As you all know our project is a self build so our requirements for our deposit were a little different to what is needed for that of a first time buyer. As we were building the house we didn't necessarily need a specific amount of money saved like a first time buyer would.
We were extremely blessed to have our site in our names and this meant that we could use the land as a strength for us for our mortgage application. The land aside we still needed A LOT of money behind us to start the build. We had to been seen to be consistently saving each month in order to prove that we could afford to make mortgage repayments in the future. We had to have enough money to make required contributions to the build along with the mortgage provided by the bank.
Our biggest concern when the time came to begin saving for our deposit over two years ago was that we didn't want our lifestyle to change greatly. We love to go out for meals together, we loved our weekends away and nights out with our friends, I love my high-end make up collection and Gerard has an addiction to Zara coats. We knew that we had to be careful about how much we spent each month, but we didn't want our lifestyle to suffer while saving.
Here's a few little things we did to help our savings grow.
I really hope these little tips help. This is what worked for us, of course it may not work for everyone but I hope it helps someone out there.