How To Get A Mortgage Deposit In Half The TIme

By Mark Strong

'How To Get A Mortgage Deposit In Half The Time' will reveal how you can build a mortgage deposit completely from scratch and get out the rental trap forever.

Tailored for the current economic climate and geared exclusively towards the first time buyer demographic, 'How To Get A Mortgage Deposit In Half The Time' focuses on a mixture of exclusive money saving and cash generating practices.

A heavily researched and essential guide, this book gives you exclusive access to ways you can make and save the money required to buy your first home.

Whilst giving you the tools necessary for getting on the property ladder, you'll be guided through the process in a healthy, happy – and most crucially – sustainable methodology. Getting behind the psychology of saving you’ll achieve your goal efficiently and in record time.

Highlights include...

COMPREHENSIVE GUIDE TO SETTING GOALS AND THE TIMESCALES INVOLVES

HOW TO MAKE A BUDGET THAT WORKS

FIRST TIME BUYER'S GUIDE TO HOW MUCH YOU REALLY NEED TO SAVE

HOW TO BORROW THE MAXIMUM ANY BANK WILL LEND

HUGE AND EVERYDAY MONEY SAVING PRACTICES

DEPOSIT GENERATING ENTERPRISES

HOW TO MAKE A RESIDUAL INCOME

• Language: English
• Publisher: Mark Strong
• Release date: Jan 16, 2013
• ISBN: 9781301893669

Mark Strong

I am currently involved mainly in writing positive thinking, lifestyle, fitness, and spirituality related material and have almost completed my fourth book. I still maintain a keen interest in martial arts, mainly Thaiboxing, and train everyday in muaythai, sometimes in a Thai gym and sometimes in my own. I am also heavily into Yoga and its effect on the body and mind, and I am also working as an IELTS, Business English, Academic Writing and Conversational Instructor in Bangkok.

Book preview

How To Get A Mortgage Deposit In Half The Time

Author: Mark Strong

Smashwords Edition

Copyright 2012

Mark Strong is identified as the author of the ebook ‘How To Get A Mortgage Deposit In Half The Time’, and submits this work in accordance with the Copyright Design and Patents Act of 1988. This ebook is licenced for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this with another person, please purchase an additional copy for each recipient. If you're reading this book and did not purchase it, or it was not purchased for your use only, then please return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.

First Published 2011

2nd Edition Published 2012/13

All Rights Reserved

How To Get A Mortgage Deposit In Half The Time is the intellectual property of Mark Strong.

Limit of Liability/Disclaimer of Warranty

All information given in this book ‘How To Get A Mortgage Deposit In Half The Time’ is based on individual research and does not constitute financial advice. Mark Strong is a registered trademark and cannot be held responsible for the consequences of actions taken, or any consequences through inaction, as a direct or indirect result of the information in this book. All information is used at your own risk. Property prices can go up as well as down. Your home may be repossessed if you do not keep up with your mortgage repayments. Whilst all content is checked for accuracy, no information contained within this book or in any of its links is to be used without taking professional financial advice first. Anyone seeking advice should consult an Independent Financial Advisor or the FSA. Mark Strong is not liable or responsible for any other websites or services linked to or from it. It is forbidden to reproduce any part of this book in any form or medium. Reselling is prohibited.

Dedicated to Kirsty,

For her constant support and for

putting up with all those late nights researching

Table Of Contents

WELCOME!

Welcome!

Chapter Introductions

CHAPTER 1 – Time Scales And Setting Goals

The Post Recession Property Window

Why Buy At All?

Why Start Saving A Deposit Now?

Property And Retirement

Your Own Personal Timescale

CHAPTER 2 – How Much Can I Borrow?

How Do I Work Out What I Can Afford?

A Monthly Figure For The Mortgage Application

A Monthly Figure For You

Making Sense Of It All

Putting Your Figure And The Mortgage Figure Together

How Do I Use This Figure To Work Out What I Can Borrow?

What Else Affects How Much I Can Borrow?

Mortgage Budgeting Tables

CHAPTER 3 – Much Do I Really Need To Save?

