Buying a Home with No Money Down
Photo: Wikideas1 (CC0) via Wikimedia Commons
Vocabulary
mortgage /ˈmɔːrɡɪdʒ/ noun
money a bank gives you to buy a home
I got a mortgage from the bank to buy my house.
deposit /dɪˈpɒzɪt/ noun
money you save and give to the bank before borrowing more
I saved ten thousand dollars for my deposit.
interest /ˈɪntərəst/ noun
extra money you pay when you borrow from a bank
The bank charges interest on my loan.
Article
Many people in the UK want to buy their first home. But homes cost a lot of money. Some people do not have enough money to save. They use a special loan called a mortgage. Now more people are buying homes with very little money saved.
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