BOSS: The Deposit Marathon

Lesson 12 of 12 in our free Buying a Home guide: a 5-minute money game with the key points below.

This lesson is in the full version.

Free with a code from your uni, college, council, landlord or employer (worth £600/year). Lesson 1 of Buying a Home is free for everyone.

Questions you'll answer

Mo has paid £4,000 a year into a LISA for 3 years. Including the 25% bonus, how much is in there (ignoring interest)?

Mo's 2-year fix is offered at 4.5% or a tracker currently a bit lower. Mo's budget has very little wiggle room. What matters most?

Keep an emergency fund separate from the deposit → Do it. Homes break. Boilers have no sense of timing.
Take out car finance a month before applying → Avoid it. New debt reduces what you can borrow.
Budget for legal fees, survey and moving costs → Do it. The costs nobody mentions.
Pay the solicitor using bank details from a surprise email → Avoid it. Phone to confirm on a known number. Always.
Check the lease length and service charges → Do it. Little numbers, big teeth.
Myth: “Buying a home means you'll never have money worries again.” — Mortgages, repairs and rate changes are real. Keep a buffer.
Fact: “If you're worried about keeping up mortgage payments, talking to your lender early helps.” — Lenders must treat struggling borrowers fairly. Free debt advice is there too.
Fact: “LISA money can be used towards a first home costing up to £450,000.” — Above that, the 25% charge applies.