Published On: Thu, Aug 20th, 2020

Mortgage UK: How you could build a deposit as ‘normality’ returns – five top tips revealed | Personal Finance | Finance

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His next tip focused on the current working realities that many people continue to face, despite the actual lockdown coming to a close.

Compare providers and switch

This is often viewed as a task that is more hassle than it’s worth but Brian attempted to make the process easier: “Although lockdown measures are starting to ease, many still continue to work from home, which means now might be the time to review any household bills you have, such as energy, phone provider or insurance.

“Comparing providers and finding better deals can help you save up to £200 a year, which will greatly benefit any contributions to a deposit.

“Why not try Look After My Bills or Bill Monitor, which helps you find the most suitable mobile phone contract based on your usage.”

Finding the best deals available can at times be difficult and as such, Brian’s next tip focuses on what options should be explored, especially for mortgage borrowers.

Talk to an expert

Despite the taboo associated with discussing finances, Brian highlighted that British savers may be more open than many realise: “It’s good to talk to people about your financial situation. We know that 59 percent of Brits are likely to openly speak with their partner about money, and over a third (34 percent) are happy to do so with a close family member.

“Speaking to a mortgage adviser is also a good option if you’re looking to get on the property ladder. They can offer you the relevant guidance on mortgage products available and how this in turn will affect your deposit savings.

“An adviser can explain all the options available to you and will look at your income and outgoings to establish how much you can afford to borrow and how much you’re able to save.”

Finally Brian went on to urge people to not be shy in taking advantage of the various government schemes on offer

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