Saving for your first home together: a guide for couples

Most lenders require a minimum 5% deposit, but 10-15% gets you much better mortgage rates. On a £250,000 property: 5% = £12,500, 10% = £25,000, 15% = £37,500. The difference in mortgage rates between 5% and 10% deposits can save you hundreds per month on repayments. It's worth the extra saving time if you can manage it. Don't forget additional costs: solicitor fees (£1,000-2,000), survey (£300-800), stamp duty (in England and Northern Ireland, first-time buyers pay 0% up to £300,000 and 5% on the portion up to £500,000, so nothing on a £250,000 home), and moving costs (£500-1,500). Budget an extra £3,000-5,000 on top of your deposit.

Both of you should open a Lifetime ISA if you're between 18 and 39. Each person can contribute up to £4,000/year and receive a 25% government bonus — that's up to £1,000 free money each, or £2,000 per year as a couple. Over three years of maxing out both LISAs, you'd have £24,000 in contributions plus £6,000 in bonuses = £30,000 (plus interest or investment growth). That's a solid deposit for many areas. Remember, LISAs can only be used for properties up to £450,000 (or retirement at 60+). If you're buying in London where properties exceed this, you might need to consider other options alongside LISAs. The government has consulted on replacing the LISA with a new First Time Buyer ISA, but no launch date is confirmed and you can still open and pay into a LISA.

If a full purchase feels out of reach, shared ownership lets you buy 25-75% of a property and pay rent on the rest. You only need a deposit on the share you're buying — so 10% of a 25% share on a £250,000 property is just £6,250. The First Homes scheme offers new-build properties at 30-50% discount to first-time buyers. Eligibility varies by area, and stock is limited, but it's worth checking if there are developments near where you want to live. Right to Buy applies if either of you is a council or housing association tenant. In England, the maximum discount has been £16,000 to £38,000 depending on where you live since November 2024, which can still shorten the time you need to save.

Equal isn't always equitable. If one partner earns £35,000 and the other earns £25,000, a 50/50 saving split puts disproportionate pressure on the lower earner. Many couples save proportionally to income — the higher earner contributes a larger absolute amount but the same percentage. Others keep it simple: each person saves what they can, and the total is tracked together. Have an honest conversation about this early. Resentment about unfair financial burdens is one of the biggest relationship stressors. Whatever you agree, write it down and review it quarterly.

Move in with parents if possible. The average renter spends £800-1,200/month on housing. Redirecting even half of that into savings for 2-3 years can add £10,000-20,000 to your deposit fund. Cut major expenses ruthlessly for a defined period. A 'deposit year' where you holiday cheaply, drive a basic car, and minimise eating out can turbocharge your savings. The key word is 'defined' — burnout prevention means setting an end date. Use SYM challenges to gamify the process. The 100 Envelope Challenge gives you £5,050. Run it twice as a couple and you've got over £10,000. Stack that with LISA bonuses and you're making serious progress.