Property Buying Guide
Building a Deposit: Saving
The best thing a first time buyer can do whilst building up to buy their first home is to try and build up some savings – and reducing debt. There are some very good savings accounts around which will offer very good interest rates. If you know which lender you are going to borrow from then they may have a savings account offering preferential interest rates. Sometimes loyalty pays.
These days with so many distractions it can be very hard to save for a deposit. If you explain to your parents or grandparents that you are saving for a first house they might agree to ‘match' your savings.
Don't be put off by the prospects that you will never save enough. Any saving history at all will stand you in good stead with the mortgage lenders and you never know when the winds of change may blow and something happens to supplement your stash.
Find out more about how to build a deposit - or even get away without needing one:
Extra work, selling things, cutting down on spending, cutting down on debt l Gifted Deposits l A loan l Investing Abroad l Reducing the size of mortgage deposit needed l No Deposit Options