mortgagesOver 40% of new mortgages in the fourth quarter of 2023 – or 91,394 – had terms going beyond 66, the current state pension age.that can provide a much-needed boost towards their house deposit, and choosing the right one could fast-track their dream of owning a home.
In fact, Quilter found it would take you a whopping 17 years and six months to save a £25,000 deposit, based on an account paying 2% interest.HAVE you ever wondered how first-time buyers manage to go from savers to homeowners?An instant access cash Isa lets you take out your money when you want, without a penalty.But an added bonus is that they pay slightly higher interest than a standard easy access savings account.
Plus, you get a 25% bonus from the Government each tax year, meaning if you saved £4,000 you'll get a £1,000 bonus.But it may come as a surprise for many that the are accounts out there that will help you reach your target deposit amount quicker. Any money invested into a Stocks and Shares ISA is subject to stock market changes, so there is a chance your money could decrease after you invested it.However, if you invest in a company that hands out dividends and performs well, you could benefit from 12 months of dividend payments if you invest at the beginning of the tax year in April.The performance of your Stocks and Shares ISA will depend on how you invest, but assuming you get a return of 7.