How to Save for a House Deposit Faster in the UK
Looking to buy your first home? Discover practical tips to save for a house deposit faster in the UK, including savings accounts, budgeting strategies, and government support.
Saving for a House Deposit in the UK: Where Do You Start?
One of the biggest challenges for first-time buyers is saving enough for a house deposit . With rising property prices the deposit needed to get on the property ladder can feel out of reach.
But the good news is: with the right strategy it’s possible to save for a house deposit faster in the UK —even on an average income.
In this guide we’ll walk you through realistic actionable ways to build your deposit from smart budgeting to government-backed schemes .
How Much Do You Need for a House Deposit in the UK?
To buy a home in the UK most mortgage lenders require a minimum deposit of 5% of the property’s value.
Property Value | 5% Deposit | 10% Deposit |
|---|---|---|
£180 000 | £9 000 | £18 000 |
£250 000 | £12 500 | £25 000 |
£300 000 | £15 000 | £30 000 |
However the bigger your deposit the better your mortgage options. A 10–15% deposit may give you access to:
Lower interest rates
More lenders to choose from
Smaller monthly repayments
Top Tips to Save for a House Deposit Faster in the UK
Here are our top saving tips for first-time buyers in the UK :
Set a Clear Deposit Goal
Decide how much you’ll need based on your target property value. Use a mortgage calculator to estimate the deposit and monthly repayments.
Break it into a monthly savings target so you know exactly what to aim for.
Open the Right Savings Account
Choosing the right place to save is essential. Here are the best savings accounts for house deposit UK :
Lifetime ISA (LISA) – Save up to £4 000 per year and get a 25% government bonus (ideal for first-time buyers under 40).- Regular Savings Accounts – Some banks offer high interest for consistent monthly deposits.
- Fixed-Rate Bonds – Lock your money away for better returns (not ideal if you need flexibility).
Always compare interest rates and check if the account is protected by the FSCS (up to £85 000).
Automate Your Savings
Set up a standing order to move money to your savings account as soon as you’re paid. This “pay yourself first” strategy removes the temptation to spend.
Even small amounts—£200 or £300 a month—can quickly add up over time.
Cut Back on Non-Essentials
Make a list of your monthly expenses. Look for areas to reduce spending such as:
Subscriptions you don’t use
Eating out or takeaway costs
Gym memberships or unused services
Every pound saved gets you one step closer to your deposit goal.
Boost Your Income
Consider temporary or part-time side income such as:
Freelancing or tutoring
Weekend jobs
Selling unused items online
Even £200/month extra can significantly accelerate your savings timeline.
Use Windfalls Wisely
Bonuses tax refunds or gifted money should go straight into your deposit fund. It’s tempting to treat yourself but this money can make a big dent in your goal.
Track Your Progress Monthly
Keep motivated by regularly reviewing your progress toward your goal. Use a simple spreadsheet or budgeting app to monitor your savings adjust your plan and celebrate milestones.
Government Schemes That Can Help
If you’re a first-time buyer don’t overlook government support . In addition to the Lifetime ISA you may qualify for:
First Homes Scheme – Discounted homes for local first-time buyers.
Shared Ownership – Buy part of a property and pay rent on the rest.
Help to Buy (England – now closed to new applications but similar support exists in Wales and Scotland).
When Should You Start Saving?
Start as early as possible. Even if you’re not ready to buy yet building up a deposit takes time. And the earlier you start the more interest you can earn—and the more options you’ll have when buying.
Use WiseNest Tools to Plan Smarter
Want to understand how much you’ll need for a deposit based on your income?
Try our free Mortgage Affordability Calculator to:
Estimate how much you could borrow
Calculate the ideal deposit amount
Adjust your timeline based on your budget
Final Thoughts: Be Consistent and Stay Focused
Saving for a deposit isn’t easy but with the right tools and mindset it’s completely achievable. Whether you’re saving £200 or £800 a month the key is consistency .
Keep your goal in sight cut back where you can and don’t forget to explore government schemes that may accelerate your path to homeownership.
You’ve got this! 
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