Saving for a house as a couple has huge advantages—two incomes, shared expenses, doubled motivation. But it also adds complexity. Here's how to save successfully together.
The Advantages of Saving Together
- Double the LISAs: Both can have a LISA = £8,000/year contributions, £2,000 bonus
- Combined income: Higher mortgage approval
- Shared living costs: Rent split means more savings capacity
- Accountability: Keep each other motivated
ℹ️ Double LISA Power
Both partners maxing LISAs: £8,000 saved + £2,000 bonus = £10,000/year toward deposit
Setting Up Your Joint Strategy
1. Agree on the Goal
- What type of property?
- What location?
- What price range?
- What deposit percentage?
- What timeline?
2. Calculate Combined Target
- Deposit amount needed
- Plus buying costs (surveys, solicitors)
- Plus moving and furnishing buffer
3. Decide Contribution Split
Options:
- 50/50: Equal contributions regardless of income
- Proportional: Based on income percentages
- Ability-based: Each saves what they can
Calculate Your Joint Savings
Use our savings calculator to plan your deposit timeline as a couple.
Separate LISAs, Joint Goal
You can't have a joint LISA, but you can both have individual LISAs:
- Each person opens their own LISA
- Both contribute up to £4,000/year each
- Both get the 25% bonus
- Use both toward the same property purchase
Protecting Yourself
While planning your future together, be practical:
- Keep individual LISAs: In your own names
- Document contributions: Keep records of who saved what
- Consider a cohabitation agreement: For significant unequal contributions
- Discuss worst-case scenarios: What if you split before buying?
Common Couple Saving Pitfalls
- Different saving speeds: One partner saves more—causes resentment
- Different timelines: One wants to buy now, other wants to wait
- Different property visions: Agree on priorities early
- Life changes: Baby, job loss, relationship changes affect plans
💡 Communication Is Key
Regular money dates keep you aligned. Monthly check-ins on savings progress prevent surprises and keep motivation high.
About iBudget
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