Home buyers know how vital it is to go to the table with a good down payment on their home. Down payments help reduce the total cost by paying less in interest over the years as well as showing banks that you are responsible with your finances and are invested in your home. Many banks will not give you a home loan unless you have a certain percentage down on the value of the home loan. In the UK bankers are finding that potential buyers are saving for up to ten years to save enough to have a generous down payment on a home. This is in part due to better rent options and higher priced homes that take much longer to save for.

Read more: UK home buyers save for up to ten years for deposits – DIGITALLOOK