Raising Deposits


#1

Hi all,

I’ve a property with c. 40% of equity and in the current circumstances banks will only provide equity release for home improvements.

Buy-to-lets now require 25% deposit.

Is there alternative ways of raising deposits? (not looking to raise the full deposit just a portion of it!)

Any feedback is appreciated.

Fuddy.


#2

You can save use product called regular saver account, it allows you to make small monthly contributions that get accumulated overtime and can be used for deposit. You will also earn small interest.


#3

Regular saver accounts now pay peanuts for interest and what little interest you do gets taxed at an insane rate


#4

Financial repression! Where’s our risk-free rate of return? It’s no wonder we’re forced to become rentiers and speculators.


#5

I think he is just looking to raise money for deposit, not to make great investment - those accounts pay over 100% of what you paid in and government allows you to keep gains from deflation tax-free. There are two advantages, first is ability to save very small amounts of money as transaction costs are near zero, second is that return is guaranteed by all people in Ireland.


#6

Or even better Nationwide UK Ireland pays 4% on regular savings and is guaranteed by all people in the UK!