Top tips to save for a house deposit

3rd October 2024

Saving for a house deposit can seem overwhelming, but following the below steps, it can become much more achievable. Here are some tips to help you get started:

Set a Clear Goal: Determine how much you need for a deposit. Research the different homes we have available to get an idea of the average prices and the percentage typically required for a deposit.

Create a Budget: Track your income and expenses to understand where your money is going. Identify areas where you can cut back to increase your savings rate.

Open a Dedicated Savings Account: Having a separate account for your house deposit can help you avoid the temptation to dip into these funds for other expenses. Look for high-interest savings accounts or other investment options that can help your money grow faster.

Automate Your Savings: Set up automatic transfers from your current account to your dedicated savings account. This way, you consistently save a portion of your income without having to think about it.

Take a look at schemes available: You may benefit from schemes such as Own New Rate Reducer, which is available on select McDermott developments and can reduce your monthly mortgage repayments.

By following these steps, you can build a solid foundation for purchasing your dream McDermott home. Remember, every small step brings you closer to achieving your goal.