Top ways you can save up for your house deposit
One of the hardest things about getting on the property ladder is saving up for your first deposit. To help you get started, we’ve selected the top 3 ways to help you reach your goal.
1. Get rid of unnecessary expenses
The first step is to look at how much you’re spending now and find things that you can cut and add into your expenses. These could be subscriptions that you don’t use or luxury items like branded clothing.
Cutting back on these expenses will help you save more every month. Now, we’re not saying you have to give up completely – after all, it’s nice to treat yourself and eat out every so often! But, everything you can cut back from your budget will cut down the time you need to save.
2. Set up a savings account
If you haven’t got one already, you should consider setting up a savings account for your deposit.
Then, set yourself a budget of how much you want to pay into it every month. You can set up these payments to go directly from your wage before you get a chance to spend it, helping build up your finances faster than you might think.
3. Earn extra income
If you want to hurry the process along, think about any extra sources of income that you could earn. This might mean picking up extra shifts at work, taking up a part-time job or even just selling possessions you don’t need anymore.
Find out what you need before you save
Having a larger deposit can lower your monthly mortgage payments, but in order to work out what mortgage rates you need and how much of a deposit to save up for, you need to speak to a mortgage broker.
They will help you understand exactly what options are out there for you – and point you in the right direction so you can work on your savings. This ensures you don’t just cover your deposit, but have enough to get a mortgage for your dream home and cover any home improvements you need to make the space truly yours.
Ready to speak to a mortgage broker you can trust? Call 0300 124 5655 or fill out the form and request a callback from a trusted advisor.