💨 Abstract

After buying a home, homeowners should aim for three to six months' worth of costs to ensure financial stability and cover mortgage payments and monthly outgoings. A first-time buyer in the UK might need at least £3,114 in savings for their mortgage alone, and additional reserves if monthly outgoings are higher. To build up a safety cushion, non-essential home purchases should be delayed. Mortgage protection and home emergency cover are also recommended for added security.

Courtesy: metro.co.uk

Summarized by Einstein Beta 🤖