Mortgage & Property Advice Centre for First Time Home Buyers

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.

If you are interested in earning extra money to build up your deposit and help pay your mortgage, find out more about how you could do this by calling  Jayne Davey on 01491 671481.
 
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



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Is owning your own home still the be-all and end-a

Is it better to own your home rather than to rent?

yes
no

Is buying your first home more about making money than investing in your long term future?

yes
no

Do you worry about buying your first home and its value dropping?

yes
no

Could the government do more to help first time buyers?

yes
no

Do you think you are doing everything you can to get a decent deposit together?

yes
no, I could do more

Is it likely when you come to buy, that your parents will be helping you with the deposit or your mortgage?

yes
no, not at all