The upside to saving is not only will you have a sizeable deposit when you come to buying your house, you will also be able to demonstrate to lenders that you are able to budget and save and are therefore more likely to meet your monthly mortgage repayments.
While it may feel impossible to save up enough for a deposit, there are various things you can do to ensure you get on the property ladder sooner than you think.
Talk to a mortgage adviser
Whether you have just started saving or are ready to buy your first home, our mortgage advisers can search over 11,000 products from more than 90 lenders to find the right mortgage to suit you and your circumstances. A mortgage adviser will be able to explain all of the options available to you and will look at your income and outgoings to establish how much you can afford to borrow and how much you need to save.
Budget wisely
Budgeting your money and controlling your income against your outgoings can help you keep on top of your finances and discover where you can make cut backs to help save towards your deposit.
It is important with your budget to consider unexpected costs that may occur and be sensible in your estimates. For example, if you’re feeding a family of four, a budget of £150 a month on food is unlikely to be achievable and it would be better to overestimate your food bill, leaving you with some extra food money for the following month.
If you need help managing your finances you can use our budget template.
