Saving for your house deposit, tips in 2024

by Kay Kowalewska​​​​

In today’s competitive housing market, saving for a mortgage deposit can feel daunting. However, with careful planning and discipline, achieving this financial milestone is within reach.

Start by determining how much you need to save based on the property price and borrowing capacity. Set realistic goals and track progress. Review income and expenses to identify areas for cutting back and allocating more funds towards savings. Stick to a strict budget.

Set up a standing order from your current account to your savings account each month. This “pay yourself first” approach ensures savings are prioritised. Research government schemes that can help get on the property ladder with a smaller deposit, offering favourable terms and incentives.

Choose savings accounts with competitive interest rates to maximise earnings on your deposit savings. Compare different accounts and consider opening a lifetime ISA, which provides a government boost on savings for first-time buyers or retirement.

Having a sizable deposit can give you a competitive edge, often translating to lower monthly mortgage payments and reduced borrowing costs. By adopting smart strategies and staying disciplined, you can make significant strides towards achieving homeownership.

Whether you’re a current homeowner looking to move or a first-time buyer, seeking guidance is advisable. With high house prices and affordability concerns, a substantial deposit can make a significant difference.

Kay Kowalewska | Independent Mortgage Adviser Dentons Mortgages

Nicki Sparks | Mortgage Consultant Dentons Mortgages

Email | enquiries@dentonsmortgages.co.uk

Website | www.dentonsmortgages.co.uk

 

 

 

 

 

 

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