Could you borrow some money from your mum and dad? Or could you move back home to save money on rent? If that’s not ideal, could you buy with a friend or family member?
There are also Government schemes specially designed to help first-time buyers, for example the Help to Buy ISA, which can provide a boost to your savings towards a property purchase. Read more on the Help to Buy: ISA
Are there any little luxuries that you could cut back on to reach your goal quicker? Cancel unused gym memberships, stop buying things like bottled water and new clothes if you don’t need them. Cut out the mid-week takeaways. Scrutinise your food shopping. Switch to cheaper brands for the products you’re not fussy about. You’ll be amazed how quickly all the little savings add up.
It can be hard work, but getting into the regular habit of saving will show mortgage lenders that you can manage your finances. Decide what type of property you’re looking for and start looking around, then you can work out how much deposit you’ll need. If you have a NatWest savings account and are registered for Online Banking, you can use our Savings Goal tool to track your progress.
Set up a standing order to transfer money to savings account as soon as you’ve been paid. That way you won’t be tempted to treat yourself or overspend every payday. The more savings you have to put towards your deposit the better because a larger deposit could mean you could get a mortgage deal with more affordable monthly payments.Compare our savings accounts
Take a look at how much money you have coming in each month and write down all your monthly expenses to get an accurate picture of exactly what you’re spending your hard-earned cash on. Use our budget calculator to work out if you could be saving more.