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Top Tips For Saving For Your Mortgage Deposit
Setting out on a lengthy journey can feel like a painstaking task, but it will always be worthwhile when you reach your fabulous destination. The same can be said for saving those hard-earned cents for your mortgage deposit.
Most first-time buyers will feel a pang or two of dread as they begin to take stock of their finances with a view to owning their dream home in the not-so-distant future, but with a few clever tricks up your sleeve and an abundance of patience, the process can be made a lot easier – and undoubtedly, well worth the wait.
Here, Symmetry Financial shares their top tips on saving for your mortgage deposit, so that you can put your best foot forward on your journey towards the property ladder.
1. Create a savings account
If you don’t already have a little nest egg on the go, there is no time like the present to get this up and running. Pop by your bank asap to set up a savings account and after doing your sums, commit to putting a certain amount into this account every week or month. Set up a standing order so that you can put it to the back of your mind while it quietly builds up behind the scenes.
2. Pay off or reduce any debts
Whether a large car loan or that credit card bill you just can’t seem to fully pay off, any outstanding debts will have the potential to reduce the amount you are eligible to borrow, so it’s hugely important to get a handle on this in the early stages by paying off larger chunks of the loan on a regular basis.
Another consideration would be to take out a lower-interest loan to clear this debt, as high interest charges will cut into those all-important savings.
3. Find out if you are entitled to a tax rebate
It might take a few hours of calculations and queries, but there is every chance that you are due a tax refund in some shape or form. In fact, Taxback.com found that last year, the average refund claimed by their customers stood at a not-to-be-scoffed-at €1,076 over a four-year period. Nothing ventured, nothing gained; a sum of money like this would be put to far better use in your pocket than elsewhere.
4. Consider making a move
A temporary move back to the family home can save you a fortune on rent costs, especially considering the high cost of living in most of Ireland’s cities. Similarly, downsizing from a rented house to an apartment or even considering a house share, will reduce your accommodation costs and increase your saving ability.
5. Put getaways on the back burner
This point may be null-and-void given the current COVID-related restrictions, but when society – and travel – does open up again, try your best to abstain from booking a much-needed sunshine break in favour of boosting your savings account. You’ll thank yourself for such restraint when you’re sunning yourself in your very own back garden!
6. Bring a packed lunch
While the coronavirus pandemic has also changed the working landscape in Ireland, it is important to consider positive changes you can introduce when eventually making the trip back to the office. Bringing a packed lunch and a flask of coffee from home, as well as leaving the car behind in favour of walking or taking public transport, will save you small daily outgoings that will gradually add up to a big chunk for your deposit.
7. Become a bargain hunter
From your groceries to your utility bills, it always pays off in the long run to shop around and ensure you are nabbing the best deal. Creating a list and being mindful of special offers when grocery shopping will stop you from splurging on unnecessary items, while getting the best bang for your buck. In a similar way, changing your providers across energy, broadband, mobile phone and more might just save you a quid or two if you can negotiate a better deal.
8. Consider a gift
If a family member or a friend is in a position to gift you a generous sum of money, they can do so, provided you can present a letter signed by the gift giver that states you are not required to pay back the sum of money and that they have no recourse to the property you wish to purchase.
This gift can range from a small percentage of the deposit to the full whack, which could indeed make your mortgage journey a lot shorter!
Symmetry Financial’s team of advisors are on hand to help you navigate all these options and set you on the right path, so spare yourself a headache by booking a consultation today.
If you’d like a free, no-obligation consultation for your mortgage, pension or financial needs, get in touch here, call us on 01 6831673 or email us directly on info@symmetryfinancial.ie.
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