It’s often a misconception that millennials are unable to get onto the ladder but with some savvy saving and know-how, there are ways to purchase your first home.
- The government now offer many funded schemes to help first-time buyers get onto the property ladder. The Help to Buy equity loan has been hailed a blessing to thousands. So long as you are purchasing a new-build, the government will provide buyers with 20% of the purchase price, providing they have a 5% deposit and the rest is mortgaged. This 20% loan will then be interest-free for 5 years, which gives you time to save 20% of the property value to repay it or to re-mortgage.
- When you’re earning under £25,000 it can seem difficult to save, however, break it down, work out your end goal, then figure out how much you will need to put by per month. For example, if you want to purchase a £165,000 apartment, you will need a 5% deposit of £8,250 using an equity loan. To save for this over 3 years means you would only need to save £230 a month.
- To achieve that monthly saving, ensure you are paying the best rates when it comes to bills, such as gas and electricity and any other household bills. It’s also worth trying to find a cheaper alternative if you eat out a lot or have a favourite brand of food – the money will soon add up.
- Consider getting a second job doing what you love. If you spend a lot of time in the gym or at a bar, work there and you could get paid to do what you love! It also means when it comes to things like membership costs, you will more than likely get a discounted rate.
- Rather than having a fancy car on finance, purchase a suitable car that gets you from A to B. Having a monthly payment for a car will hinderance the amount you could save and when it comes to signing up for a mortgage its also a fee the bank will take into consideration.
Fortitudo offers Help to Buy on every development enabling first-time buyers purchase their first home. To see what is currently available visit fortitudoproperty.com.
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