5-Spring Saving Tips! Getting your first mortgage

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It's time to start saving with these mortgage saving tips!

Getting your first mortgage can be a daunting experience – you’re getting used to a new financial world and sometimes things can be a little complicated. One thing doesn’t need to be – and that’s saving for that mortgage in the first place. Even though this part can be relatively pain-free, it’s also one of the more off-putting tasks for some people in getting their first mortgage. If you know what you’re doing and are saving your money effectively, you can make the process of getting your first mortgage a whole lot easier and feel a lot less jarring.

Mortgage Savings

Tip #1 Define how much you trying to save.

The most important step in saving for a mortgage is to determine how much you’re going to need – or at least what the ballpark is. When you start saving without an end goal in sight, it can be easy to forget why you’re saving or become disheartened with your progress. 

When you have a clear financial goal, even baby steps feel like accomplishments – and that they should! Being able to have a clear view of what you’re doing, how it’s going and if it needs changing is very important to be able to effectively save for your first mortgage.
One of the easiest ways to determine how much you need to save (without knowing what property you want to buy) is to look at similar properties to what you’re looking for in the area and determine a price range. The important thing is that you have a goal whilst saving and can confidently track your progress to getting your mortgage.

Tip #2 Make sure you've considered all the costs.

It can be easy to get hyper-fixated on just the cost of the mortgage or the house you want to buy – but there are other costs you might have to consider and save up for. Don’t let these extra costs sneak up on you and prepare yourself as best as you can by saving up for these too! Some examples of extra fees that you may not have considered could be:
  • – Valuation fees
  • – House survey fee
  • – Search fees
  • – Land Registry fees
  • – Conveyancing fees
And those are just a few of them. Whilst it may be tempting to set aside a lump sum and hope it tides you over, it’s best to calculate the possible cost of these things so you can, once again, have a clear idea of the financial goal you have for your saving journey. Doing this also gives you a more accurate idea of what to expect in your comings and goings and can give you more confidence when it comes to spending money on your first home.

Tip #3 Decide on the 'how'

It’s a good idea to sort this out early on. The company you choose to secure your mortgage with might offer certain savings accounts/programmes/schemes to aid with the saving process. They might even offer tailored expert advice so you can get your first house with all the confidence you need as a homeowner. You might also want to decide whether you’ll be getting your mortgage from a bank as they might have certain specifications, such as needing a savings account with them, before you can access their mortgage options. It’s a good idea to consult with a few places and see which company fits your personal ideals and goals when it comes to purchasing your first house.
Being secure and confident in this part of your plan allows you to save more effectively and remain motivated because you have clearly defined goals that feel a lot less daunting to stick to than great unknowns.

Tip #4 Tech is here to help

There are a million and one different apps available nowadays to help you save money – whatever the reason. There are even digital tools that manage investment portfolios in such a way that is ideal for saving for a house. Test the digital waters and see what works best for you and your financial goals. You can also ask around for recommendations from people who have secured a mortgage before or from the company with which you plan to get a mortgage. Saving is made a lot easier with digital tools to assist and tailor to your personal journey. Finding the right app – and not settling for less – will be key to unlocking your saving potential and allowing you to get your first mortgage without a bunch of heartache.

Tip #5 It's time to commit!

This might sound kind of obvious, but it’s also very common for people to save by just putting what would usually be their disposable income into a savings account. While this is important, there are other ways to start saving. Cut down your living costs, get cheaper energy bills, go out less often – all of these things will contribute to you having more of that disposable income that you can put into getting your very first mortgage.
Another great way to save is to use reward programmes, gift cards and coupons when you can. You’d be surprised how much you can start saving when you use some of the most basic money-saving tools in the book. If you’re serious about saving for your first mortgage, and you’re eager to do it soon, this is a great way to save money fast so you can start living your dream.

Let's tie it all together!

If you’re still feeling unsure about the process, get in touch with us and we can walk you through how a mortgage would work for your unique situation. We know it isn’t one size fits all when it comes to finding your first mortgage and we want to make sure you find the perfect fit! Book a meeting with us today and unlock your saving potential.

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03330 067 802


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