Your Expectations And The Future

So What Are The ‘Hidden’ Extra Costs?

What Are The Potential Extra Costs?

And Finally...Work Backwards

CHAPTER 4 – Where To Keep Everything You Save

The Current Account

The Generic Savings Account

The Regular Savings Account

The Cash ISA

The Fixed Rate Bond Account

How To Use Your Accounts

Stocks And Shares

Gambling

Being Lazy With Your Savings

CHAPTER 5 – Planning Your Budget

Outstanding Debt

Nuts And Bolts

The Psychology Of Saving

Take One Month At A Time

Essential Budgeting Tips

CHAPTER 6 – Huge Money Saving Ideas

Slash How Much Rent You Pay

Become A Guardian Angel

Pay Zero Rent

Downsize Your Car

Delaying Having A Family

Delaying Getting Married

CHAPTER 7 – Everyday Money Saving Ideas

House & Home

Food & Groceries

Transport & Motoring

Lifestyle & Habits

Extra Money Saving Ideas

CHAPTER 8 – Huge Money Generating Ideas

Quit Your Job Now!

How To Negotiate A Pay Rise

Get A Second Job

Money You Probably Didn’t Realise You Had Locked Away

Borrowing From Your Family

Borrowing From A Loans Company (Warning!)

Start A Hosting Business

Cover Your Car In Cash

Sell Your Car

Become An eBay Entrepreneur

Make Hundreds From Shares

CHAPTER 9 – Everyday Money Generating Ideas

Sell Your Body

Become A Work Of Art

Start A (Silent) Film Career

Start A Voiceover Career

Turn Your Junk Into Cash

Open Your Own School

Get Paid For Your Opinions

Sign Up Friends To Entertainment Deals

Love Music?

Sell Your Photos Online

Become A Mystery Shopper

Steal Money From Your Friends

Become A Travel Writer

‘Outside The Box’ Extra Jobs

Make Money From Your Blog

Get Into Squidoo

Get Paid To Go On Holiday

CHAPTER 10 – I’m Ready, What Next?

Six Months Before Reaching Your Target

Four Months Before Reaching Your Target

Three Months Before Reaching Your Target

Two Months Before Reaching Your Target

One Month Before Reaching Your Target

Good Luck!

Legal Disclaimer

*****

WELCOME!

Congratulations on your purchase of How to Get a Mortgage Deposit in Half the Time. So many things come in ‘10s’, and this book focuses on just that – saving a 10% mortgage deposit for your first home. It’s also split into 10 easily digestible chapters to help give advice and guidance on your journey towards getting on the property ladder and ultimately owning your very first home.

And to those of you already on the ladder, this book offers countless tips and tricks to help you save towards up-scaling not only your property, but your standard of life too.

And that really is the key to all of this – standard of life. This book is all about making certain sacrifices now in order to reap the benefits a little later on. The old fable of the ant and the grasshopper has never been more appropriate than with first time buyers saving for a mortgage deposit.

Owning your own home has become a hugely daunting and seemingly unattainable goal in the new economic climate, and since the property bubble burst in 2007 lenders have become extremely tight on their lending criteria.

Unfortunately, gone are the days of needing just a 5% deposit for an acceptable interest rate. And for the time being at least, it seems the 100% Loan to Value mortgage is gone – most likely never to return if the Financial Services Authority has anything to do with it.

The goal of owning your own property has been made that much harder by the need for a huge deposit. Once upon a time, a large deposit was simply something that would lower your interest rate, and the more deposit you had the better. Now it’s a necessity for the first time buyer, and the amount of money involved isn't for the faint hearted.

However, all is not lost just yet. With this book you’ll not only learn why now is the ideal time to start saving, but we'll show you how to do it in half the time. Each chapter will give you inside knowledge into how you can achieve your goal of being able to say Welcome to my home. And most importantly, how you can do this is a realistic way that fits in with your current lifestyle and financial circumstances.

