Most efficient way to save house deposit

fi76

My husband and I owned a small property 10 years ago bought at height of house prices and sold due to arrival of children and work opportunities elsewhere. Unable to transfer our mortgage as due to the stricter mortgages we were deemed 'unmortgagable' despite 3 yes of regular payments, I am self employed but with a very good earnings history. We walked away with nothing and have been in rented ever since.

My question is - is there any help out there for second time buyers who are desperate to get out of rental trap and provide stability for our children. At the moment I am balancing paying back debt (maternity leave is expensive with no income esp as I am main earnwr) and saving for deposit. Obviously we will not be entitled to any first time buyer help so how is the best way to maximise our house deposit savings?
We are in our 40's and worry window of opportunity will expire.

Thank in advance for any advice

John-K_3

The best way is to save it into the highest interest savings accounts that you can find.

buggy_boy

The best way to save is to look at your outgoings, do you have two cars? do you really need two cars? Are you renting in a nice area and a nice house? If you rented in not such a good area or nice house how much cheaper would that be? Or better still although not ideal at your time of life move back with parents for a year or two...

The best way to save is maximise your income and minimise your costs.

Its tough and all the intensives are aimed at first time buyers having never owned a property, its a political football. Unfortunately having kids is not cheap and will only get more expensive so unless you are willing to take drastic steps with other debt outstanding there is no magic bullet short cuts just hard work..

cjv

Shared ownership info on the government website states the following as eligible:

"you used to own a home, but cant afford to buy one now"

https://www.gov.uk/affordable-home-ownership-schemes/shared-ownership-scheme

Maybe you could take a look at that option, good luck.

fi76

Thanks cjv we will look in to this.
In the meantime we will continue to scrimp and save, it's tough, seems neverending but we WILL get there eventually. Landlord has just put rent up which has dampened my spirit but will look into the best savings accounts and maximise what we have.
Thankyou all, just wish there was more out there to help those struggling to buy, first time or not.

Candyapple

How much do you have saved? What areas are you looking in?

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