Saving for a Deposit
Tips and strategies to save for your home deposit faster.
7 min read
How Much Do You Need?
Most lenders require a deposit of at least 5-10% of the property price. However, the more you can save, the better mortgage rates you will be offered.
A 15-20% deposit will significantly improve your options and reduce your monthly payments. For a £300,000 property, that's £45,000-£60,000.
💡 Tips
- •Aim for at least 10% to access better rates
- •A larger deposit means lower monthly payments
- •Some Help to Buy ISAs can boost your savings by 25%
Saving Strategies
Set up a dedicated savings account and automate regular transfers on payday. This way, you save before you have a chance to spend.
Review your spending habits and identify areas where you can cut back. Even small savings add up over time.
💡 Tips
- •Use a Lifetime ISA for a 25% government bonus (up to £1,000/year)
- •Consider moving to a cheaper rental temporarily
- •Look into savings accounts with the best interest rates