Buying a House: Saving for a Deposit

Welcome to the first episode, blog, instalment – whatever you want to call it – of my ‘buying a house’ blog series. 

Alright, so let me get right in it with a little bit about me and my situation…

I opened my Help to Buy ISA* with the maximum amount of money you could open it with, £1,200 and every month I added £200 to that account on the 1st of every month – like clockwork. You could only add £200 p/m.

*In a Help to Buy ISA’s the Government gives you a £50 bonus for every £200 you saveyou’ll never see this bonus, the bonus doesn’t go towards your deposit. The Government bonus goes toward your solicitor fees when you’re close to completing on your property.

Alongside my Help to Buy ISA I had a high-interest rate savings account where I also threw money into every month.

When I got any birthday, Raksha Bandhan or Diwali mon£y, I’d throw that into my savings account too. The way I saw it, any money that I had that didn’t come from my monthly pay packet, I didn’t really have that money. 

Saving has been quite easy for me. Especially since March 2020 when the world closed down. I’ve only had 3-4 expensive social events since March 2020.

Anyways, continue reading to find out my top tips for saving for a deposit, this is what helped me:

It’s a long road ahead. Let’s GOOOO!