Even with Help to Buy and some very attractive mortgage deals around there’s no doubt that trying to buy a first home is ever more difficult. At times it can seem that the need for a large deposit makes it appear near impossible.
But there are some simple steps that can accelerate saving and whilst not an overnight fix, will help you buy that all important home months, if not years sooner.
With the average first time buyer house costing £172,000, the deposit needed is £29,218, according to Halifax Bank so we’ve based our figures on these.
Our seven tips might not suit everyone but adapt them to see the difference for yourself.
7 Surefire Tricks On How To Buy Your First Home
So here it goes…
- Cut the Caffeine. Your morning fix sets you back a whopping £910 a year, and that’s before you’ve paid a fortune for an oversized Bourbon.
- Lose Some Channels. Chances are you are paying loads of money for subscription channels you rarely watch. Get rid and save around £600 a year.
- Wear a Jumper. Turn the thermostat down a few degrees and you’re about £150 a year richer.
- Finish Your Dinner. The average family throws away £720 of food a year. Wrong on so many levels.
- Save in a High Interest Account. Santander will give 3% on up to £20,000 in their 123 Account while many banks give nothing. Get up to £600 interest.
- Train for Your Mortgage. Find out what your monthly repayments are and start a good habit now. Pay the difference between your current rent and the mortgage into a high interest account and you’ll be used to it by the time you buy…and you’ll save loads towards the deposit. Potential saving £2500 a year.
- Get Water on Tap. Don’t buy bottled water (we spend £25,000 on it in our lifetime apparently). Save up to £500 a year or even more if you drink the stuff in restaurants.
Total (almost) pain free saving of £5,980 a year, which should all go into a good account to bring in even more!
If you don’t save a penny elsewhere you’ll be ready to buy in well under 5 years so best start as soon as you can.
Now, where did you put that Christmas jumper…