We all dream of our own homes, but with high mortgage deposits necessary that dream may seem far away from reality for some. If you are struggling to save for your mortgage deposit, here are a few ideas to consider to get you into your brand new home.
When renting a house, you are unlikely to be left with much to save towards a deposit for your new home. In order to save more of your money to put towards a deposit, you may have to sacrifice some of your own space for a short while. There are a few options that you could consider when trying to reduce the amount that you are spending on rent, here are some:
If you have the chance to live with your family for a short while, this will be a lot cheaper than what you would pay whilst renting your own home. This will give you the ability to increase the amount you are saving quite drastically. If your family and you get along well and they have enough space for you to live in their home, this is definitely worth discussion with them. Before you do move you could discuss how long you plan to stay, rent payments and any house chores you might take on in return for living in the family home.
Finding a cheaper room
You may have friends that have a room available to let, living with them for a short while is likely to benefit you in terms of paying a smaller rent and being able to save more towards a mortgage deposit. If you don’t have any friends to live with, you can explore the web and find a cheap room to rent with other people. There are many platforms on the web that offer this service.
Get a lodger
If you have space within your home, you could reduce your rent costs by taking a lodger in. This will again give you extra money to save towards a deposit. (Before searching for a new flatmate, you will need to ensure that your landlord is happy for you to sub-let your room). The best way to find a lodger is by asking friends, family or your partner to move in or search online throughout the web.