By James Evans, Director, TouchPoint Mortgages.
Saving for a house deposit can feel overwhelming—especially if you’re a first-time buyer trying to balance rising costs with long-term goals. But with the right approach and a little discipline, it’s absolutely achievable. At TouchPoint Mortgages, we’ve helped countless buyers in West Sussex and beyond take their first steps onto the property ladder. Here’s how you can fast-track your savings journey.
£200,000 property → 5% deposit = £10,000
£250,000 property → 10% deposit = £25,000
Factor in your ideal property location and price, and set a realistic target. Breaking that number into monthly or weekly goals makes it feel much more manageable.
Take a close look at your income, spending, and debts. Start by:
Reviewing bank statements for non-essential spending
Creating a budget to track and reduce outgoings
Paying off or reducing high-interest debt where possible
Understanding where your money goes is the first step to freeing up funds for your deposit.
Not all savings accounts are created equal. For long-term goals like a house deposit, look for:
Lifetime ISAs (more on these below)
Regular savers with higher interest rates
Notice savings accounts with better returns than instant-access options
Whichever you choose, ensure your savings are earning interest and protected under the Financial Services Compensation Scheme (FSCS).
There’s help out there—if you know where to look. Some of the most popular schemes for first-time buyers include:
Save up to £4,000 per year and the government will add a 25% bonus (up to £1,000/year). Funds must be used to buy your first home (costing up to £450,000) or for retirement.
Available for new builds (England only), this scheme lets you borrow up to 20% of the purchase price (or 40% in London) interest-free for five years, reducing the upfront cash you need.
Buy a share (usually between 25% and 75%) of a home and pay rent on the rest. This means a smaller deposit, often calculated based on the share you’re buying.
If you’re a keyworker or first-time buyer, you may be eligible to buy a home at a discount of 30% to 50% compared to market value. These homes are usually from developers and housing associations.
💡 Top Tip: Each scheme has different eligibility criteria, including salary caps and regional price limits. It’s always best to check early or speak to a mortgage advisor about which ones you qualify for.
A house deposit is just one part of the mortgage process. The more you can save upfront, the better your loan-to-value (LTV) ratio, which can result in lower interest rates. But even with a 5% deposit, there are plenty of 95% mortgage options available—especially for first-time buyers.
Want to learn more about your options? Get in touch with us here for tailored advice.
Remember: your deposit isn’t the only cost. Also budget for:
Stamp Duty (if applicable – first-time buyers often pay none or reduced rates)
Legal fees & conveyancing
Valuation & survey costs
Moving costs
Furniture & initial home improvements
We can help you estimate the total amount needed so you’re not caught off guard. Use our online form to start the process.
Saving for a house takes time. Stay motivated by:
Tracking your progress monthly
Automating transfers to your savings account
Using visual goal trackers or apps
Celebrating milestones (just not with a shopping spree!)
Be careful not to:
Dip into your deposit savings for everyday expenses
Ignore your credit score—a poor credit history can affect your mortgage approval
Overstretch—just because you can borrow more doesn’t mean you should
Getting advice early from a mortgage broker can save you time, money, and stress later.
Saving for a house deposit doesn’t need to be a struggle. With the right plan—and a little help—you could be in your new home sooner than you think.
At TouchPoint Mortgages, we’re here to guide you every step of the way. Whether you’re just starting your savings journey or ready to apply for a mortgage, we’ll help make the process smoother and more affordable.
👉 Contact us today or complete our quick online form to take the first step toward owning your first home.
Send your message and we will be in touch, alternatively you can book an appointment to chat to one of our team.
