Saving for a House

How much should I save to buy a house?

Unfortunately the answer is the more the better as it’ll mean you need to borrow less but saving such a big sum can feel impossible.

The minimum you’ll need is a 5% deposit providing you’re eligible for Help to Buy or government schemes that support a 95% mortgage.

How do I save so much money?

The simple answer is minimise expenses and maximise your income. Look at what your current outgoings are and try to reduce or remove some.

You can also try to pay off any debts you may have especially like high interest loans or credit cards, which quickly eat into your saving potential.

How do I start saving?

Make sure you know your budget and stick to it. If you struggle you can look at setting up a separate savings account and leave the card at home when you go out, so you can’t spend easily.

You could also save into an account that won’t allow for withdrawals in a certain time period you set. This removes the temptation to touch it and these accounts can often have a higher interest rate, so it’ll give you a bit more money than saving into your current account.

Get in touch with one of our team to find out if we can help you with your financial planning journey.