How to Boost Your Deposit Faster Than You Think

Saving for a deposit? Practical tips to boost your savings faster and get mortgage-ready sooner.

For many first-time buyers, saving for a deposit feels like the biggest mountain to climb. With rising rents and living costs, it’s easy to wonder how you’ll ever reach the goal. But with the right strategies, boosting your deposit might be quicker than you think.

Here’s how to speed up your savings and get yourself closer to the keys to your first home.

Set a clear savings target

Work out exactly how much you need for your deposit, fees, and a buffer for moving costs. Having a defined figure gives you focus and stops the goal from feeling endless.

Make use of government schemes

Schemes like the Lifetime ISA (LISA) give you a 25% bonus on savings up to £4,000 a year. That’s free money towards your deposit if you’re eligible.

Cut back on big-ticket outgoings

Reducing spending on subscriptions, nights out, or holidays may feel tough, but even small changes add up over time. Redirect those funds into your deposit savings.

Automate your savings

Set up a standing order into your savings account right after payday. This way, you treat saving like a bill you can’t miss.

Consider a side hustle or extra income

Even a small boost in income from overtime, freelancing, or part-time work can accelerate your savings. Every extra pound moves you closer to your deposit goal.

Lean on family support if it’s available

Not everyone has this option, but if your family can help, it could give your savings a significant boost. Remember, lenders may need a gifted deposit letter to show it doesn’t need to be repaid.

Keep your savings separate

Open a dedicated savings account just for your deposit. Keeping it separate makes it harder to dip into and helps you track progress clearly.

Celebrate milestones

Saving for a deposit is a long journey. Celebrate the smaller wins along the way — it keeps you motivated to stay on track.

The Bottom Line

Saving a deposit isn’t easy, but it’s achievable with focus and the right approach. Even small changes can have a big impact over time.

Your home may be repossessed if you do not keep up repayments on your mortgage or other loan secured against it.

• How much deposit do I need as a first-time buyer?

  Most lenders require at least 5%, but having 10% or more can give you access to better rates.

• Is a Lifetime ISA worth it?

  Yes, if you’re eligible. The 25% government bonus can make a big difference.

• How long does it usually take to save a deposit?

  It depends on your income and expenses. With focus, many buyers save within a few years.