Saving for First Mortgage Deposit
Despite slight falls in house prices, most first time buyers still face a mammoth task in saving for a deposit. Nevertheless, the break in rising house prices, at least, gives young aspiring homeowners the opportunity to try and save sufficient funds for their first mortgage deposit. These are some suggestions to save money for a deposit, some more painful than others.
Live with parents / relatives.
This may not sound very appealing, but, it can potentially save significant sums on your monthly rent. As this can be the biggest % of your monthly outgoings, it makes sense to look closely whether you can reduce your monthly rent. If moving in with your parents is not an options, look carefully to see if you could find somewhere cheaper to rent. Even a 10% reduction in rent, can save £100 a month. Don’t move to a place where you would be unhappy, but, cheaper doesn’t necessarily mean worse.
Make Saving A Priority
Rather than spending money and saving what is left over. Make it a priority to put aside a certain amount each month. This could be the first priority after receiving your paycheck. By making saving a priority it is possible to make real savings each month.
Original post by Tejvan R Pettinger