Three ways to make saving for a deposit easier

April 5, 2016 by Brendan O'Neill

Advice & Tips

Buying your own home is much more difficult nowadays, partly due to increasing house prices and to the rising cost of renting a property. There are ways to make it easier to save up a deposit, although obtaining advice from a mortgage adviser who has had CeMAP training will give you some ideas.

If you are currently renting, consider whether it would be viable to move back to your parents’ home or search for alternative ways to live cheaply. Moving home for a couple of years is often the simplest solution, allowing you to save more money each month. To make this arrangement work for all involved, discuss the amount you will be expected to contribute to the household and any duties you will be expected to perform.

If you are currently renting and have a spare room, consider a lodger to make the rent more affordable. You will have to check with the landlord prior to taking on a lodger, but this could reduce the amount of rent you have to pay every month.

You may be able to move to a smaller property. If you currently live in a house, consider a one-bedroom flat or even house sharing. Your rent will be reduced substantially, making it much easier to save a deposit. Although you may not want to ask anyone for help, moving back home or to a smaller property, focus on the extra money you will be able to save towards the cost of your own home.