{"id":4266,"date":"2019-10-28T16:32:41","date_gmt":"2019-10-28T16:32:41","guid":{"rendered":"https:\/\/www.credit-score.com\/blog\/?p=4266"},"modified":"2022-08-23T09:18:19","modified_gmt":"2022-08-23T09:18:19","slug":"how-to-save-up-a-deposit","status":"publish","type":"post","link":"https:\/\/www.check.co.uk\/blog\/mortgages\/homeownership\/how-to-save-up-a-deposit\/","title":{"rendered":"How to save up a deposit to buy your first home"},"content":{"rendered":"\n<p>You\u2019re looking to buy a home? Fantastic! Now, you just need to save up a deposit to put down on the property to secure yourself a mortgage. Saving for a deposit can feel like a huge task \u2013 and understandably so, it\u2019s a lot of money! <\/p>\n\n\n\n<p>Here, we\u2019ll show you how to save up a deposit. <\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">What&#039;s Included?<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/homeownership\/how-to-save-up-a-deposit\/#In_short\" >In short:<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/homeownership\/how-to-save-up-a-deposit\/#Work_out_how_much_you_need_for_your_deposit\" >Work out how much you need for your deposit<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/homeownership\/how-to-save-up-a-deposit\/#Browse_at_properties\" >Browse at properties<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/homeownership\/how-to-save-up-a-deposit\/#Deposit\" >Deposit<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/homeownership\/how-to-save-up-a-deposit\/#Other_costs\" >Other costs<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/homeownership\/how-to-save-up-a-deposit\/#Budgeting_for_a_deposit\" >Budgeting for a deposit<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/homeownership\/how-to-save-up-a-deposit\/#Work_out_your_income\" >Work out your income<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/homeownership\/how-to-save-up-a-deposit\/#Work_out_your_outgoings\" >Work out your outgoings<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/homeownership\/how-to-save-up-a-deposit\/#How_to_save_for_a_deposit\" >How to save for a deposit?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/homeownership\/how-to-save-up-a-deposit\/#Open_a_savings_account\" >Open a savings account<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/homeownership\/how-to-save-up-a-deposit\/#Credit-Score_offers_two_fabulous_solutions\" >Credit-Score offers two fabulous solutions<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"In_short\"><\/span>In short: <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Make sure you know how much you need \u2013 make sure you\u2019re not\njust saving for the deposit. Consider all of the costs involved in buying a\nhouse such as land registry and stamp duty. Think about removals and furniture\ntoo!<\/p>\n\n\n\n<p>Budgeting \u2013 put together a budget where you note down your\nincome and outgoings and see if there are any places that you can save money,\nsuch as by swapping supermarkets or changing energy suppliers.<\/p>\n\n\n\n<p>Open a savings account \u2013 see what deals you can find for a\nsavings account and make sure everything you save up is put in it. This will\nkeep you on track as you go!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Work_out_how_much_you_need_for_your_deposit\"><\/span>Work out how much you need for your deposit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Browse_at_properties\"><\/span>Browse at properties<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Before you start saving for a deposit, work out how much you\nthink you\u2019ll need. You can do this by looking on property sites and having a\nlook at the prices of the properties that you\u2019d be interested in buying \u2013 make\nsure you stay consistent, always looking at properties with similar features\nand number of bedrooms \u2013 this gives you the best average. Don\u2019t disregard the\nmore expensive ones \u2013 if you just look at mid and low prices then you\u2019ll fall\ninto a trap of not saving enough of a deposit. <\/p>\n\n\n\n<p>While you\u2019re doing this, think further into what it is that\nyou\u2019re looking for \u2013 do you want a spare bedroom? Will you need a garden? What\ntype of location do you need? Make some notes, this will be useful when you\u2019re\nvisiting properties later down the line. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Deposit\"><\/span>Deposit<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Now, think about the percentage deposit that you\u2019re looking\nto raise \u2013 you tend to get a cheaper deal if you put down a higher deposit, but\nyou can go as low as 5% on some purchases. Be realistic, if it\u2019s going to take\nyou considerably longer to get 10% then go with 5%, just know that your rate is\nlikely to be higher. