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How To Save For A Mortgage*

Getting on the property ladder can be hard, especially like me where you are spending hundreds a month on rent. We currently live in a flat and a dream of house with space that we can grow into and a garden where Darcy can play. I know it is not impossible but it will be hard work. I've been working out how I can make my dream a reality and have come up with some ways to save up for a deposit. Which I am going to share with you today;


Location
You really need to take a moment and think about the place which you want to live in. Can you really afford it? Would it be more financially sensible to downsize, move to an up and coming area or even move out of the city? If you are currently renting moving to a different area with lower rent costs means more money in the saving kitty. But do not forget to weigh in factors such as travel costs.

Get a Side Hustle
There are lots of way you can make money from side hustling.From being a reseller on eBay, to taking a few minutes out of your day to complete on line surveys. I use Prolific which I find really easy to use and they pay out via Paypal. Or if you are brave enough there is Matched betting, which is something that I am looking into. If you have the time extra rime find yourself a part time job, this could be in the evenings or even at the weekends.

Do you have a hobby which you can turn into a business? Making crafts has been a popular way of making money for a while now. With a lot of people opening Etsy stores or selling via Facebook groups or on Instagram.


Parents
I'm super proud of my Mum, she got herself a mortgage as not only a single parent, but also a full-time student with not one but two part time jobs! And this year she will finally paid up her mortgage and the house will be officially hers. She's a great role model and we have spoken in depth about her helping me get a mortgage and the importance of owning a property. We sat down and used this tool from SunLife to see how much her house has made her and it just proves how being a home owning is a great investment.


Move in with Parents or Friends
If your parents are not the in positon to help you with a deposit for a mortgage. You could always see if you are able to move in with them to help save the pennies. It might be hard at the beginning but there are so many benefits to moving in apart from saving money.

Shared Ownership
If you cannot afford a 100% mortgage, shared ownership might be for you. Shared ownership gives you the chance to buy a share of your home, from 25- 75% and pay rent on the remainder share. When you are in a better financial place you can buy a bigger share of your home.

Have you saved up for a deposit? what tips could you share to get people on the right path? I would love to hear them?

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