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Cash Isas 'good way to save for a deposit'

Published: 12/05/2011

A cash Isa can be a good way to help you save up for a deposit on a house, according to Justin Modray of candidmoney.com, as it is low risk and tax-free. 

He advised aspiring homeowners to work out how much they need to raise for a deposit and how long it will take them. Then, he suggested working out a monthly budget and cutting down on luxuries like eating out to help reach the target.

"When shopping around for a mortgage look for discounted offers that don't tie you in when the offer ends and make sure you can afford the monthly payments, even if interest rates rise," Mr Modray said.

"Fixed mortgage rates protect from shorter term rate rises, although at present you'll pay more at the outset than [a] variable [rate] and could lose out overall if interest rates don't rise by much over coming years."

RICS reported this week that 18 per cent more chartered surveyors are seeing a rise in new instructions, signalling that sellers are returning to the housing market.

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Last Updated: 11-02-2012