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How to save for a house deposit as a first time buyer / Moving Series

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Last Updated on by Noni May

Get married – buy a house – have kids – live happily ever after. For many young couples that’s the dream. But, it’s not so easy to achieve these days. In fact, just the thought of saving a deposit for a mortgage is enough to put many young people off the idea of buying a home entirely. But, does it have to be so impossible? Here are some tips that could help you reach your financial goals.

Move in with parents

If you’re a young newlywed couple, the idea of moving back in with parents may not be particularly inviting. However, it’s only a temporary arrangement and if your parents don’t ask for any money towards rent and bills etc., you’ll have more disposable money to save towards a deposit. For many people, six months is enough to save a significant amount of money.

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Cut down on luxuries

We all enjoy the finer things in life, but when it comes to reaching a financial goal, you sometimes have to sacrifice. It’s surprising how much you can save when you cut out a few of your regular luxuries. For example, start home cooking more often instead of eating out or ordering in. You can also save by canceling tv subscriptions or making coffee at work instead of buying one every morning. Take a look at a list of luxuries you could skip on here.

Get a good estate agent

Finding the perfect house isn’t easy, and if you’re a first-time buyer, you’ll need all the help you can get. Finding an estate agent who is willing to go the extra mile will help you immensely. Look for agents that will fight for your business. A good agent will tell you when to steer clear of a property and when a property is a bargain. They’ll also liaise with the seller and solicitors to ensure the sale goes down smoothly.

Get a helping hand

No matter what size of the house you need and what area you choose to buy in, any deposit is difficult to save up quickly. You may need some help reaching that goal. Why not ask family members if they’re willing to chip in towards the deposit and make a deal to pay them back over time? Similarly, there are some banks that give first-time buyers a leg up by offering schemes alongside mortgages. You can compare some of these schemes at Money Saving Expert.

Open a savings account

Putting money aside takes a lot of determination. If you’re keeping the money you’re saving in the same account as the money you’re spending, you’ll be more likely to spend more than you should and it will take longer to save the amount you need. When you’re saving for a deposit, make sure to open a savings account and put the money you want to save separate to the money you need to spend. That way you’ll have less access to your savings and you’re less likely to dip into your savings when you’re spending.

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