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Other_costs\"><\/span>Other costs <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Remember that you don\u2019t just need to save for your deposit,\nthere are lots of extra costs that come with buying a home that you\u2019ll need to\nmake sure you\u2019re prepared for, these include: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Mortgage arrangement fee <\/li><li>Stamp duty <\/li><li>Legal fees<\/li><li>Survey and valuation fees<\/li><li>Land Registry<\/li><li>Furniture, maintenance, renovations, and\ndecorating costs<\/li><li>Removal services <\/li><\/ul>\n\n\n\n<p>Make sure you\u2019ve researched these costs and saved up some\nmoney for them, so you don\u2019t find yourself out of pocket when the time comes. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Budgeting_for_a_deposit\"><\/span>Budgeting for a deposit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>One of the best ways that you can save is by budgeting\nbetter \u2013 this can be really simple and can help you view your finances in a new\nlight.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Work_out_your_income\"><\/span>Work out your income<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>First, work out your income. Write down the different\npayments that come in every month \u2013 this can include your salary, your\npartner\u2019s salary, tax credits, benefits \u2013 anything that credits your account. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Work_out_your_outgoings\"><\/span>Work out your outgoings<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Next, work out all of your outgoings. Try to be realistic\nhere, don\u2019t just assume that you\u2019re going to stop spending in all areas except\nthe essentials, as you\u2019ll lose motivation really quickly. You can start by\nwriting out how much you believe you spend on each category, if you use one of\nthe digital banks or use open banking apps then you can use real figures. <\/p>\n\n\n\n<p>Here are the categories:<\/p>\n\n\n\n<p>Bills \u2013 such as rent, electricity, gas, water, broadband, TV\nlicense, mobile phone bills, and insurance. These are generally non-negotiable\ncosts; however, we\u2019ll look at ways that you can reduce these costs in the next\nsection. <\/p>\n\n\n\n<p>Groceries \u2013 this is your weekly food shop and any toiletries or health products you need. <\/p>\n\n\n\n<p>Entertainment \u2013 this is the costs of going out, such as to\nthe cinema, eating out, gym and swim memberships, and possibly Netflix,\nSpotify, and Amazon Prime Video.<\/p>\n\n\n\n<p>Transport \u2013 this is the cost of fuel, car maintenance costs,\nrail travel, tube tickets, or bus tickets.<\/p>\n\n\n\n<p>Other outgoings \u2013 these are those odd one-off purchases,\nlike buying your auntie a birthday gift, or buying some new clothes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_save_for_a_deposit\"><\/span>How to save for a deposit?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Once you have a good idea of how much you tend to spend on\neach section, look at the ways you can reduce the costs. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Bills <\/h4>\n\n\n\n<p>Make sure you are frequently checking to see if you can get\na better deal on your electricity, gas, and broadband. If you haven\u2019t looked on\nany comparison sites recently then you may be overpaying, or a renewal has\noccurred, and the price has shot up. Search for better energy deals to see if\nyou can save.<\/p>\n\n\n\n<p>In terms of broadband, and some mobile phone contracts, you\ncan often call them up to see if they\u2019re able to offer you anything cheaper.\nSome people swear by this and will do it over and over again, consistently\ngetting a cheaper offer. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Groceries<\/h4>\n\n\n\n<p>Think about the food shops you do \u2013 are you being the most efficient with the costs? Try changing to one of the new cheaper supermarkets such as <a href=\"https:\/\/en.wikipedia.org\/wiki\/Lidl\" target=\"_blank\" rel=\"noreferrer noopener\">Lidl <\/a>and <a href=\"https:\/\/en.wikipedia.org\/wiki\/Aldi\" target=\"_blank\" rel=\"noreferrer noopener\">Aldi<\/a> to see if you can save any money on your weekly shop. If you don\u2019t have either of these stores nearby then consider dropping down from branded products to own brands \u2013 often the ingredients used are similar, or even exactly the same, and some people even prefer the own brands. Your wallet with thank you for it too. <\/p>\n\n\n\n<p>One popular way of cutting costs on your groceries is to eat\nless meat. Vegetables are, overall, considerably cheaper and they tend to last\na lot longer in your fridge, too, even when they\u2019ve been reduced for short\nshelf life. Even cutting out meat one extra day a week could save you some\nmoney. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Entertainment<\/h4>\n\n\n\n<p>Don\u2019t give yourself an entertainment budget of zero. You\u2019ll\nquickly lose motivation and feel downright low about the situation. You need to\nallow yourself days and nights out. Think about the ways you could reduce costs\n\u2013 such as by visiting independent cinemas (I went to see Joker at an indie\ncinema for just \u00a34 per person \u2013 and that was the standard rate for all\nshowings!). These cinemas aren\u2019t only cheaper, but they\u2019re actually much nicer\nand give you a more enjoyable experience. <\/p>\n\n\n\n<p>If you\u2019re not using your gym membership \u2013 cancel it. This is\na big one, as you could save yourself tons of money that you\u2019re spending on\nabsolutely nothing. If you\u2019re using it frequently and make good use of the\nfacilities, then it\u2019s not worth cancelling \u2013 but see if you could find a way to\ncut the price down. