Saving for a deposit

Buying your perfect house in the current market requires perseverance, dedication and a lot of luck. Properties, such as homes for sale in Kent, are being snapped up quicker than sale items at Topshop, so it's important to be ready and willing to stump up cash when your dream home becomes available.

Of course, raising the money isn't always easy. Most banks require at the very least a 10 to 25 per cent deposit before a

mortgage is offered, which could range from £10,000 to £60,000. That's a lot of money! So, how is it possible to save up such a large amount?

If you and your partner are saving up to buy a home, it's important to draw up a monthly budget plan. For example, putting a certain amount of money away from your monthly salaries is a good way to save up money fast. Put aside £300 each from every monthly payment into a savings account and you'll soon find that saving is easy. That's already £7,200 a year right in the back pocket.

Cutting back on luxury items isn't the most fun in the world, but is necessary to save up for a deposit. This could include opting out of luxury food items in favour of cheaper ones or forgoing a night out with the lads in order to bank an extra £50 for the deposit fund. even basic cut backs such as walking to work instead of driving can save cash which would be spent on expensive petrol. Every little helps.

It's also helpful to keep a record of all your spending. That way, after a month or two, you can identify where you can cut back.

It may not be fun cutting back on the annual sun, sea and sand holiday over the course of the next couple of years, but it will all be worth it when you can sign the contract on house and declare, "This property is mine!"

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