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In our line of business we all try to meet our clients’ needs based on their expectations in a very competitive market. Our role as professionals is to provide the best package and service at all times.
Any person entering the property market for the first time or purchasing a second property will need to make an informed financial decision as to what deposit they should be saving for.
The size of the deposit has an impact on a client’s financial situation not only currently, but in the future.
A smaller deposit equates to a larger loan, a higher interest rate and a smaller gain when selling the property. In other words, “Short term gain versus a long term loss”.
While on the other hand, should the purchaser put down a larger deposit, it would be a smaller loan, a lower interest rate and a larger gain when selling.
I have set out a simple scenario taking into an account a 5% and a 20% deposit, to demonstrate the impact of a higher.
One can quickly assess the positives in putting down a larger deposit as opposed to financing a home to its maximum. The larger deposit places our client in a better financial position when purchasing their next property, especially when it comes to covering costs and a new deposit.
Interestingly, Germany is the only country I know of whose banks never granted loans above 80% LTV i.e. always required a minimum of 20% deposit. It is not surprising then that Germany the only European country that hasn’t had to bail out its banks and therefore the only European country that hasn’t any sovereign debt issues.
Not only are 100% LTV loans not in the clients best interests, they are not in the country’s best interests.
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