At what age should you start saving for a house?, tells ‘There is no correct age to start saving or to start looking into mortgages, although I would encourage anyone to start thinking about this as early as possible due to the time it can take.’

Though Help To Buy ISAs are no longer available to new applicants, McGrail recommends anyone who already has one to take full advantage of it by saving up to £200 a month for up to ten years to be eligible for £3,000 in a bonus from the government when you’re ready to buy.

Mortgage Guarantee Scheme, or a Help to Buy Mortgage, or even Shared Ownership, which ‘can be a good place to start for first time buyers’.

But, ‘if a buyer can stretch the deposit to get a home bought outright, this is often cheaper in the long run,’ McGrail adds.

He also emphasised to parents that it’s a good to look ahead for their children and set up an ISA to give them ‘a better head start’ for a deposit in the future, if that is something they are financially able to do.

Jason Orme, an expert appearing at the Northern Homebuilding & Renovating Show in November, largely agrees with McGrail. Orme says: ‘The simple answer is that it’s never too soon to save for would-be first-time buyers to start saving for that deposit. The higher the deposit, the lower the loan to value (also known as LTV) and the better the mortgage deal is going to be.’


Though this is a rarity and not possible for many who are having to support themselves or their families, Clark hopes to hear more ‘success stories of buyers in their early 20s – or younger – who have been squirreling cash away since their paper round days.’

‘You’re never too young – or old – to learn financial literacy,’ she adds.

Short answer: the right time to start saving for a house is as soon as you can.

Don’t feel too discouraged if you haven’t got going yet, though. We might not be able to go back in time and put away our pocket money, but what we can do is get started now. Don’t delay any longer.

If you want more tips and tricks on saving money, as well as chat about cash and alerts on deals and discounts, join our Facebook Group, Money Pot.

Do you have a story to share?

Get in touch by emailing [email protected].

MORE : ‘Shared ownership meant we could become homeowners in London at just 28′

MORE : Expert reveals the questions every first-time buyer should ask developers

MORE : Mortgage experts give tips for buying a home on your own

Source link

Leave a Comment