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Money Saving Tips to Save for a House Deposit

Posted on: Monday, February 20, 2023

Saving for your first home is a lengthy and daunting process, which is why you’ll need a realistic plan in place to make your goals feel achievable. This year, many young people across the UK will be doubling down on their saving goals so they can really get the ball rolling into 2023. Accumulating a large sum of money of course requires a little bit of patience, but fortunately, there are plenty of ways to speed things up…

 

Check your utility providers

If you’re currently renting and you’re allowed to switch providers, comparison websites can help you compare quotes, and you might be able to score a better offer for your household expenses such as gas, electricity and broadband. Even a small monthly saving can make a big difference over the course of a year, and if you’re able to switch to a cheaper deal, try putting away the money you’ve saved into a separate account – you’ll be surprised by how quickly those extra pennies add up!

 

Earn back what you spend

Loyalty cards and cashback credit cards enable you to earn a percentage of what you spend in the form of credit on your bill. To maximise the benefits of a cashback card, it’s best to use it for your everyday spending and then pay off the balance in full every month – this part is essential, otherwise the interest you’ll be charged could outweigh the cashback earned.

Using a credit card responsibly will also help improve your credit score, which is important when it comes to applying for a mortgage. 

 

Second-hand savings

The internet and its users have revolutionised the world of second-hand buying

The internet and its users have revolutionised the world of second-hand buying, and today it’s almost a no-brainer to have a look on sites like Vinted or Depop before paying full retail price on an item. If you’re saving for a house, this is a great way to make every penny count. You can even try your hand at it yourself, try having a clear out of your wardrobe or storage and see if you can make any money from unwanted and unloved belongings.

 

Save for unexpected spending

Life is full of surprises; Your car could need repairing, your phone might get lost, or you might receive a hefty parking fine. Whatever life throws at you, it’s a great idea to have an emergency pot ready. The idea of emergency savings is to top them up little but often, and hopefully by the time you’re faced with a financial emergency, you won’t need to dip into your house savings to cover it. 

 

Save in the right places

If you have a help-to-buy ISA open, depositing the maximum of £200 a month will help speed up saving the process immensely

If you have a help-to-buy ISA open, depositing the maximum of £200 a month will help speed up saving the process immensely. Once you have reached your savings goals, the government will subsidise an extra 25% (up to £3,000) to help you buy your first home. If you are buying with someone else, you will each be given a 25% bonus on top of your savings, which is an invaluable benefit for first-time-buyers. 

 

Contact us

Are you ready to buy your first home? Contact your local Guild Member today and we can show you the way!

 

What Our
Clients Say

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I would highly recommend Hardings. Their knowledge of the local area is outstanding, and they give honest and reliable advice. They have always been my partner of choice when buying and selling.

Rhiannon Prothero

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Have used Hardings for many year on both personal and commercial property deals. Have always found them to be transparent, honest, authentic, and a pleasure to work with. Will continue to use in the future.

TB

"

I would highly recommend Hardings Estate Agents. They have excellent knowledge of Windsor and the surrounding areas, and are extremely professional, responsive and courteous. I would not hesitate to using them again the future. I recently dealt with Milica who was instrumental in securing us our new home in Windsor as well as the sale of our existing property. She was a fab negotiator and a real pleasure to work with from beginning to end. Thank you!

Jonathon Beresford

"

Hardings of Windsor managed our purchase with complete professionalism and went over and above in my opinion to manage the transaction and chain, resulting in a really smooth purchase. Milica at Hardings constantly provided timely updates and managed respective solicitors and the chain effectively, always responding quickly to queries. The whole transaction would not have happened without Milicas' focus on making all parties comfortable and satisfying all queries, not only professional but a delightful and welcoming personal approach that was a constant throughout. Thanks Hardings! Thanks Milica!

Stuart Blatch

"

I would recommend using Hardings estate agents when buying or selling your property. Dominic (Scully) was always available, helpful and genuinely interested in my purchase and always calm and compassionate. If I ever move again my first choice will be Hardings.

Cath Powell

"

Dom and the team at Hardings were so helpful and efficient when I purchased my flat - friendly and professional service and kept us up-to-date the whole way through the process. It was my first time buying and so was very nervous but they helped me feel at ease.

Freppell

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We bought and sold through Hardings and can't recommend their professional service enough. The whole Team are really lovely, we were kept informed throughout the process and never had to chase anything.

Natalie Quint

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I used Hardings when I bought my property as well as when I sold it and the service has been fantastic both times. I very much recommend Hardings!

Therese Jouini

"

We recently purchased our new home with Hardings Estate Agents. The whole team there were very helpful and flexible with us, arranging viewings quickly on the same day. They were always quick to respond and if ever our point of contact was not there, the service did not change as they work well together as a team. We received a personalised service, which allowed the sale to proceed quickly. Thank you all and we recommend Hardings Estate Agents without hesitation.

Mike B

"

What a pleasure it was to deal with Milica from Hardings. She sourced the perfect property for me and my family (while we were still abroad) and worked endlessly to put the deal together. I would give more than 5 stars if at all possible!

C D

"

Fantastic customer service and made what could have been stressful a total breeze. Dominic and Louisa were brilliant in helping me and my parents buy and sell our houses - reliable, helpful and thoughtful. Thank you!

Eloise Harris

"

Thank you, Dominic and Louisa - having not moved for over 30 years you helped me all the way, step by step. You were always polite, communicative, reassuring and very supportive. Would recommend Hardings wholeheartedly.

Anna Bowen
How Much is Your Property Worth?

How Much is Your Property Worth?

A senior member of our sales team will visit your property to discuss current market trends and how your home; based on size, condition and location should be pitched to achieve the best possible price and buyer. Coupled with an excellent understanding of the local market we do a detailed analysis of what else has sold and what is coming onto the market so we can give you the best chance to capitalise on your biggest asset.

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