Our Top 10 Ways to Save

Saving up for a deposit is hard. It takes time, dedication and patience. But if you want to be exposed to the cheaper mortgage deals on the market, you have to save up as big a deposit as you can.

With rent prices costing the same, if not more than mortgage repayments monthly, it can seem that there is nothing left over to save.

That’s why this blog post is dedicated to offering you our top 10 best ways to save up for a deposit.

1. Use What's Available to Help
Government schemes like the Help To Buy scheme are in place to help you. Don't be afraid to make use of them. Find out which schemes could work well for you and then find out how to get involved.
2. Plan your Budget. And Stick to it.
Work out how much you want to save, then look at how much you can realistically afford to put away each month. Calculate how long it will take you to reach your goal if you stick to this budget and work towards that. If you can see an end goal it may feel easier parting with that money for your savings each month.
3. Become a Property Guardian
A much cheaper alternative to rent is property guardianship. It is an arrangement involving living in a listed building, and becoming responsible for its upkeep. This occupation acts as a deterrent for squatters making it home. Becoming a property guardian could mean you end up living in some very quirky and different accommodation styles. And for very little monthly costs, it could help you to save up a deposit much faster than if you were paying the usual monthly rent costs.
4. Take on a More Minimalist Lifestyle.
If you currently live somewhere with spare bedrooms and extra space. It could be cheaper to rent somewhere with only the bedrooms you really need. If you could move closer to work then you will be saving money on commuting costs, too.
5. If you Don't Want to do That, Take on a Lodger!
If going through the hassle of moving house to cut costs doesn't sound appealing, but you do have a spare room, getting a lodger could be another option. Have a talk with your landlord. Ultimately, it's down to them to decide how the spare room is to be let out. You could however make an arrangement to cut your rent costs down in return for finding someone to fill the room. Coming to an agreement that works best for both of you could help to to save.
6. Move Back Home (Temporarily)
If you live close to your family, it could be considered to make arrangements to move back home. Talk to your parents, family or friends that you'd like to move in with. Agree on a rent price, and contributions to utility bills and other costs, and the duration of your stay. The money you save could be huge and it will all go towards a bigger deposit.
7. Join Forces.
If you have a partner, friend or family member that is looking to buy as well as you, and you trust each other wholly, consider buying with them. You could save up double the deposit in half the time and work together on the monthly repayments. Remember though, mortgages are huge commitments, so only consider this if you can trust that if your relationship doesn't work out, your mortgage still will.
8. Do some Window Shopping.
Some mortgages offer to cover your valuation and legal fees. It may cut down your upfront costs to look around for a dealer offering something like this.
9. If you Haven't Already, Start Saving Right Now.
As soon as you decide that at some point in your life you'd like to buy your own home, start saving. Even if it is small amounts at the early stages, it means that when you start seriously considering getting a mortgage, you have a starting point on your savings.
10. Get a Savings Account that Benefits you.
A lot of banks offer interest rewards for setting up savings accounts that you regularly pay into. If you can pay in the same amount monthly, then look out for the banks offering the best interest rates, and use them to their full potential.

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