Personal loan information and resource blog.
When we are taking out a mortgage we normally have to save up a deposit. This is so that we can show the lender that we are capable of budgeting our money and also so that there is some equity in the property so that if the lender has to sell it, due to non payment then they will still make their money back. Most people will provide the minimum they need to, but there are advantages of providing a bigger deposit and so it is worth considering them.
If you provide more of a deposit then you will not have to take out such a big mortgage. Borrowing less has many advantages. You might be able to repay it over a shorter term, meaning that you will be able to repay your loan sooner. You will have smaller repayments which means that it will be manageable. You will be charged less interest and so your loan will be cheaper. You may not think these are that important but they can make a significant difference. If your expenses go up or interest rates rise, then