Savings accounts, mortgages etc [Help]
 

Yeah not the most exciting of threads but I kind of need some help.

I have savings but looking to save more and put down a deposit on a house in the next 3/4 years.

I have two questions.

1). What is the best type of savings account and who with?

2). Please explain to me all about mortgages, I know nothing about them.

Also is anybody else saving for a house or just got one?

ISAa are good for interest and tax free savings

ISA for saving.

You would be best going to a mortgage advisor for advice about a mortgage because everyone's circumstances are different and so are most mortgage lenders terms.

And most would expect you to have at least 10/15 percent as a deposit.

The higher the deposit you have the better interest rate you're likely to get too. But josy is right and independent FA would be your best bet.

If you use the governments help to buy scheme thing I *think* you only need a 5% deposit and the government pay 20%? Then you only need to get a 75% mortgage

Not too clued up on stuff like that though, this is just what I have picked up from forums

Yeah, I'm trying to save up 15% so my repayments are less. With an ISA is there a particular bank you would recommend? I'm not very good when it comes to stuff like this as I have never really thought about it before.

Oh I'm not really sure tbh I tend to just stick with BOS because I have always been with them, but if you go onto the moneysavingexpert or moneysupermarket sites they will have a list of the best ones this year I think.

Mail on Sunday have a very good financial section with a best for savings and mortgages list each week. As others have said go through a mortgage advisor though some banks do not offer through brokers HSBC being one of these. Go for a repayment mortgage rather than interest only (not sure if interest only are still available but avoid them if they are)

Bank of Scotland, hmm, I'm sure my grandparents were with BOS. I'll have a look at moneysupermarket now. Thank you :love:

I'm glad you made this thread, this is stuff that's started to figure its way into my thoughts and I am just as clueless about it all. I think it's shocking that you're not taught anything about taxes, savings, mortgages and other financial need to knows at school - far more useful than half the ****e you get taught at school and stuff you need to know for life!

It depends if you're saving short term or long term. I'm with Lloyds and got an easy saver account and there's good interest and things like save the change which puts money into it from card transactions. I can get money easy if I need it for whatever. ISA's are good for if you're buying a house or something.

We have an ISA for Skye. Its a tescobank one as I figured tescos are unlikely to go bust or anything in the near future so its probably a good bet. Possibly the wrong way to chose but I don't know much about banks and stuff tbh :laugh:

I'm hoping the government mortgage scheme thing (and right to buy...) is still around in a few years, as we can buy our house for 35-40k by then..which would be an absolutely fantastic deal