First time buyer savings guide Your step-by-step plan to save for your first home.
1. SET YOUR SAVINGS GOAL Before you start saving, know what you’re aiming for: • Deposit: Most lenders require 5–10% of the property price. • Additional Costs: Budget for legal fees, stamp duty, surveys, moving costs, and furnishings. • Example: For a £250,000 home, a 10% deposit is £25,000. 2. CREATE A REALISTIC BUDGET Track your income and expenses: • List essentials: Rent, utilities, groceries. • Spot savings opportunities: Cancel unused subscriptions, reduce takeaways, and shop smarter. • Use tools: Budgeting apps like Monzo, Emma, or Money Dashboard can help. 3. AUTOMATE YOUR SAVINGS Make saving effortless: • Direct debit: Set up a monthly transfer to a dedicated savings account. • Round-up apps: Apps like Plum or Chip round up purchases and save the difference. • Separate account: Keep your deposit fund separate so you’re not tempted to dip in. 4. TAKE ADVANTAGE OF SCHEMES THAT CAN HELP YOU TO BUY Boost your savings with these options: • Lifetime ISA (LISA): Save up to £4,000 a year and get a 25% government bonus. • Own New: Available on new-build homes, reducing the deposit you need. • Shared Ownership: Buy a share of a property and pay rent on the rest.
5. CUT COSTS WITHOUT SACRIFICING COMFORT • Negotiate bills: Switch energy providers or broadband for better deals. • Meal prep: Cooking at home saves hundreds each month. • Sell unused items: Declutter and earn extra cash. 6. STAY MOTIVATED • Track progress: Use a savings tracker or spreadsheet. • Celebrate milestones: Reward yourself when you hit mini goals. • Visualise your dream home: Keep photos of your ideal home for motivation. QUICK CHECKLIST: Know your deposit target Open a dedicated savings account Automate monthly contributions Explore government schemes Review your budget regularly
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Ready to start your journey?
At Stonebridge Homes, we’re here to help first-time buyers every step of the way. Explore our new-build developments and discover homes designed for modern living.
The information provided here is to give you a general idea, not to replace expert advice. Everyone’s situation is different, so if you’re making important decisions, it’s always best to chat with a qualified professional first. And if you’re unsure where to start, we’re happy to point you in the right direction!