Managing to secure a mortgage isn’t just about proving you can afford to repay it each month. You’ll need to have at least 5% of the deposit saved up – more if you want the lowest rates. But with house prices steady, even 5% can be a huge amount.
If saving tens of thousands of pounds feels like a daunting prospect, you aren’t alone. We asked the Money Advice Service to share some of the ways you can boost the value of your deposit.
Apply for a Help to Buy equity loan
If you’re buying a new build home, you can apply for a Help to Buy loan of up to 20% (up to 40% in London) of the property value.
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