Saving for a deposit is one of the biggest financial hurdles when buying a home, especially your first one. But with the right approach, the dream of owning a new build home from Beal could be closer than you think. Whether you’re a first-time buyer or a growing family looking to upsize, there are plenty of practical ways to build your deposit, as well as support schemes to help.
How Much Do You Need for a Deposit?
Before you begin saving, it’s helpful to know what kind of deposit you’ll need. Most lenders require at least 5% of the property value. So, for a £200,000 home, that’s £10,000. If you’re buying a higher-value home or want better mortgage rates, saving 10% or more could give you access to a wider range of deals.
At Beal, we offer homes and developments across a variety of price points. From one and two-bedroom properties ideal for first-time buyers, to larger detached homes for growing families, there’s something for everyone. Knowing what kind of home you want will help guide your savings target.
Saving Tips to Build Your Deposit
If you’re starting from scratch or looking to boost your existing savings, here are a few tried-and-tested strategies:
- Set a Realistic Goal – Work out how much you need to save and by when. Break it down into monthly or weekly amounts. For example, if you’re aiming for a £15,000 deposit in two years, you’ll need to save around £625 a month. Having a clear goal makes the process feel more manageable.
- Open a Dedicated Savings Account – A dedicated savings account can help separate your deposit fund from your day-to-day spending. Look for an account with a competitive interest rate, and consider options like a Lifetime ISA if you’re a first-time buyer, which can give you a 25% government bonus on your savings.
- Cut Unnecessary Spending – Track your expenses and look for areas to cut back. Could you cook more meals at home? Cancel unused subscriptions? Every little saving adds up over time and brings you closer to your deposit goal.
- Create a Monthly Budget – Once you know where your money is going, create a monthly budget. Allocate a fixed amount to go into your deposit savings first, then work the rest of your spending around it. Think of your deposit contribution as a regular bill you can’t skip.
- Earn Extra Income – If possible, consider a side hustle or part-time work to boost your savings. Freelance work, selling unwanted items, or renting out a spare room can help you reach your target faster.
- Reduce Your Rent or Living Costs – If you’re currently renting, think about moving back in with family for a while to save on rent, or consider flat sharing to split the cost. Reducing your monthly outgoings could significantly increase the amount you’re able to save each month.
- Buy With a Partner or Get Help from Family – Buying with a partner can make saving easier by splitting both the deposit and monthly mortgage costs. Some buyers also get a cash gift from family members to help boost their deposit.
Help for Buyers
At Beal, we know how hard it can be to get on the property ladder. That’s why we’ve developed a range of flexible schemes to help buyers like you secure a new home sooner.
Launch Pad for First-Time Buyers
Our Launch Pad scheme is designed especially for first-time buyers. It makes getting your first home more achievable by giving you up to £5,000 to spend on upgrades and extras in our Design Lounge, as well as up to £1,000 towards your legal fees.
Deposit Unlock
With the Deposit Unlock scheme, you could buy a new build home with just a 5% deposit, even if you’re not a first-time buyer. The scheme is available on selected plots and supported by major lenders, making it easier for more people to access the new home they’ve been looking for.
Help for Key Workers
If you’re a teacher, NHS worker, member of the armed forces, or another key worker, our Key Worker scheme is here to support you. You could get 5% towards your deposit on a new Beal Home – that’s up to £12,500!
Tailored Support for All Buyers
Whether you’re stepping onto the property ladder or moving into your next home, we offer Help for Buyers at every stage. We’ll work with you to explore your options, provide mortgage advice, and guide you through the whole process, from deposit to doorstep. Our blog ‘What Buying Schemes are Available for New-Build Homes?’ provides further information.
Are You Upsizing or Buying for the First Time?
If you’re a first-time buyer, the focus might be on affordability and low upfront costs. But if you’re upsizing, your current property may be used to boost your deposit through equity, part exchange or a sale. At Beal, we offer support whatever your situation, and we can help you weigh up your options.
Upsizing families may be looking for more space, a home office, or a garden. If that’s you, our wide range of flexible house types could give you the lifestyle upgrade you’re after, with the added bonus of energy efficiency and lower maintenance costs that come with a new build home.
Why Choose a New Build?
Buying new comes with its own advantages. New build homes typically have better energy efficiency, modern layouts, and brand-new fixtures and fittings. That means fewer unexpected costs after moving in, and a home that’s ready for you from day one.
We also offer the opportunity to personalise your home with our Design Lounge. From flooring and kitchen finishes to bathroom tiles and lighting, you can tailor your space to your taste before you even get the keys. For more information, read our blog ‘Why Buy a New Build Home?’
Let’s Get You Moving
At Beal, we’re proud to help people across Hull, East Yorkshire and Lincolnshire buy homes that suit their lifestyle. Whether you’re saving your first £5,000 or planning a move to your forever home, we’ll work with you to make it happen.
Saving for a deposit can feel daunting, but with a clear plan and the right support, it’s absolutely achievable. And when you choose a new build home with Beal, you’re not just getting a house, you’re getting a team that’s here to help you every step of the way.