Saving for Your Deposit
A good savings pattern is essential. This will confirm to the lender that you are responsible and more likely to commit to a loan repayment contract.
When
you apply for a home loan generally the lender likes to see that you have
saved genuinely 5% of your deposit over at least a six-month period. BUT WAIT...DID YOU KNOW THAT...
Lenders acknowledge that in today's market it is difficult to save for a deposit. To make it easier to enter the property market 100% loans have been introduced by some lenders. If you are able to contribute as little as 3% of the purchase price, you could soon be in your home.
Genuine savings are considered as regular savings deposited into a savings account over a six month period; or term deposits held in the name(s) of the applicant for more than six months; or shares purchased and held in the names of the applicant for six months; or equity held in existing residential property; or sale equity proceeds of a property in the name(s) of the applicant.
It is best to complete a full enquiry with Accomplish Finance to determine how we can guide you into your own home. (Terms and conditions apply)
