The mortgage deposit is one of the most difficult aspects of a mortgage. Some questions you may have are:
- How do I save enough for the downpayment?
- What are the best ways to save?
- Are there any rebates available?
Here are some answers to those questions:
- Mortgage exemption – The required percentage of your house you need to deposit is 10%. There are ways around this. Provided you meet certain requirements, you can get a deposit lower than a 10% deposit. 1 in 20 houses did this last year.
- Help-to-Buy: For first time buyers who are also categorized under “new-builders”, you can receive a tax refund less than or equal to €20,000. This program helps to reduce the deposit amount for new-builders.
- Tax Refund Services claim the average refund given to customers who look into cash refund deals in between €900-€1100. This will help a little bit when it comes to your deposit.
- Mortgage Cashback – Some banks offer up to 3% cashback, while other banks offer up to €3,000 for switchers.
- Saving money in the long-run will help you with your downpayment tremendously. Saving €10 a day over three years can save you €10,950. It is easier said than done, but if you avoid impulse-buying, this can help you a lot.
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