Save for a House Deposit in Two Years

28 November 2016

how can i save for a mortgage

The average house price in the UK stood at £217,888 this September according to the Land Registry, but however daunting this figure might seem, it’s not impossible to raise a 5% deposit within two years. All it takes is determination, a little bit of sacrifice, and the home of your dreams could be achievable before you know it. So, how can it be done?

Save, save, save!

A 5% deposit for the average priced house in the UK is £10,894.40. To realistically achieve this goal, you (and maybe a partner) would need to put away £453.93 per month for two years. Obviously, rent, bills and socialising (if you must!) will take their toll on your wage but dividing that between two people gives a figure of £226.97 which is much more manageable.

Curb your expenses

Tips to curb your expenses are two a penny nowadays, but if you’re determined to buy a property then there are some sure fire ways to make real long-term savings. And believe us, there’s nothing more satisfying than watching the numbers go up in your savings account!
Here are some of the best ways to save those all-important pennies:

  • Don’t upgrade your phone
  • Use cheaper supermarkets
  • Bring lunch to work
  • Cut back on alcohol
  • Holiday at home
  • Re-think that takeaway
  • Quit the gym and exercise outdoors (yes, even in the rain!)
And if your wage or outgoings don’t allow you to save for a deposit in two years, don’t be hard on yourself, life’s too short. Extend the deadline of your saving’s goal, and don’t be afraid to compromise a little on your dream home and location if owning a home is your aim. You’ll get there.

Looking for mortgage advice?

For more information on Monmouthshire Building Society’s low deposit mortgage range including our Help to Buy - Wales mortgage product click here.

Your home may be repossessed if you do not keep up repayments on your mortgage. Think carefully before securing other debts against your home.

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