Squirrel away your acorns to save £60,000 before you’re 40

If you’re a first-time buyer and are looking for your first house, how much do you need to have in the bank for a deposit? And, perhaps more importantly, if you don’t have it how to you go about saving up enough for that deposit? You will need a deposit of at least 5% of the value of the home you want to buy. That means, that if you wanted to buy a house worth £150,000, then you would need to save up at least £7,500. But most mortgage lenders are now looking for a deposit of at least 10% or £15,000 on that house worth just £150,000. Yet, the average price of a property in the UK hit close to £220,000 last year meaning that you might need to find £22,000 for a deposit. And if you planning to live in London, the news is even worse with average house prices knocking on £450,000. Saving up £45,000 sounds like a nightmare, particularly when you consider that 16 million people have less than £100 in the bank. Becoming a squirrel Financial campaigners, though, believe that sav
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