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Sun, 27 Sep 2026

Sun, 27 Sep 2026 You need £17,000 for a first home - here's how to do it

Here are four ways you can put money aside to save enough for a deposit on your first home.
1. Regularly depositing an amount you can afford into a savings account, making it a habit like another bill. 2. Considering different types of accounts such as high-interest accounts or those with lock-in periods, taking into account your circumstances and needs. 3. Utilizing a Lifetime Individual Savings Account (LISA), which allows saving up to £4,000 per year and comes with a 25% government bonus, but has limitations on withdrawal. 4. Starting early to take advantage of compound interest, as an example shows that saving £50 per month from age 20 would yield around £41,000 by age 50. Alternative Options:
* Investing in stocks and shares, which carries the risk of losses.
* Considering mortgages with little or no deposit required, but these may not always be the best option and are subject to eligibility criteria.
* Receiving help from parents, either through financial assistance or contributing some of their child's rent towards a home deposit.