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Transport<\/h4>\n\n\n\n<p>If you\u2019re catching the bus quite a short distance, consider\ncutting your costs by walking or cycling instead. If you\u2019re travelling into\nLondon\u2019s Zone 1 then you could get off at a Zone 2 stop and walk the rest of the\nway. If you have a travelcard it includes all London buses, so you could even\nget off at Zone 2 and catch the bus, only paying for zones 2 \u2013 your home zone. <\/p>\n\n\n\n<p>A lot of central London can be walked in less time than you\u2019d think \u2013 for example, Mornington Crescent (Zone 2, Northern Line) is only a short walk away from both Kings Cross St Pancras and Euston (both in Zone 1) \u2013 if you\u2019re travelling from zone 4, you could save over \u00a320 per week (\u00a321.40 to be precise) getting off at Mornington Crescent and walking the rest of the way! That works out to be \u00a31112.80 over 52 weeks \u2013 a no brainer? And, you don\u2019t need your gym membership after all because you\u2019re walking more!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Open_a_savings_account\"><\/span>Open a savings account<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There\u2019s no point in cutting all of these costs if you leave\nall the money you\u2019ve saved in your current account to accidentally spend on a\nnight out. Open a savings account. There are plenty of different options that\nyou can take, and it\u2019s likely that your bank will offer you a preferential rate\non a savings account with them as long as you put in a certain amount per\nmonth. <\/p>\n\n\n\n<p>Set up a direct debit to take a certain amount from your\ncurrent account each month (preferably on payday) and put it into savings. Use\nyour budget that you prepared earlier to work out how much you can\nrealistically put into savings each month and stick to it. Try not to take a\nmonth off every now and again, as you\u2019ll loosen your spending habits again and\nstop saving. <\/p>\n\n\n\n<p>There are loads of options for saving \u2013 from brand new open banking apps that will save for you or round up your transactions, to challenges to save a certain amount each day for a year \u2013 decide on what you can afford, make sure it\u2019s earning interest, and you\u2019re good to go!<\/p>\n\n\n\n<p>To read more about other ways to save <a href=\"https:\/\/www.check.co.uk\/?gclid=CjwKCAjwj42UBhAAEiwACIhADqyWf-Iq2zJdvzDZLALrUG5W0Us0DV9a2dycIj9AKBDX72QAR-81RRoCpnEQAvD_BwE\" target=\"_blank\" rel=\"noreferrer noopener\">click here<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Credit-Score_offers_two_fabulous_solutions\"><\/span>Credit-Score offers two fabulous solutions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you\u2019re preparing to take a mortgage, never apply until you\u2019ve tried our unique and&nbsp;<a href=\"https:\/\/home.credit-score.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">FREE Credit-Score Home app.<\/a>&nbsp;Our smart technology will tell you what you need to fix so you avoid rejection. The app predicts when you will be able to buy, for how much and tracks your month-by-month progress to mortgage success. We\u2019ve even added your own mortgage broker, so you get the best deals available.<\/p>\n\n\n\n<p>More focused on your credit rating? Well, get started for free with&nbsp;<a href=\"https:\/\/www.check.co.uk\/register\" target=\"_blank\" rel=\"noreferrer noopener\">Credit-Score\u2019s 24- Factor Credit Check<\/a>&nbsp;to truly help you improve your creditworthiness and how lenders view you. (Remember: lenders don\u2019t use your credit score! We\u2019ll show you what lenders look for and how to get your credit report in the best shape possible).<\/p>\n\n\n\n<p><strong><em>Last updated by Robert Edwards, July 2022<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"You\u2019re looking to buy a home? Fantastic! Now, you just need to save up a deposit to put&hellip;\n","protected":false},"author":22,"featured_media":4268,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[480,475,272,474,270],"tags":[481,338,478,482],"class_list":{"0":"post-4266","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-deposit","8":"category-first-time-buyers","9":"category-homeownership","10":"category-homes","11":"category-mortgages","12":"tag-deposit","13":"tag-home","14":"tag-homeownership","15":"tag-saving-for-a-deposit"},"acf":[],"featured_image_src":"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2019\/10\/photo-1560520653-9e0e4c89eb11.jpg","author_info":{"display_name":"admin","author_link":"https:\/\/www.check.co.uk\/blog\/author\/admin\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to save up a deposit to buy your first home | Credit-Score<\/title>\n<meta name=\"description\" content=\"The journey to homeownership is a daunting one. 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