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Mortgage Deposit Calculator UK

Property Saviour » Buying » Mortgage Deposit Calculator UK

How long will it take me to save a deposit?

According to estate agent Hamptons International, it takes an average couple three and a half years to save up for a deposit.  For a single person, it can take 13.5 years.

The amount you need to borrow will depend on the price of the property you wish to purchase and the size of your deposit.

So you still want to save up a deposit within a year?

Mortgage Deposit Calculator

Mortgage Deposit Calculator

Find out how long it will take you to save up for a deposit.









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How to save for a house deposit in a year?

If you want to save up a deposit within a year, here’s what you need to do:

Suggestion

Description

Amount Added to Deposit Pot (£)

  1. Cut down on dining out

Cook meals at home instead of eating out to save on restaurant bills.

£50-£100 per month

  1. Sell unwanted items

Declutter your home and sell items you no longer need on platforms like eBay or Facebook Marketplace.

Varies depending on items sold

  1. Take on freelance work

Offer your skills on freelance websites like Upwork or Fiverr for extra income.

Offer your skills on freelance websites like Upwork or Fiverr for extra income.

  1. Rent out a room

If you have a spare room, consider renting it out on platforms like Airbnb or SpareRoom.

£200-£500 per month

  1. Start a small business

Turn your hobby into a small business and sell products or services locally or online.

Varies depending on business

  1. Cut down on subscriptions

Review your monthly subscriptions and cancel any you don’t use regularly.

£10-£50 per month

  1. Offer tutoring services

Share your expertise by offering tutoring services in subjects you excel in.

£20-£30 per hour

  1. Participate in surveys

Sign up for survey websites like Swagbucks or Toluna to earn money for sharing your opinions.

£20-£50 per month

  1. Pet sitting/dog walking

Offer pet sitting or dog walking services in your neighbourhood for extra cash.

£10-£20 per hour

  1. Rent out parking space

If you have a parking space you don’t use, rent it out to commuters or local residents.

£50-£100 per month

  1. Babysitting services

Provide babysitting services for families in your area during evenings or weekends.

£10-£15 per hour

  1. Car boot sales

Sell items at car boot sales or local markets to make some quick cash from unwanted items.

Varies depending on items sold

  1. Online tutoring

Offer online tutoring sessions through platforms like Zoom for students who need help with their studies.

£20-£30 per hour

  1. House cleaning services

Start a house cleaning service for busy individuals or families in your community.

£15-£25 per hour

  1. Virtual assistant work

Provide virtual assistant services to businesses or entrepreneurs who need administrative support.

Varies depending on tasks

  1. Gardening services

Offer gardening services such as lawn mowing, weeding, and planting for neighbours or local businesses.

£15-£30 per hour

  1. Rent out equipment

 If you have tools or equipment you rarely use, consider renting them out to others for a fee.

Varies depending on equipment

  1. Mobile car washing

Start a mobile car washing service where you visit clients’ homes to wash their cars onsite.

£20-£40 per car wash

  1. Social media management

Help businesses manage their social media accounts by creating content and engaging with followers.

Varies depending on clients

  1. Language translation

Offer translation services for documents, websites, or conversations in languages you are fluent in.

£10-£30 per hour

  1. Event planning

Use your organizational skills to offer event planning services for parties, weddings, or corporate events.

Varies depending on event size

Can mum and dad gift deposit money
Most lenders prefer when your gifted deposit comes from a relative, such as a parent, grandparent, or sibling.

Can mum and dad gift deposit money?

Yes, your parents can gift you deposit money. You also need to declare who has given you the gift. Some limits apply to who can gift a deposit, and lenders will need to check that you meet their rules.

Most lenders prefer when your gifted deposit comes from a relative, such as a parent, grandparent, or sibling. Other lenders may not accept gifted deposits at all, so you need to be upfront if you are using one.

Parents can give any amount of money they wish as a gift to one or more of their children or any other family member. Some parents also choose to buy property and put it into their child’s or children’s name(s).

However, you’ll need to check if the amount your parents give does not fall below a certain annual threshold. If it does, it is likely to be subject to Inheritance Tax (IHT). Note that IHT will only be due if either of them dies within seven years of giving it.

Here at Property Saviour, you can sell quickly and confidently. We will buy any house, saving you the uncertainty of auctioning a house or selling via an estate agent. We will offer you cash, complete the purchase in 10 days or at your preferred time, cover £1,500 of your legal fees, and kindly request a positive review upon completion.

Many sellers have shared their success stories with us. Would you like to be our next success story?

At Property Saviour, we offer a quick and certain way to sell your house. We buy any house, and because we pay in cash via solicitors, there are no delays.  You can complete the purchase in 10 days or at your preferred time. We will also pay £1,500 of your legal fees and kindly request a positive review upon completion.

Many sellers have shared their success stories with us. Would you like to be our next success story?

Sell with certainty & speed

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Property Saviour Price Promise

  • The price we’ll offer is the price that you will receive with no hidden deductions.
  • Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
  • These valuations or surveys result in delays and price reductions later on.
  • We are cash buyers.  There are no surveys.
  • We always provide proof of funds with every formal offer issued.
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We'll Pay £1,500 Towards Your Legal Fees

  • No long exclusivity agreement to sign because we are the buyers.
  • You are welcome to use your own solicitor. 
  • If you don’t have one, we can ask our solicitors for recommendations.
  • We share our solicitor’s details and issue a Memorandum of Sale. 
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Sell With Certainty & Speed

  • Our approach is transparent and ethical, which is why sellers trust us.
  • 100% Discretion guaranteed. 
  • If you have another buyer, you can put us in a contracts race to see who completes first.
  • Complete in 10 days or at a timescale that works for you.  You are in control.
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