Save for a House Deposit Checklist
Your roadmap to owning a home. Tick off items as you complete them.
0 of 14 items completed
1. Research property prices in your area
Know how much property costs to calculate the deposit you need
2. Calculate your target deposit
Most lenders want 5-15% deposit, but 10% is a good target
3. Check if you qualify for a Lifetime ISA
Get a 25% government bonus on contributions up to £4,000 per year
4. Open a Lifetime ISA if eligible
Use it for your first home or retirement - not both
5. Set a realistic timeline
Work backwards from when you want to buy and calculate monthly savings needed
6. Create a dedicated house savings budget
Treat your house fund like a bill - pay yourself first each month
7. Identify expenses to cut
Look at subscriptions, dining out, and lifestyle costs you can reduce
8. Find ways to increase income
Consider overtime, side hustles, or selling unused items
9. Keep house savings separate
Use a dedicated account to avoid accidentally spending the money
10. Automate your savings
Set up standing orders so money moves to savings automatically
11. Start building your credit score
A better credit score means better mortgage rates
12. Research mortgage options
Understand deposit requirements and different mortgage types
13. Save more than the minimum
A bigger deposit means lower monthly payments and more options
14. Monitor your progress regularly
Track your savings monthly and adjust if needed
Next Steps
Once you have completed your house deposit checklist: