Tips on how to save for a house deposit
Saving for a house deposit is like saving for other large purchases, like a car or renovation projects so it’s essential to get personalised advice when buying a home. If you’re interested in a Bloor home, we offer our Mortgage Subsidy scheme which allows you to lower your monthly repayments. Don’t hesitate to book an appointment with us today to find out more.
Alternatively, discover schemes that are available to help you save on your deposit and spend more on your dream home:
Lifetime Individual Savings Account (ISA)
First-time buyers can use a Lifetime ISA to save for their first home. You can deposit up to £4,000 per year, and the government will supplement your deposit with a contribution (this will be 25% of what you’ve put towards your deposit each year.)
For example, if you save £4,000, you'll receive £1,000 from the government. However, you’ll incur a 25% penalty if you withdraw funds for anything other than buying your first home or retirement. You can no longer apply for the Help to Buy ISA scheme, except in Wales, until the end of March 2025.
First Homes Scheme
If you’re looking to buy your first home, you could potentially secure a discount of 30% to 50% off the property’s market value through the First Homes discount scheme. Bloor Homes also helps first-time buyers with our First Time Buyer package, which includes benefits such as mortgage payment assistance, a deposit boost and other perks.
