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5 Tips to help you save for a house deposit faster

save for a house deposit

As a first-time buyer, one of the biggest struggles can be having to save for a house deposit. While there are many options out there, most mortgage lenders require a minimum of 10% as a deposit. Although according to the Money Advice Service, the average first-time buyer actually puts down 20%. The fact is, the more you can save for a house deposit, the better rates you’re likely to get for your mortgage. So how can you save as much as possible, as fast as possible? Here are our top tips:

1) Set savings goals

This will really help to keep you on track - not to mention, give you a better idea of how much mortgage you can afford! Firstly, work out how much you want to save in total for your deposit and then, look at your income and expenses and work out a realistic amount that you can save towards your deposit each month. Having specific figures in mind like this will help to motivate you – and it will also give you a clear idea of how long it will take you to save the whole amount.

2) Open a savings account or ISA

This may sound obvious – but we’ve come across lots of people who try to keep savings in their normal bank account. It never ends well! By opening a separate account for your savings, you’re much less likely to dip into them for other reasons – or accidentally spend your savings on your grocery shopping…

Another advantage of opening a savings account or ISA is that you’ll usually get a higher rate of interest on your savings. Every penny counts, after all! We'd recommend looking into Help to Buy ISA's, where the government rewards you for your savings.

3) Set up a standing order

By treating your savings like any other monthly payment, you’re much more likely to stick to your goal. Set up a standing order to take your savings out of your current account and into your savings account as quickly as possible after pay day, so there’s no temptation to spend it.

4) Look for ways to reduce your spending

Regularly reviewing your outgoings is a great habit to get into. Use a comparison website such as Which? Switch to get the most competitive deals on bills like your gas, electricity and car insurance.

You might also find that you have regular payments or subscriptions to services that you’re no longer really using and can cancel. Any extra money can go towards your deposit and help you to get your target amount faster.

5) Have a clear out!

If you’re planning to buy a new home, then it’s a good time to declutter – and you may be surprised by how much you can add to your savings just by selling your old and unwanted stuff!

Lastly, don’t forget to speak to a mortgage broker. Here at BB Mortgages, we can help you to find a mortgage that’s best for your specific circumstances – and deposit size. We’ve helped hundreds of first-time buyers to move into their first home with the minimum of stress – and we’d love to help you too.

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Ellen King

Absolutely delighted with the service we received from Dean. The advice we received was timely and thorough; the service provided went above and beyond our expectations compared to other mortgage advisors we have used in the past and the whole application process was made straightforward and stress free. Overall, an excellent value for money service that I would highly recommend.


Ellen King

BB Mortgages
2019-09-04T15:53:10+01:00

Ellen King

Absolutely delighted with the service we received from Dean. The advice we received was timely and thorough; the service provided went above and beyond our expectations compared to other mortgage advisors we have used in the past and the whole application process was made straightforward and stress free. Overall, an excellent value for money service that I would highly recommend.

Miss Knight

We would like to take this opportunity to thank you for your efforts in making it possible for us to purchase our first property.  You have been brilliant and your services have been friendly, helpful, swift and professional.  We cannot thank you enough and it has been an absolute pleasure working with you.  What is known to be a stressful time has been very smooth and I have yourselves to thank for this.


Miss Knight

BB Mortgages
2016-03-22T17:24:36+00:00

Miss Knight

We would like to take this opportunity to thank you for your efforts in making it possible for us to purchase our first property.  You have been brilliant and your services have been friendly, helpful, swift and professional.  We cannot thank you enough and it has been an absolute pleasure working with you.  What is known to be a stressful time has been very smooth and I have yourselves to thank for this.

Mr L

Mr L hadn’t sold his house but had found the house of his dreams, we arranged a mortgage that allowed him to buy his new house without selling and a mortgage that was flexible enough for him to pay a large amount off when he sells his house.

BB Mortgages
2016-09-13T12:38:09+01:00
Mr L hadn’t sold his house but had found the house of his dreams, we arranged a mortgage that allowed him to buy his new house without selling and a mortgage that was flexible enough for him to pay a large amount off when he sells his house.

Miss G

Miss G sold her house and had found a new house, it all looked straight forward but she had a historical bankruptcy which meant lots of lenders were declining her. We found her a mainstream high street lender that would offer a mortgage even with her previous bankruptcy.

BB Mortgages
2016-09-13T12:43:22+01:00
Miss G sold her house and had found a new house, it all looked straight forward but she had a historical bankruptcy which meant lots of lenders were declining her. We found her a mainstream high street lender that would offer a mortgage even with her previous bankruptcy.

Mr W

Mr W works abroad but wanted to buy a buy to let property, most lenders will require him to own and live in in a mortgaged property in the UK, however we found a lender that would lend at sensible interest rates for a new buy to let purchase.

BB Mortgages
2016-09-13T12:48:10+01:00
Mr W works abroad but wanted to buy a buy to let property, most lenders will require him to own and live in in a mortgaged property in the UK, however we found a lender that would lend at sensible interest rates for a new buy to let purchase.

Mr C

Mr C wanted to buy a student house in Lincoln via a limited company to take advantage of the income tax benefits of this. He spoke with other brokers and high street lenders all of which said it wasn’t possible. We found a building society who specialise in this with sensible fees and interest rates.

BB Mortgages
2016-09-13T12:49:06+01:00
Mr C wanted to buy a student house in Lincoln via a limited company to take advantage of the income tax benefits of this. He spoke with other brokers and high street lenders all of which said it wasn’t possible. We found a building society who specialise in this with sensible fees and interest rates.
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BB Mortgages, Newark

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