The deposit
If you are like most first time buyers, you'll be trying to save up the deposit required to buy your first home. After all, it can be expensive enough just paying for your day to day living expenses.
We've got some saving tips to help you on your way.
The minimum deposit depends on who you arrange your mortgage with. It's usually between 5% and 10% of the property's value. While there are some lenders who don't ask for a deposit (often called 100% mortgages), the interest rate you will be charged can be higher, as lenders consider it a greater risk.
If you can put down a bigger deposit, you might find you are offered a better rate of interest. Plus you could avoid paying a higher lending charge (this is the fee charged by some lenders to protect them in case you can't keep up the repayments on your mortgage).
On the subject of fees, don't forget all the other upfront costs involved in moving when you work out the size of deposit you can afford.
Now go to your To Do List to add in your deposit.