5 Ideas For Raising A Mortgage Deposit


Bagging a mortgage is no easy task in the current monetary climate. Ever since the banks were brought to account over their irresponsible lending practices, it has been difficult to get the funding you need to buy a house. First-time buyers face more of an uphill struggle than those who already own a property, but the problem is not insurmountable.

Image Credits to Bill Ward

Both partners in a relationship might hold good jobs and be able to make the repayments on a mortgage in comfort, but it is the initial deposit that blocks their way. You might think that they could take out a loan for the deposit or put it on their credit cards. By doing so, they might disqualify themselves from a mortgage because that debt will count as a financial commitment and reduce the amount of spare cash they have left.

The qualification criteria for home loans is very strict compared to how it used to be. Because of the improvement in the economy and the Help To Buy scheme, house prices shot up. The government has made the borrowing rules even more stringent in an attempt to calm the market while also reducing fraud in the industry.

So, you can’t borrow the money. How can you raise the cash that the banks demand? Here are a few ideas.


Are you parents in a position to give you the money? If they are lucky enough to be mortgage free, they might have a nice little nest egg in the bank that is just what you need. Now, I would never tell you to be dishonest, but if they were to lend you the money but state that it was a gift, who would know? They might even take a loan out in their name on condition that you repay it. That sort of thing goes on all of the time, so if you found the perfect place in Hellesdon, for example, have a word with mum and dad.

Sell Your Belongings

Do you drive a super-expensive car that is your pride and joy? Think about selling it and catch the bus for a while. It won’t be long before you will are financially comfortable again, so you can indulge yourself later.

More Work

Get second jobs. It is hard work and exhausting but if you keep in mind that it is only temporary, you will be fine. Many people work in supermarkets and petrol stations, to raise cash for something.


It is easy to set up a small business on the side. You should declare it if you wish to keep your conscience clear. Gardening is an excellent way to earn ready cash if you are fit and healthy. There is much grass to cut in the summer and at fifteen pounds a time, it is not to be sniffed at.


People turn to internet auction sites to raise cash quickly. If you tour the car boot sales in your area, you will pick up some bargains to act as auction fodder. It is easy, but get the postage correct or you could lose out.

Make no mistake; the deposits are high, and it will be a struggle. The effort you put in will pay dividends in the end, so just go for it. You are not alone; many people are undergoing the same thing. I wish you every success.

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