First home house deposits: These are the small changes that’ll save you more

The average UK home will now set you back around £290,000. While zero deposit mortgages certainly exist, getting a great mortgage deal to fund your purchase requires a decent house deposit.

According to the latest research from high street lender Halifax, the average UK first time buyer puts down a whopping £53,414 as a house deposit – that’s £21,000 more than a decade ago! – which means A LOT of saving has to be done to realise those dreams of becoming a homeowner.

Here at The Mortgage Bureau, we understand exactly what it takes to save big and secure that property with exactly the right mortgage product. For would-be buyers with time on their side, making the following small changes could help you save more money and achieve that property buying goal even quicker…

Switch off those subscriptions

Looking at your current expenditure should be your first port of call when making any savings. Pay particular attention to those subscriptions, are there any you haven’t used in a while? So many of us have forgotten or unnecessary streaming, app or gym subscriptions. If you haven’t used them in the past couple of months, consider cutting them off and keeping the cash.

Love coffee? It’s time to DIY!

If coffee shop coffee is something you spend your hard-earned cash on every day, then it could be time to go DIY! Spending just a few pounds at your favourite coffee shop on that break from work or weekend outing may not sound like much, but it adds up. We’ll let The Motley Fool explain how much you could really save by making your own coffee at home:

“With the £35 price tag on the coffee maker, we’re looking at roughly £0.02 per cup. Then add £0.03 per coffee filter and £0.30 for the coffee (assuming 16g coffee per cup). Which brings us to a grand total of £0.35 per cup. That’s quite a savings from the £2 to £2.50 you might pay at Costa or Starbucks. And that’s just one cup. Multiply that over the two cups per day over a year and you could save up to nearly £1,600 annually. That’s real money.”

Go à la carte at home

Eating out is another big-ticket item that many spend their money on. But, did you know – with a little creativity – you can produce restaurant standard food at home?

Save the dining out for special occasions, and enjoy healthier, home-cooked meals that save you hundreds of pounds every month. For couples and families cooking together, going à la carte at home could even be more fun!

Save on other everyday essentials

Groceries are daily essentials that could be tweaked to make some serious savings. Planning your meals, rather than winging it at the supermarket, will help you prep to perfection, stick to your grocery list and save money. When shopping, opt for store brands over name brands too. In most cases, you won’t notice a difference in quality or taste, yet the cost can be significantly lower.

Planning weekly meals and listing exactly what you need also dramatically reduces food waste, which is great for the planet!

Spend – but spend smarter!

Budgets will be your best friend when making the transition from tenant to homeowner and saving for a deposit for your first home. Budgeting for everyday essentials as well as occasional purchases will not only help you save as much as you can in the short term but improve your spending habits for the long haul.

Setting a gifting budget is a great place to make big savings. Avoid splurging during holidays and birthdays, and instead set a spending cap per person and consider thoughtful DIY or experience gifts. When spending on anything, using cashback or reward apps – such as TopCashback, Swagbucks, KidStart and Quidco – could give you money back on purchases you’re already making.

Busy saving for a first home deposit?

Your next step is getting mortgage advice! We can help to secure a fantastic deal that suits your needs and your finances. Find your advisor today to get started.