How to save money to buy a house

Reach your homeownership goal faster with the GoMortgage top tips on saving for that all-important house deposit.

Saving for a House Deposit: Easier Than You Think

Okay, saving for a house might sound tough, especially when everything feels so expensive, right? But don’t sweat it! There are heaps of ways you can snag that dream home. Let’s dive into some savvy saving strategies.

1. Be a Budget Pro

Yep, keeping tabs on your cash is key. Review that budget regularly. Think about unexpected costs, and don’t be shy about making generous estimates. Better safe than sorry, right?

Look for where you can trim those costs. Say bye-bye to that gym membership you never use or that streaming service gathering dust.

Want a super tip? Set up a direct debit to slide cash straight into your savings. No forgetting, no spending temptations.

2. Cut Some Corners

Saving for your home doesn’t mean giving up everything fun. Nope! But keeping an eye on spending is smart.

Check your regular expenses. Are you overpaying for gas or insurance? You could save a bunch by getting those sorted.

And the fun stuff? Dining out, shopping—try cutting it back a bit. Even limiting those meals out to just twice a month can pile up savings.

3. Grab Government Help

Some nifty government schemes can turbocharge your deposit:

Lifetime ISA: It’s like a savings account with a bonus. You stash up to £4,000 a year, and the government pitches in a 25% bonus. Cha-ching!

Shared Ownership: Buy a share of a property, pay rent on the rest. It’s a smoother step onto the ladder with a lower deposit.

First Homes: Discounts of up to 30% on a new home? Yep, this scheme makes it way more affordable for first-time buyers.

4. Call the Bank of Mum and Dad

Lucky enough to have support? Think about family help. But here’s the deal: lenders want this cash as a gift, not a loan to repay. It’s a bit of a process, but it can help.

5. Meet a Mortgage Pro

Talking to a mortgage advisor is gold. They’ve got the scoop on thousands of mortgage deals and can figure out what you can borrow and need to save. Trust us, we’re wizards at this stuff.

Have you got questions? Need a hand? We’re here for you! Let’s chat and make your homeownership dream a reality. Just drop us a line anytime. 🏡💭

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How to check your current credit score

A good place to start when you have issues with your credit file is to check your credit report.

It’s important to note that while having a good credit score can increase your chances of being accepted for a mortgage, there are other factors that lenders consider as well. These include your income, employment history, debt-to-income ratio, and the size of your deposit.

To increase your chances of being accepted for a mortgage, you can take steps to improve your credit score and address any issues on your credit report, such as reducing debt, making payments on time, and disputing any errors on your report.

If you need further guidance with understanding your credit report, send a copy of your report to admin@gomortgage.co.uk

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   Ogbonge AfricanMama 
 2023-10-11
 
 
  I reached out to Chris on facebook after i stumbled on one of his reels, i wasn't expecting anything positive from Facebook as i had been previously turned down by two major Mortgage Advisers.
Natalie and Shirley took up my case and in a short while got me a high street lender despite the price of the property been raised by  20%.
They carried me along all through the process and i was never left in the dark.
I am a single parent , first time buyer and first time landlord.
They also helped me get the right Legal Advisers and Insurance.
I highly recommend their services.
Thank you Natalie and Shirley.
BR
Gina
  
 
       
   Chris Days 
 2023-10-03
 
 
  Amazing service
  
 
       
   Graham Nicholls 
 2023-09-18
 
 
  Rhiannon supported us throughout the mortgage application process. Very friendly, supportive, and knowledgeable. Highly recommended.
  
 
       
   Calum Hayward 
 2023-09-07
 
 
  Absolutely brilliant service! I cannot fault Chris, Natalie and Shirley. They got us our dream home and supported us through the entire journey!
Thank you!
  
 
       
   Meg Talbot 
 2023-08-11
 
 
  We always thought buying our first house would be stressful, when we found this company through a few Facebook videos we thought we would enquire.  Rhiannon got in touch with us and she talked us through the whole process and sorted so much for us! I would not recommend anyone else she has been amazing and we can’t thank her enough.
  
 
       
   benjamin lee 
 2023-07-25
 
 
  After seeing Chris days facebook reels I got in touch with gomortgage and was contacted by Laura who took some details of what I was wanting .Laura provided an outstanding service and nothing was to much even down to final details she explained everything and chased up the lender looking forward to doing buisness again in the near future. 5 star service would not hesitate to pass details on to any family friends etc
  
 
       
   Meritxell Humbert 
 2023-06-30
 
 
  Very professional service, from the early beginning until the purchase is completed.
Valuable and frequent updates to keep me up to date on the purchase process.
Would recommend 100%
  
 
       
   Russ Bury 
 2023-06-02
 
 
  Chris and Shirley made getting my first mortgage so easy and quick. A very professional, friendly and personal approach. I would recommend them and Go Mortgage to anybody. Easily 5 star service. Thank you. Russ
  
 
       
   Anita Winters 
 2023-05-31
 
 
  Chris and Shirley have been so good in helping us secure a mortgage and guide us through to completion. Always ready to answer any questions we had and very responsive in correspondence. Would highly recommend.
  
 
       
   Numan Ashequl 
 2023-05-17
 
 
  We have been very stressed about our housing situation. We came across Laura Thompson. She went above and beyond to support our requirements providing an informative but tailored service for me and my family. We were able to contact her almost any time and she was delightful to talk to. We really appreciate all she has done. Really a great service from Laura outstanding professionalism.  Thank you so much to go mortgage and to LauraThompson!!