Getting your deposit is very similar to the goal of losing weight – it all depends not only on what you want to achieve, but also on your expectations and how realistic you are with them. You may lose some weight quickly through excitement, but without a long-term perspective you’ll slow down and eventually put weight back on. We won't labour the point!

Now is a difficult time to buy but a golden opportunity to do so if you can; and if you follow the examples in this book you’ll be well on the way to setting yourself up with both a place to live, and an investment opportunity that’ll add to your quality of life tenfold later on.

And it’s the realisation of property as a future investment that you should be focused on by the end of this book. Creating a deposit must be combined with hard work and dedication. Without the image of wearing that revealing swimsuit, small things like eating a chocolate bar at lunchtime will hurt our dieter in much the same way spending money on that chocolate bar reduces the potential of our first home.

The little things add up. And with a little discipline over a short period of time, unlike our dieter, we can eat all the chocolate we want once we've slept the first night in our shiny new property – unless you do actually want to watch your figure that is!

Before you get too focused on tightening your belt though, note that saving is only half the picture. We’re going to streamline your finances, that’s for sure. But also later on we’ll deal with how you can supplement your current income to maximise that deposit.

We’ll give you much food for thought, and some great tips on how to make money working from your home (and supply you with a second income). However please be warned that all suggestions require a little work on your part. If you're looking for a get rich quick scheme to build your mortgage deposit we suggest you type that into Google and see what horrors come out.

This book is all about being realistic whilst having fun on the way, and potentially giving you a second income even after you've officially become a first time buyer.

So good luck and get saving!

*****

Here’s a brief outline of what we’ll be covering...

Chapter 1 – Timescales and setting goals

…begins with the timescales involved and why now is such an important time in the property market for you as a first time buyer. It not only deals with property in the current economic climate, but also with your own situation and how you can mould getting a deposit around your personal and financial commitments – no matter what they may be.

Chapter 2 – How Much Can I Borrow?

…fills you in on how much you can expect to borrow for your mortgage and how any current debt you may have will affect this.

Chapter 3 – How Much Do I Really Need To Save?

…deals with the cold hard facts about how much you really need to save in order to get on the property ladder. It's easy to pick a property, work out 10% of its value, and then get saving. The exact costs of buying a home are a little more complicated though. Fortunately they’re all drawn out for you here so there won't be any nasty little surprises once you've finally reached your target. We’ll also deal with the question of why to aim towards a 10% deposit rather than maybe 5% or 20%.

Chapter 4 – Where To Keep Your Growing Deposit

…will help you decide exactly where the best place for you to keep all your hard earned savings is. Interest rates on savings accounts are very low at present, so this section is vital for maximising the returns necessary to reduce the amount of time needed to save your deposit

Chapter 5 – Planning Your Budget

…is where the real analysis of your savings capability comes under scrutiny. Here we’ll not just help you outline an accurate budget, but we'll make sure it's a realistic budget too.

Chapter 6 – Huge Money Saving Ideas

…gets to the heart of saving for your deposit with varying levels of sacrifice you can tune to your own needs. Chances are, you have substantial money saving potential you hadn’t even considered. This chapter will give you a lot to think about and open new avenues for saving cash.

Chapter 7 – Everyday Money Saving Ideas

…some are musts, others are handy tips. But all are great ideas for you to have a go at implementing to see just how much you can save every month. Not many of us are used to having money in our bank accounts at the end of the month, but follow even a few of the ideas here and you’ll soon notice great results.

Chapter 8 – Huge Money Generating Ideas

…gives all the different opportunities available for generating money beyond your regular salary. This could be releasing money you didn't know you had, or getting a secondary income of varying proportions.

Chapter 9 – Everyday Money Generating Ideas

…offers ways you can earn a little extra cash without putting in too much effort. There are thousands of websites offering you the chance to make money, but we do all the work for you – sorting out the genuine opportunities from those intended to deceive. We’ll detail some working from home opportunities that require little more than a computer and an Internet connection.

Chapter 10 – I’m Ready, What Next?

…helps point you in the right direction once you’re nearing your goal and gives a brief outline of what you need to do 1 - 6 months before you apply for your first mortgage.

*****

Chapter 1