If you’re unwilling to borrow the deposit via an unsecured loan then why not try to save up for the deposit. It does not matter if you spend exactly what you earn as I am going to show you how, by clever financing, you can quickly save up for the deposit by dramatically lowering your residential mortgage. I have used this technique personally which enabled me to purchase 4 properties.
I’m going to use my own experience as an example. Two years ago I had a mortgage with Leeds & Holbeck of £300,000. I was paying £1,375 per month on a 5.5% interest only deal. I then switched to a two year fixed rate deal of 1.89% interest only which reduced my monthly payment to £472.
This gave me a saving of £1375 - £472 = £903 per month.
So in two years it saved me £903 x 24months = £21,672.
Can you guess what I did with my savings? No, I did not blow it on a five star holiday - I bought 4 properties!
Every six months I was able to save roughly £5,500 which I geared up on a 85% mortgage to buy a property worth £35,000.
Do you want to know what these 4 properties are worth now? Well, the total value of this portfolio is now worth over £200,000. That’s not a bad effort for just simply switching mortgage!
So you can see that saving is also a good way of raising a deposit and you can accelerate this by switching to a heavily discounted residential mortgage.
Search the web now for “cheap residential mortgage” in the search box above or below:
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