Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Investments

Discuss investments with other users on our Investment forum. For more advice read our tips for saving for your child's future.

Best way to save for a mortgage?

4 replies

Itsbecauseimaleo · 29/01/2018 01:02

Hello all,
I'm 23 and currently living at home whilst I'm studying at uni. I'm looking to the future and hoping to have a deposit for my own place by the time I'm 26. Just after advice with regards to the best way to save for a mortgage? Would a regular savings account do or should I put my money in something specific? Also wondering what would be a decent amount to put aside each month. As I'm a student, I can only work part time right now but I've found some decent part time admin jobs that pay around £1000 a month. Any advice would be greatly appreciated. Thank you!

OP posts:
WhatShallIDoWithMyself · 29/01/2018 01:07

Can't help you with how much to save - it depends on your outgoings and also how much your deposit will have to be.
However look at a help to buy ISA - Government gives you 25% of what you save, no brainer.

Itsbecauseimaleo · 29/01/2018 01:11

Thank your what . Should have mentioned my outgoings are quite low. Thankfully my mum doesn't charge me rent so I only have to pay for the following things. Just under £100 a month for travel. £15 for phone bill and £16.99 for the gym. I have a good cv so should be able to get an admin job that pays around £1000 a month.

OP posts:
negomi90 · 29/01/2018 01:21

Help to buy or lifetime ISA - they're both good but different. Both means the government tops up 25%, with HTB you get the bonus on completion, with LISA you get it as you go on.
HTB - can put in up to £200 a month, can withdraw money at anytime, bonus on completion of a mortgage provided the property costs less than £250000.
LISA - can't touch the money for the 1st year, 25% penalty if you take it out for anything other than a 1st mortgage or retirement but you can put in up to £4000 a year, either all at once or little and often and the government bonus gets paid as you go on. Biggest downside is punitive fees if you have an emergency and need the money early.

Disclaimer - I've spent today trying to sort this for myself and am about to convert my HTB to a LISA.
Tax year restarts in April so any big savings you want to deposit, do it it now, before everything resets.

Itsbecauseimaleo · 29/01/2018 17:48

Ooh thanks negomi I hadn't looked into a lifetime isa. That seems like the best option for me Smile

OP posts:
New posts on this thread. Refresh page