Miller Homes’ 12 days of Christmas top tips for saving for a mortgage
Daunting deposit requirements are scaring off some first-time buyers, but the “Secret Santas” at Miller Homes have some seasonal solutions.
The team at Miller Homes have created 12 days of Christmas tips to help show would-be home owners or people living at home or in rented accommodation struggling to get a big enough deposit for a new home, just how they can save for a mortgage without having to scrimp on the pressies and still enjoy the festive season.
On the 1st day of Christmas Miller Homes said to me: Act Now.
Home ownership is a much more realistic goal for first-time buyers who have been keeping an eye on house prices. Building a deposit is no small task, but those who have chosen to start putting extra money away now are clearly better prepared to make an offer on a property when they see the opportunity. Savers need to be aware that the sooner they build a large deposit will make it easier for them to be accepted for the best mortgage deal.
On the 2nd day of Christmas Miller Homes said to me: Pay your credit cards off.
By paying your credit card bills in full on time, every time, means you are less likely to get a poor credit rating and will also reduce the interest you pay. No more excuses for paying interest or late fees.
On the 3rd day of Christmas Miller Homes said to me: Learn to cook.
Impress your friends and your wallet by cooking at home regularly instead of splashing out on going out to expensive restaurants. Even if you chose to go to a budget restaurant the price of drinks and travel expenses all adds up. Cooking your Christmas dinner at home rather than eating out may cause you stress but could cut the cost by more than 50%, as eateries prices peak over the festive season.
On the 4th day of Christmas Miller Homes said to me: Walk more.
As well as the obvious health benefits, this will cut the cost of your weekly petrol expenses. Rather than paying an average of 40pence per mile to go to your local shops, why not foot it for the sake of a 10 minute walk. Also if you must use your car, try little tricks such as unloading heavy loads, cut down on the air con and stick to speed limits; the faster you go the greater the fuel consumption. Cruising at 80mph can use up to 25% more fuel than at 70mph. Also, why not consider swapping your gas guzzling four-by-four for a more economic and eco-friendly hybrid vehicle.
On the 5th day of Christmas Miller Homes said to me: Change suppliers.
If you are already a home owner or in rented accommodation, you may be paying over the odds for fuel consumption and household insurance.
Fuel prices are rising, but that doesn't mean you need to be ripped off. The domestic market for gas and electric is a competitive one and you can change supplier with a few clicks of a button. The new supplier will take care of the formalities - you just pay less. The internet has also made finding cheaper home insurance easy, you can compare hundreds of policies in minutes.
On the 6th day of Christmas Miller Homes said to me: Change your light bulbs.
Miller Homes is committed to low carbon homes, so much so our most of our new homes are now built to the Government’s code level-3 standard as minimum. By installing solar lighting or low-energy light fittings you will save on electricity bills in the long run. You also can install such lighting for outdoor purposes also.
On the 7th day of Christmas Miller Homes said to me: Don’t keep up with the Jones’.
Trying to keep up appearances can be a costly indulgence. Try not to always want what other people have, because you don't know how they got it. Chances are they're in more debt than you are.
On the 8th day of Christmas Miller Homes said to me: Watch when you go on holiday.
Try not to fly or holiday during peak travel seasons, which is usually school and college holidays. This will always be more expensive. Instead, visit places on the tail ends of each season – so you can still enjoy the weather along with better rates. It’s also worth checking out budget airlines and seeing if you can make your own holiday by booking your own hotel and transfers separately rather than buying a package holiday – more often than not you’ll find this works out cheaper.
On the 9th day of Christmas Miller Homes said to me: Go pay as you go.
Ask yourself whether your mobile phone is absolutely necessary and if the answer yes, then ask yourself whether you really need all those minutes and texts that come as part of your package. If you hand over £50 a month to a mobile phone company, that's £600 a year - but you can buy a pay-as-you-go phone for as little as £30 and only pay for the odd call as and when you need to.
On the 10th day of Christmas Miller Homes said to me: Love ebay.
If you look inside your cupboards and wardrobe and see nothing but things you haven’t used for years or clothes that have never been worn – you obviously don’t need them. So why not sell them to someone else who does? Ebay, as well as other online selling sites, has opened up a whole new modern version of a car boot sale. You can sell most items online for the cost of a small commission.
On the 11th day of Christmas Miller Homes said to me: Swap high street Coffee for low cost coffee.
In other words, you don’t need to spend lots of money on branded items. You can buy a jar supermarket own-brand coffee for 47p and a packet of custard for the Christmas pudding for around 6p - Enough said.
Same goes for clothes, when saving for a mortgage can you really justify paying hundreds of pounds because a top designer has their name sewn on the label, which you may only wear once? Most people cannot tell the difference between a £600 designer bag and a £9.99 one from the market.
On the 12th day of Christmas Miller Homes said to me: Visit Miller Homes.
At Miller Homes we have a range of purchase incentives, which can make the home moving dream a reality and make saving for a mortgage seem not so impossible.
Visit us and we’ll help you compare the price of renting and buying – you might be surprised.
These money saving tips were brought to you by Miller Homes - Happy saving.