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Yes you can

If you listen to all the negative thinkers out there you can easily get the impression that property ownership is out of the reach of all but the super-rich. Yes, property prices in most places are expensive relative to earnings.

However, a common reason why many people never get to be a property owner is because they can’t secure the deposit needed – usually 5-10% of the purchase price for owner-occupiers and 25% for buy-to-let buyers or investors.

READ MY BLOG: Think like a property millionaire

Especially if the deposit needed is large – running into tens of thousands of pounds – it is easy to be spooked by the enormity of the task. For many people the size of the task is enough to put them off forever.

But it is possible to raise even the largest of deposits given a determined effort, a clear strategy or approach, and most of all time. Therefore, the sooner you start saving for a deposit, the better. BEST ADVICE IS TO START SAVING AS SOON AS YOU CAN AFFORD TO DO SO.

 There are a whole host of ways to raise a deposit for a property purchase. Generally, you will be looking to:

Increase your income AND

Reduce your spending.

Here are some of the most common and accessible ways to get a deposit together:

1 – Save your excess disposable income in an account which gives you the best interest.

2 – If you are renting, rent with someone else to bring down the rent you pay.


3 – Quit renting – move in with your parents or other relative if an option.

4 – Go for a cheaper rental accommodation option – perhaps a studio instead of a flat.

5 – Slash discretionary spending – spending you don’t have to make – such as spending on alcohol, cigarettes, holidays and entertainment.

50 Ways To Put Together A Deposit in 6 Months

Try the Bank of Mum and Dad

6 – Is your Mum or Dad, other family member, friend or employer prepared to help you with a gift or a loan?

 7 – Take advantage of the Government’s Help to Buy ISA – the Government tops up your savings by 25% up to a maximum of £3,000. You don’t have to pay back anything. You can get up to a maximum of £6,000 (2 x £3,000) if you buy with someone else. 

8 – Take advantage of the Government’s Help to Buy equity loan scheme – you need a minimum deposit of 5%, and you can get an equity loan from the Government of up to 20% (40% in London) of the price. You borrow the balance from a lender. When you sell the property the Government gets a share of any price increase in line with its percentage contribution to the purchase.

9 – Sell unwanted possessions such as books, CDs and clothes. 

Use price comparison sites to reduce your monthly expenditure

10 – Reduce your unavoidable spending where possible; for instance, by shopping around your may be able to reduce your expenditure on insurance, phone, broadband, gas, electricity and TV packages. 

11 – If you run a car you may be able to save money by selling the car and relying on public transport. You can put the sale proceeds into your savings account. Car pooling may be an option.

12 – Buy with another person so that you need to find just half of the deposit.

rebel property coach

Rent a spare room

13 – If you have a spare room, get in a lodger if you have the right to do so. Up to £7,500 of the rent will be tax free (tax year 2017-2018).

14 – If you already own a property, you may be able to re-mortgage it to raise a deposit. If re-mortgaging is not an option, you may be able to secure a second mortgage on top of your existing mortgage. If you don’t own a property, a relative or friend owning one may be willing to help you.


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Dalton Barrett
Rebel Property Coach

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My website is: www.rebelpropertycoach.com


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