Tips For Saving For Your First Home
You know how the old saying goes, ‘Look after the pennies and the pounds will look after themselves’. With this in mind, we’ve put together some tips on how to save up for that all important deposit.
Set up a standing order
A good way to ensure you are putting savings away each month is to set up a standing order, directing money into your savings account automatically, without you even having to think about it.
Cut down on spending
This sounds simple, however, morning coffees, takeaways and subscription services can add up to a lot per month. Of course we all need luxuries and to treat ourselves but consider curbing your spending slightly on unnecessary services by going through your previous bank statements and analysing your spending habits, cutting out those services which are not as necessary on a regular basis.
Open a new savings account
Do your research and ensure you have a savings account that offers the best rates of interest or perks. Transferring money between providers can often be accomplished in just a few clicks and this can help you to build up your savings.
Declutter and sell
Once you have saved your deposit, you will need to start thinking about moving, so this will make that process easier. Go through your belongings and upload anything you don’t use anymore to eBay. All earnings from this can be transferred straight to your savings account.
Finally, but most importantly, consider settling down through Shared Ownership. Shared Ownership allows buyers to purchase a share of a home, typically between 25% and 75%. Due to this, a mortgage is only required on the share purchased – meaning that the typical deposit for Shared Ownership is much lower than when buying on the open market.
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