Saving up for a deposit for a mortgage can be extremely difficult for many young workers, especially during the cost of living crisis.
The process of applying for a mortgage in this current economy can be daunting for people looking to get on the property ladder, with many young people thinking it’s becoming increasingly difficult to do so.
Typically, to save for your deposit it would need to cover between five to 15 per cent of the total purchase price of your property.
With rents sky high, more and more people are struggling to save up enough money for a deposit on a house as well as pay the rent. READ MORE: The prescription medicines you can now get without going to a GP As of January 2023, the average rent a person in Manchester pays is now £1,600 per month.
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