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Tips on how to save up for that all important house deposit

Having a plan in place and sticking to it can make it completely achievable.

Here are a few top tips on how to make that process easier:

Reduce your current bills:

  • Check your subscriptions and contracts to check you’re not paying for services you don’t use
  • Make sure you shop around for cheaper mobile phone tariffs
  • If you currently renting, take a look at your utility bills to see if you can switch to make them cheaper
  • If you live alone currently – make sure you’re claiming the 25% discount on your council tax bill

Put money into a savings account regularly

Saving up is much easier if you break down your total deposit needs into smaller and much more manageable amounts each month. Setting up a standing order to pay into a regular savings account can be a good way to ensure you are putting aside money every month. Committing to this is also good practice for when you are having to pay for a mortgage too.

Take it straight out of your pay

Don’t try to live for the whole month spending without thought and saving what is left at the end. Save the most you can as soon as you get paid and then live off the rest. You will find you don’t run out of money and you will see your funds continue to grow.

Pay less rent

Saving on regular renting costs is a good way to boost your monthly savings. Look to see if you can downsize to a cheaper home or flat to rent in the nearby area, as it would only be temporary. Letting out an additional bedroom is also a great way to bring in extra cash that can be saved.

Even better, figure out if there is an option to move back in with your parents. This can be a difficult decision to make, but it could allow you to save up extra cash for other costs you need to factor in, such as solicitors and insurance. 

Read up on the Government schemes

The Government offers help out schemes that encourage people to save so they can get on the property ladder. Don’t forget about the shared ownership scheme – offering first time buyers the chance to buy a share of a home between 25% and 75% of its value and pay rent on the remaining share. There is an option to buy bigger shares when you can afford to! 

The lifetime ISA is a fantastic scheme, open to those aged 18-39. Up to £4,000 a year is eligible for the 25% bonus. You must use the savings to purchase a property.

Visit the Government website to learn more about the schemes available to you: https://www.gov.uk/

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