Saving for a mortgage deposit or at least crunching the numbers? Then you’ll probably be aware that under the Central Bank rules, first-time buyers can borrow up to 90% of the total value of a home and the remaining 10% must be self-funded as a deposit. 

Couple saving for a mortgage deposit

Saving for a Mortgage Deposit? 6 Ways to Stay Savvy but Sane

Saving for a mortgage deposit or at least crunching the numbers? Then you’ll probably be aware that under the Central Bank rules, first-time buyers can borrow up to 90% of the total value of a home and the remaining 10% must be self-funded as a deposit. 

This 10% figure can seem intimidatingly high - maybe higher than you’ve ever saved in your life - so preparation is key. Below we break down six ways to save while staying sane. And don’t worry, there will be no condescending mention of giving up your morning coffee. 

 

1.    Set Yourself a Goal

Your very first port of call is to figure out how much you need to save. Input your details into our Mortgage Calculator and you’ll get a clear idea of the mortgage you can afford and how much of a deposit you’ll need. This is also a good time to organise your accounts.

 

Set up a savings account to automatically transfer from your account the day after you get paid. If you have a habit of dipping into your savings, then set up a notice account. This type of account requires you to give a set amount of notice before the funds are released and will keep impulse purchases at bay. Put a portion of your savings into a regular saver account that you can access instantly in case of an emergency. 

2.    Identify Your Achilles’ Heel 

Take a look through your spending history and identify exactly where your monthly income is going. You can do this with ease using the My Money Manager Tool on your AIB Internet Banking.The My Spending section breaks down and classifies your spending into colourful charts so you can quickly spot any opportunities to cut back. It’s also great for figuring out your spending Achilles’ heel so you can nip it in the bud.

3.    Keep Inspired 

walk to destress when saving

It’s important to keep yourself motivated when you’re saving like a mad thing. Regularly remind yourself why you’re saving - go for walks in the area you’d like to buy, cut out a photo of your dream home and stick it on the fridge, watch Grand Designs… whatever inspires you and keeps you focused. 

4.    The Little Things 

You’ll be surprised how much you can save when you shop around. Spend half a day ringing around for quotes on your internet, electricity, car insurance and heating and see if you can make any quick cutbacks. Write down all of your monthly expenses and create a realistic budget. A simple way to keep spending on track is to take your weekly budget out as cash and use this as your spending money for the week. 

5.    Reframe it 

saving for mortgage by packing a lunch

If you’re constantly thinking negatively about saving, then you’ll be miserable. Try to reframe cutting back into a positive light. If your daily packed lunch seems unappealing, remember it’s generally much healthier than eating out and your waistline will thank you for it! Not able to head out to the pub as often? Invite your friends over for a potluck dinner party or games night instead. 

6.    Don’t Forget to Treat Yourself 

You know what they say about all work and no play. Make sure to set aside some savings for something fun. Little treats will keep you sane.

Saving for Your Mortgage? 

We’ve got a full suite of tools to make the process as easy as possible. Get started by checking out the AIB SmartMove app, where you’ll find everything you need to make the process a smooth one, from savings and mortgage repayment calculators to tips and advice. It’s even got a built-in Daft.ie search. You can also book an appointment with one of our Mortgage Advisors.

 

One of the benefits of an AIB Mortgage is that you can delay your mortgage repayments for the first 6 months, which can give you a nice break from saving before your first repayment. 

 

Allied Irish Banks, p.l.c. is an authorised agent and servicer of AIB Mortgage Bank in relation to origination and servicing of mortgage loans and mortgages.  AIB Mortgage Bank is regulated by the Central Bank of Ireland.

 

Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland. Copyright Allied Irish Banks, p.l.c. 1995.

 

 

 

 

 

 

 

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