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Top Ten Tips For First Time Buyers: Tip 3

Tip Three: Save For A Deposit The amount of money you save for a deposit is a large contribut...

Tip Three: Save For A Deposit

 

The amount of money you save for a deposit is a large contributor to how competitively price your mortgage is going to be. It is best to establish how much money you need to set aside for a deposit.You can then choose what kind of account you would like to keep your money in, while you continue to save towards a deposit.

A great option for locking your money away for small periods of time is a regular savings account. These accounts allow you to get competitive interests rates, although you cannot withdraw as often as you can from an easy access account; which in exchange offers worse interest rates as you can withdraw money at any point.

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