Top tips for saving a deposit

Saving for a deposit is one of the biggest challenges for people wanting to get on the property ladder. So, it is never to early to start saving where you can. Here’s a few tips to help you get saving! 

How much should you save?

When starting to save for a house deposit, it is important to set a target to reach. Most lenders require you to put down at least 5% of the property price. However, the more you put down, the better deal you will get. 

Therefore, start researching properties in your desired area to find out the average price of current homes. This will give you an idea for how much deposit you will need to save. 

Set up a savings goal

Another important tip is to set yourself a savings goal. Setting up a savings account is a great way to save, as they often have great interest rates and are a way to make sure you’re putting money aside every month. Try to avoid easy access accounts, so you aren’t tempted to withdraw your savings and set up a monthly standing order from your current account. 

Cut back where you can

Making small changes to your everyday spending can really add up. Take a look over your recent bank statements and see where you are spending money. Try to identify any purchases you could cut back on like take-out drinks, impulse buys, and unnecessary monthly subscriptions. 

Bank of Mum and Dad 

If your family members are helping you out with your new homes deposit, why not take advantage of our Bank of Mum and Dad scheme? If you buy an Avant home and your family contributes 5% or more, then we’ll give you £2,000 back to thank them! 

It's also worth noting that family members can be a guarantor on your mortgage, improving your affordability, helping you borrow more to secure your dream home. 

With our incredible offers buying an Avant home could also save you thousands! Reserve one of our selected homes and get your 5% deposit paid, making your move much easier!

Click here to discover you dream home!