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Creating a Budget to Buy Your Dream House

Property prices are at an all time high and people across the country are struggling to get on the housing ladder. It's time for us to get super savvy.

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It all starts with a deposit

If you're the kind of person with big ambitions for your savings but find yourself dipping in to them come the end of the month, it's time to get serious and make the pennies count.

Believe it or not, there are products out there that can help. Take Help to Buy ISAs; for first time buyers, not only will you benefit from higher interest rates from your bank than with a normal savings account, but for every £200 you save, the government will contribute £50 when you're ready to buy your home.

Money Dashboard can help you keep track of how much you're saving across all of your accounts in one place, so you know exactly how much progress you've made towards your dream home.

Getting smart about what you can afford

Mortgage lenders used to base the amount you could borrow on a multiple of your income known as the loan-to-income ratio and would consider things like your credit report and occupation.

Since 2014, they've also had to consider how much you can actually afford to pay back each month without getting into financial hardship. They do this by considering your income, and then deducting various personal and living expenses.

If this all sounds a little complicated then fret not. Money Dashboard's budget tracker can help you take a look at your typical spending habits so you feel confident in understanding what you could afford to pay on a mortgage and gain a solid understanding of your abilities and commitments.

Planning forward to ensure security

Mortgages are a long term commitment, which may mean you need to adapt to changes in your financial position to meet your repayments.

The best way to avoid being caught out when your financial position changes is to plan forward so that you know exactly what you're going to spend and what your resulting balance will be, before it happens.

Money Dashboard's Planner feature helps you to set yourself up for success by showing your predicted expenses up to 12 months in the future, so you can cope with an increase in your payments or a drop in income.

Daniel is achieving his goals

3 easy steps towards buying your dream home

Create your free account

Sign up to our free app on mobile or web and see all your accounts, spending and income in one place

See the bigger picture

We’ll pull in everything and automatically sort your transactions into helpful categories to show you where your money really goes

Achieve your goals

With your sights firmly set and us by your side, you'll make your way along the path to financial success