None of us need reminding that the housing situation is pretty dire right now. And while Theresa May might be out there making policy promises to help young people one day actually make it onto the property ladder, the prospect of actually owning a house, a real grown-up home with a mortgage and noasshole landlord to argue about damp with, still can’t help but feel really daunting.
Beyond the shitty market and actually finding a suitable house in which to spend your adult years, one of the biggest deterrents to the whole process is getting your deposit together. Because, let’s face it, with many of us struggling to save our first thousand pounds without spending it all on ‘necessities’, the prospect of saving somewhere in the realm of ten thousand is laughable.
WATCH: The UK Housing Crisis Explained
But, fear not because it’s doable. The good news is, if your considering buying with your boyfriend, girlfriend, partner, pal or fancy person, that’s half the deposit to save and someone to give you a nudge when you go to hit ‘add to basket’ on yet another pair of plain black winter boots.
Full disclaimer: I’m not speaking from experience. I’ve just moved back in with my mum. However, trusty internet sources tell me that saving for a house deposit is legit achievable so we’ve gathered the most helpful tips if you and your partner want to have a crack at it.
Set some clear goals (and stick to them)
I know it sounds pretty basic but let’s not pretend that we don’t need reminding. Of course, the amount you need to save will vary a bit depending on where you are, what you’re buying and whatever savings you already have. But the joy of battling the big bad world of home ownership with a partner in crime is that you’ll be more inclined to (read: feel guilty if you don’t) stick to the target you set.
If you have a go-date in mind, work out the deposit amount, divide it by the number of months until you want to secure your mortgage and halve it. That is how much you’re each committing to popping into savings, okay? If, on the other hand, you don’t have a fixed date but want to get the ball rolling a fairer way to split the saving efforts might be to each put a percentage of your pay packet into an untouchable savings account. That way you won’t feel like you’re any more or less out of pocket than whoever you’re saving with.
Stop renting for a bit
‘What?!’, you cry? ‘Well, that’s just fucking ridiculous’. I know it sounds pretty drastic, but if you’re really committed to owning your own home, it might be time to weigh up whether you can go stay with family for a while to try and save all of that pesky rent you’ve been paying. Or perhaps you could stay with your other half for a while if you currently live separately. You’re about to own a house together so may as well give the whole being in each other’s space 24/7 thing a whirl while paying for one room between you and saving for the real deal.
Savings accounts are legitimately helpful
Remember back in the day when your parents told you to open a savings account while you were in sixth form but you never bothered because, lol, who has any real money to save when you’ve just reached legal drinking age? Well, turns out there was something in that. But when it comes to saving (and making) a sizable amount of money quickly, the type of account you chose to save it can make a big difference.
You’ll want to find an account with a good interest rate if you want to speed up the process of reaching your deposit amount. Money Supermarket explains that your best bet might be to try a Cash ISA because your interest won’t be taxed. The downside is that there’ll be a limit on how much you can save but there’s no stopping you from opening one of these and saving elsewhere.
It’ll take a bit of research but don’t forget that you can get accounts like fixed rate ones, and ones that literally don’t let you access the money if you’re prone to spenny moments. And of course, there’s the Help to Buy ISA which we’ve got a handy guide to right here onThe Debrief.
Maybe explore the Help To Buy scheme
I don't know about you but it feels like the government's Help To Buy schemes and shared ownership has been portrayed as the financially probable access point for those of us in our twenties with any hope of saving enough money to buy. Granted, that's not at all surprising seeing that millennials live to bear the brunt of the crash, housing crisis and such. But while it isn't necessarily the answer for everyone and of course, comes with its own fair share of pros and cons, we can't say it isn't worth exploring. And I mean really exploring as opposed to an absent-minded glace at the Help to Buy website. As well as the ISA there's the Shared Ownership avenue, a scheme specifically set up to help those looking to buy in London and the Equity Loan to take a look at.
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This article originally appeared on The Debrief.