Do I need to have saved a deposit?

The deposit required to purchase your new home varies with each lender. The maximum borrowing amount is 90% for First Time Buyers. Second time buyers can now borrow 90% (subject to mortgage underwriting)

Savings: If you are paying rent make sure the rent is paid from your bank account by direct debit using the narrative ‘rent’. Whether living at home and paying your parents rent or renting from a landlord make sure the payment out is visible on your Bank Statement.

Regular Saving

Save as regularly as you can either on a weekly or monthly basis to your Bank savings, Credit Union or Post Office account. Pay off your credit card in full every month and where possible clear any small loans that you may have.

Late payments on any existing loans

Avoid making any late repayments on any finance loans or credit cards you may have.

Overdrafts

Avoid using an overdraft facility on your bank account.