How To Save For A Mortgage

We know how difficult it can be when you’re saving up to buy your first property. You’ve got your heart set on owning that dream house but saving up for a deposit can seem a daunting task.


In this Accent Housing Blog, we explore how to save for a mortgage by answering some popular questions and giving you a complete guide to help you along your property journey.


What Is A Mortgage?


Many people can’t afford to buy their homes outright. It’s far more common to get a mortgage, which is a long-term loan that you use to buy a property. Because of the high value, you need to put down a deposit, which counts as a percentage of the overall mortgage.  


The property acts as security for the bank or lender if you can’t keep up the monthly payments and you default on your loan. The lender can then repossess the property and sell it to recoup their money.


With a mortgage, not only do you have to pay back the money you’ve borrowed, but you also have to pay interest. This can be at a fixed or variable rate.


What Schemes Are Available To Help Me Save For A Mortgage?


Aiming for 10% or 20% can be daunting and in some cases an impossible task. There are schemes available to help you afford your dream of home ownership. Schemes include 


 Help To Buy - Equity Loan Scheme


 Available to first-time buyers and existing homeowners who want to buy a new-build costing £600,000 or less. You’ll need a 5% deposit, but you can then borrow 20% of the property’s value (or 40% in London) for the first five years, interest-free. Your mortgage will make up the rest. 


 Right To Buy/Right To Acquire


This gives qualifying tenants who rent from their council or local housing association the right to buy their home. 


 Shared Ownership


 Allows you to jointly own a property with a landlord – usually a council or housing association. You’ll only need a mortgage for your share and you’ll pay rent at a discounted rate on the share owned by the landlord.


4 Simple Tips To Help You Save For A Mortgage


Monthly Standing Order


Saving for a house deposit is much easier if you break down the total figure into smaller more achievable lumps. Commit to saving a set amount per month and set up a standing order to a savings account (ideally a Help to Buy ISA) and set up the monthly debit day so it's just after you've been paid.


Buying With A Partner


Small lifestyle changes can help in drastic ways. Buying with your partner, friend or family can make it easier to save as you may decide to split the deposit amount and save together.


Selling And Decluttering


Sell what you no longer need. Declutter your unwanted or unused belongings. Sell what you don’t need it can help to raise extra cash for your deposit.


Cut Down On Your Everyday Expenses


Arguably the most obvious one and the easiest you can apply. Cutting down on minor lifestyle expenses can have a major impact in the long run. Check your bank statements and look for things that aren’t a necessity.


If you often eat out or buy takeaway coffee, it might be worth considering eating at home or brewing your caffeine shot at home or in the office. A £2.45 cup of coffee may not sound like much, but if you buy two a week, that’s £254.80 over a year.


Identifying seemingly small expenses can have a significant impact on your overall savings. Even compare all of your bills, and see if you can get them cheaper. That can be a simple thing like your phone bill, where you fill your car up, or where you go food shopping.


Accent Housing: Get In Touch


Accent Housing is a housing association that has been providing homes and services for a diverse range of people since 1966.


Accent Housing has more than 20,000 homes across England. They provide quality, affordable homes to suit your needs and improve your life. All our available shared ownership homes are available on Homemade is an experienced property sales team within Accent Housing.


If you have any questions about finding an affordable home in the UK with Accent Housing, get in touch with our friendly team. You can email us at or give us a call on 0345 678 0555.

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