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Saving for your first home

It’s getting harder and harder for first time buyers to save for a deposit. With the average apartment price at £246,202 in Berkshire, £199,174 in Hampshire and £319,603 in Surrey*, first time buyers are having to dig deeper into their pockets to rustle up the money for a deposit.

A lot of lenders offer 5% deposit options nowadays but these with come with a higher interest rate than if you save 10% or more. We know that even saving 5% of the purchase price can be challenging these days, so we’ve come up with some top tips for saving.

  • Look at different savings accounts and find the one with the highest interest rate
  • Explore ISAs available to you, such as the Help to Buy ISA or Lifetime ISA
  • Go over your last 6 months’ of bank statements. Check what you’re spending your money on and cut out anything that isn’t necessary, like that morning coffee that could easily be made at the office or that overly expensive phone contract when you could opt for a cheaper plan
  • Have less of a social life, it’s a small price to pay to get yourself on the property ladder
  • Markdown your monthly outgoings, work out what ‘disposable’ income you have and figure out how much you can put away each month (set up a standing order into your savings account/ISA, so you don’t forget to move the money), whilst allowing for any unforeseen expenses such as car trouble
  • Look at increasing your monthly income – a part-time job, overtime or even selling any items that you no longer use/need

If you really want to move out, then with some focus and a bit of creative thinking, this shouldn’t be as hard as you first thought.

If you want any further financial advice, we recommend you speak with an Independent Financial Advisor – click here to book your free consultation.

*Average house prices from Zoopla, correct as of March 2019

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