As aspiring home-owners, we select viable properties based on our own, unique criteria. Some of us may require the space to build a home office, for example, whereas others will make their decision based on the size and quality of the surrounding catchment area.
Regardless, there are also universal considerations and challenges that all home-owners must pay attention to. These were explored recently in a survey by English Housing, which revealed that while 56% of private renters aspire to own their own home, 34% consider the lack of a large enough deposit as the single biggest barrier to applying for a mortgage at present.
Conversely, just 16% felt that the cost of a mortgage was too high, and these responses highlight a common challenge being faced by buyers in the current economic climate. Put simply, the current generation of buyers are struggling to save the requisite house deposit, while continued price spikes make the dream of home-ownership increasingly fanciful.
With this in mind, it is important that you think strategically when saving for a mortgage deposit and take practical steps towards building wealth. Here are some initial ideas: –
