Anyone hoping to one day make it on the property ladder will know of the pain that comes with trying to save up a deposit. Rent coupled with rising prices on just about everything has turned the idea of home ownership into a distant dream for many of us who are desperate to break free from our landlords. So what can you do to give your savings a boost – and is there anything you can do to speed up your chances of making it on the ladder? This is the topic Martin Lewis looked to tackle on this week’s ITV Money show – starting with 50-year-old Nigel. “I’m single and earning around £18,000 a year, will I ever make it on the ladder?” the viewer asked Martin. “I have a £9,000 deposit, and while I would like to buy in London, I know that’s not going to happen.” Explaining what he can do to speed up the process, Martin explained that it’s time for Nigel to open a lifetime ISA. “Open a lifetime ISA – this will give you a 25% boost on every £4,000 you save a year,” he said. “Next up, speak to a mortgage broker -… Read full this story
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