Buying your first home is an exciting time, but it can take a while to build up enough savings so that you can put down a deposit. We’ve compiled a list of 9 money saving tips you can use to work towards saving for your first-time buyer mortgage.

  1. Make a shopping list

Plan your week’s meals at the start of each week. Buy what you need at the shops. Remove the need to go to the shops everyday & the temptation of buying expensive takeaway food.

  1. Sell clutter online

No point in packing for your new home with items you don’t need/use anymore. Sites like eBay, Gumtree and even Facebook make it a whole lot easier to get rid of those unnecessary items and make a bit of money.

  1. Cheaper brands

Can you really taste the difference in supermarket own brands? Do you need the most expensive toilet cleaner? Savings may be small to begin with, but can mount up month to month.

  1. Pay off debt

Not a straight savings tip, but you’ll be saving on interest payments. Try clearing as much of your debt before committing to a mortgage worth thousands of pounds.

  1. Skip alcohol

Could you do a couple of weekends off the beer & wine? Cut out “a few drinks after work”. Try one month with no alcohol. You’d be surprised how much you save.

  1. Discount websites

You still want to have some sort of life while saving for your first home. Sites like Groupon and Wowcher have great daily deals & offers for dining out and a variety of other activities.

  1. Make lunch for work

Buying a premade sandwich, pasta, going to a local deli – £5 a day, £2.50 on coffee, £1 on snacks = £8.50 a day = £2,000 a year. Make something the night before or even get out your bed that few minutes earlier.

  1. Shop during the sales

If you really need to go clothes shopping while saving, there are mid-season sales always happening. If gift shopping, be organised and take advantage while the sales are on. Spend wisely.

  1. Extra work

Is there any overtime going at your work to take full advantage of? Could you work a couple of evenings a week in a new part-time job? The money could be added straight into your savings.

If you’re looking for advice for a first-time buyer mortgage, contact Lifetime Planning on 0800 435349 or fill in our online enquiry form.

Are there any money saving tips you would suggest? Tweet @LifetimeP with what ideas you have.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

This firm will charge the lesser of up to £395 or 1.5% of the mortgage amount. The fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.