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How do I save for a deposit?

One thing that might be playing on your mind is just how to save for that all important deposit. You might have seen headlines in the papers saying you need tens of thousands to get on the ladder but the reality can be quite different. Many first-time buyers need to save less than £10,000 and you can half that if you are buying with a partner or friend.

However, figures like this can still seem a little intimidating:
  1. You’ll need at least 5% of the property price for a deposit
  2. If you can find a home for £125,000 in your area, this will be a minimum deposit of £6,250.
  3. Add buying costs (mortgage fee, legal costs, survey) of up to £2,000
  4. Total amount required: £8,250

These number are lot less frightening when broken down:
  1. If there are two of you saving, the cost is halved to £4,875
  2. Break this down each month for two years, it’s £203.13 a month (each)

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