Requirements
When you venture into the realm of homeownership, you’ll encounter various deposit rates ranging from 5% to 20%. While the general advice is to save for a deposit of at least 5% of the property price.
In the UK, the average deposit for a first-time buyer hovers around 15%, we believe this figure provides a practical benchmark for aspiring homeowners.
The minimum amount required will depend on your financial situation. However, it is worthwhile considering the size of your deposit directly influences your mortgage interest rate and subsequent monthly repayments.
Impact of Deposit Size
In general, a larger deposit results in a lower interest rate and smaller monthly payments, providing long-term financial benefits.
In our blog post How Much Deposit Do You Really Need? We break down the average first time home buyer costs on a £230,000 home, empowering you to make informed decisions about your homeownership goals.
As a First Time Home Buyer, lenders have specific products, developed to assist people like you buy your first home!
Find Out More About Your Options
Why Choose Us?
At Castle View Finance, we offer more than just mortgage advice—we provide personalised solutions tailored to your specific needs. Our team of experienced brokers is dedicated to helping you achieve your dream of homeownership by offering guidance every step of the way. Ready to take the first step towards owning your own home? Contact Castle View Finance to schedule a consultation with one of our knowledgeable brokers. We’ll work with you to align your goals with the ideal mortgage for your first home.