Your complete guide to buying your first home
Getting onto the property ladder is a major financial milestone. With careful planning and the right savings strategy, owning your own home is achievable.
Your deposit is typically 5-15% of the property price. The larger your deposit, the better mortgage deals you'll access. A 15% deposit generally unlocks the most competitive rates.
Start by researching property prices in your target area. This helps you calculate exactly how much you need to save.
A Lifetime ISA (LISA) is one of the best ways to save for your first home. You can save up to £4,000 per year, and the government adds a 25% bonus. That's free money towards your deposit.
Open a LISA as soon as possible to benefit from compound growth and the government bonus. You must have had it for 12 months before using it for a property.
The UK government offers several schemes to help first-time buyers. Shared Ownership lets you buy a share of a property and pay rent on the rest. Mortgage guarantees help buyers with small deposits.
Research which schemes apply to your situation. Each has specific eligibility requirements.
Calculate how much you need and work backwards to create a monthly savings target. Cut unnecessary expenses and consider ways to increase income. Every pound saved brings you closer to your new home.
Use Delphina to track your savings and plan your path to homeownership.