Buying your first house is a pretty exciting time for any of us. And, while you may have already started picking out paint colours and choosing a new sofa, you’ll need put down a mortgage deposit on your new home first.
Saving for a house is a good way to show that you can commit to mortgage repayments, and it helps you get into useful saving habits too. Saving money takes time, and can seem a bit daunting, but there are ways to make it easier. Here are some simple tips to help you save to buy your first home.
Plan and budget
Take a look at your income and outgoings to get a clear picture of how much you have available to spend each month. Start by writing down your financial commitments, such as bills, and then deduct these from your monthly income. Once you see what’s left, you can plan your monthly budget.
Be creative
Think of areas where you can cut back on your spending. Examples could include bringing a packed lunch to work, selling clothes you no longer wear, or having fewer takeaways. Just a few small changes can make a big difference to your savings.
Open a savings account
Opening a dedicated savings account for your deposit is an easy way to start putting money aside separate from your other commitments. There are dedicated savings accounts available for first time buyers, so look around for one that works for you.
Do your research
A bit of research will give you a better understanding of all the costs involved in purchasing a property, such as stamp duty tax, and legal and surveyor’s fees. Taking a look into all associated costs of buying a house will help you factor in such costs into your savings plan.
You should also consider the location you’re hoping to buy a property in. What kinds of properties are available? Are they in your price range? Is the property suitable for your needs?
Do things for free
The fun doesn’t have to stop when you’re trying to save money, there are plenty of things you can do for free. Visit a local library and borrow a book instead of buying one, try an online workout instead of paying for gym membership, or go outside for a walk to a different part of your local area.
Get expert advice
It takes time to save a deposit for a house and to go through the house buying process and you should never pay more than you need to. Our team of expert mortgage advisers can help make the process as easy as possible, by answering any questions you may have any searching our network of over 90 lenders to find the best mortgage for you.
An initial appointment to get some advice is free of charge, so you have nothing to lose by speaking to us.
If you’d like speak with one of our mortgage advisers in Salford and Warrington about your options, get in touch with us by phone on 0800 9155409 or send us an e-mail.