4 ways to save for your first home faster
Speed up your home savings with these smart moves
Saving for your first home? You're not alone – and we know it can feel like a bit of a slog. But don’t worry, there are ways to make the journey a little quicker (and even a little easier). Here are 4 tips to help you reach that front door faster:
1. Open a Lifetime ISA (LISA)
Let’s start with the big one. If you're 18–39 and saving for your first home up to a value of £450,000, a Lifetime ISA is basically a no-brainer. You can save up to £4,000 a year, and the government adds a 25% bonus on top.
If you’re already putting money aside for your first home, why not make it go further? With a LISA, every pound you save gets you a little closer to your goal – faster.
2. Cut rent costs if you can
Rent is probably your biggest outgoing – and it can really slow down your saving. If you’ve got the option to move back in with family, live in a cheaper area, or flatshare, even for a little while, it could free up a good chunk of money each month to put towards your deposit.
We know it’s not always possible (or easy), but any temporary cut in rent can make a big difference over time.
3. Automate your savings
The trick to saving more? Make it automatic. Set up a direct debit to your LISA to go out just after payday. That way, you won’t even miss it – and you’re much less likely to spend it.
With Dodl, you can take things a step further – once you’ve set up a direct debit, you also can set up automatic investing in whatever you choose, so you can leave your investments ticking along in the background without lifting a finger.
Even small amounts add up over time, especially if you’re saving regularly. And if it’s going into your LISA? You’ll be earning that 25% bonus too.
4. Consider shared ownership
Getting on the property ladder doesn’t always mean buying 100% of a home straight away. With shared ownership, you buy a portion (usually between 25% and 75%) and pay rent on the rest.
That means you need a smaller mortgage and a smaller deposit, which can make buying your first place a lot more achievable – especially if you're buying solo or on a tight budget.
It’s not for everyone, but it’s worth exploring to see if it could work for you.
Ready to start your home-buying journey? Dodl’s Lifetime ISA is here to give your savings a little rocket fuel. With low charges and a super easy app, it’s a simple way to get started investing and make your first home feel a bit more within reach.
🔔 Always remember, the value of your investments can go down as well as up. Dodl doesn’t give financial advice, but we do hope the info is helpful! LISA rules apply. If you withdraw money before age 60, unless it's to buy your first home, you'll pay a government withdrawal charge of 25% – meaning you may get back less than you paid in.