How to save for a mortgage deposit while renting
Trying to save for a house deposit while paying rent can feel like a battle you can't win – but it doesn’t have to be. Whether you’re looking to get on the property ladder for the first time or
With some practical tips, helpful schemes and a smart approach, you can chip away at your house deposit (yes, even while affording rent) and start planning for the future.
Here are some practical steps to help you start saving.
Get your rent counted towards your credit score
Using a service like CreditLadder or Canopy means your rent payments can help build your credit history, improving your chances of mortgage approval when the time comes. This won’t directly save you money, but it could help you unlock better rates with mortgage lenders and lower your overall costs.
Ask your employer about salary saving schemes
Some employers offer schemes where a portion of your salary is automatically moved into a savings account before it hits your bank account. This is a hassle-free way to save, as there’s little legwork beyond opening a savings account.
Save found money, not just earned money
Unexpected windfalls like tax refunds, work bonuses or even cash gifts can make a big difference to your house deposit goal. Rather than treating them as spending money, move them straight into your savings account. This might take a little willpower, but it's for the greater good.
Be realistic and kind to yourself
There’ll be months where saving feels impossible. The usual costs of living such as monthly rent, food, travel and energy bills aren't cheap. Small, consistent savings over time are far more effective than unrealistic plans that you can’t stick to. Your quality of life is important too, so finding the right balance is key.
Affordable housing and schemes to support you
One of the most direct ways to reduce the amount you need to save is by exploring available schemes and ways to buy.
Not only can these schemes bring down the upfront cost, but they’re often designed with renters and first-time buyers in mind:
New Build Boost
New Build Boost by Gen H and supported by Persimmon is a great example. If you've saved a 5% deposit, you could get a 15% interest-free boost* to help you buy your dream property sooner than you thought.
Deposit Boost
With Deposit Boost, Persimmon could increase your deposit by up to 5% of the purchase price of your new home. That means you’ll need less saved up, making it easier to move.
Deposit Unlock
If saving a large deposit feels out of reach, Deposit Unlock could be the helping hand you need. Available on selected new build homes, it allows you to buy with just a 5% deposit, making homeownership more accessible, especially if you're balancing rent and savings.
*The boost is an equity loan and you may pay back more than you borrowed. Specific mortgage rates apply. If you stop paying your mortgage, you could lose your home. This promotion is approved by Imagine Mortgages Limited, t/a Gen H.
Why a new build home could be the right choice
Buying a new build could save you money long term, making it an excellent option when you’re saving for a house deposit. Here’s why:
- Lower maintenance costs – New homes come with a 10-year warranty and are built to high modern standards.
- Energy efficiency – New builds are often more energy-efficient, which could help you live a more sustainable lifestyle.
- Chain-free – You won’t have to wait on another seller, which can make the whole buying process smoother and faster.
How do I save money for a house? Try combining saving and support
The question 'How do I save money for a house in today’s market?' gets asked a lot.
While we've given you plenty of food for thought here, the answer might lie in combining your own savings plan with a support scheme. That way, you don’t have to wait years to pull together a full deposit.
At Persimmon, we know that buying your first home is one of the biggest steps you’ll take. That’s why we’re committed to making it more achievable, with affordable housing in sought-after locations, modern and energy-efficient homes and helpful buying schemes that take some of the pressure off.
Let’s get you moving
There’s no one-size-fits-all answer to how to save for a house deposit, but with the right tools and support, it’s absolutely doable, even while renting.
Explore our range of new homes and speak to one of our sales advisers to find out how a deposit boost could help you buy your new Persimmon home sooner.
Saving while renting isn’t easy, but you don’t have to do it alone. We’re here to help every step of the way.
