Saving for a Mortgage Deposit

A mortgage deposit is your first step on the road to owning a home. There are many things you need to take into account, but we’re not writing this post to help you decide the type of mortgage you require, we’re here to give you advice on saving money.

The best way to save money for a mortgage deposit is to live at home, with parents. Not everybody is open to this move, but there really is no better way. Your parents are likely to ask for a lot less than a landlord or a lettings agency.

It can be hard to see the need for spending money for a landlord or an agency when you can be putting that money to good use, in your own house. And the longer you’re paying rent, the more difficult it is to put money aside for your own mortgage.

If staying at home with your parents is not possible for some reason, then you a house share is another possible alternative to cut the cost of living. Once you arrange cheaper living, the rest will ultimately follow. And you can create a plan of your living expenses to help cut out any excessive spending.  

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