Save towards your next home now

Just last week it was announced that the Bank of England base rate was rising from 3.5% to 4%.

“Fewer people have also been moving house in the first few weeks of 2023 than at any time since January 2018, according to Zoopla, indicating many buyers are holding off buying a new home.” The Money Edit

Still planning a move this year? The costs you should be considering:

It’s not just your monthly mortgage costs to consider, there’ll be mortgage fees; major upfront costs such as a deposit and stamp duty; ongoing costs such as rates and insurance; and of course the cost of moving itself. 

Property News outlines details of the costs involved in buying a house in Northern Ireland, whether this is your first home purchase or moving to a new home.

How much deposit do I need for a house?

Back in 2021, Love Belfast and Belfast Telegraph reported an incredible £30,000 was the average deposit for a first time house buyer in Northern Ireland! Parents and grandparents were helping support their loved ones through “gifting” of large amounts towards their deposits.

Unfortunately given the cost of living crisis, even if you're in a fortunate position to be able to “gift”, it is unlikely to be as viable right now, as everyone feels the pinch with their finances in some way.

Here, MoneySuperMarket.Com highlights how much deposit is needed for a mortgage, based on property values and percentage deposits required.

Get saving now 

For many of us, and as the recent “house move” figures for 2023 suggest, money is too tight right now to make that big move. 

Start planning your house move now and save what you can with your Harp and Crown Credit Union account.  Talk to us today about increasing your monthly payroll contribution or direct debit.  More details on lodgements here. 

Home Improvement  

You might decide to stay put for now and invest in some home improvement, getting ready for the big sale later.  We offer our members very competitive lower interest loans and a key benefit of being a Harp and Crown Credit Union member is the opportunity to borrow 5 x times your savings balance. Ts and Cs apply. 

Talk to us today to find the best solution for you.  

Email creditunion@harpandcrown.co.uk or phone 028 9068 5198.

Or call into our new office at Newforge.  

“Save regularly and borrow only what you need”.

The Harp and Crown Credit Union provides safe, secure, flexible finances for the wider police family in Northern Ireland.