LIFTING THE DEPOSIT DEADWEIGHT FOR FIRST TIME BUYERS
Okay, so you’re ready to make the leap onto the property ladder, well psychologically speaking anyway. However the reality for the majority of first time buyers is that they are finding saving
the required budget is too difficult and they have to drop out of the market. Recent research according to Zoopla revealed that the ‘devil is in the deposit’ for over two thirds of buyers, who need to save an average of £20,000 to buy their first home. This is no mean feat when most have hefty rent and student loan repayments weighing them down.
It’s not impossible though, particularly when buying a new build home, read on to find out how Countryside can help you avoid those huge upfront costs…
One couple have bucked this trend with savvy saving and the use of the government’s Help to Buy scheme to purchase their first home with only a 5% deposit needed.
The couple, who have been together for seven years, combined some cost-effective saving tricks with the Help to Buy scheme to secure a stunning, three-bedroom Longford home at Countryside’s popular Blackberry Vale site in Stockport.
Elisha, 26, who will marry partner Mike Kirkham, 32, in November said: “We set ourselves a deadline when it came to buying our home, so when we were saving we had a plan in place. We cut out buying things like a coffee on our way to work and we also reduced our date nights from once a week to once a month. “I even created a spreadsheet so that we could keep track of our savings and make sure we were on target for making our home buying dreams come true!”
With their saving strategy, the pair are in good company as our recent survey found that only 13% of buyers in the region were also able to save a deposit within just 12 months, whilst 22% took two years and 27% saved for three years.
Elisha added: “The Help to Buy scheme was really useful and easy, I’d definitely recommend it to anyone. We wanted to move to the area as my parents are nearby, which is ideal for when we start a family. We also think that we’ve made a good choice buying in Brinnington, as it’s an up and coming area. The most exciting thing about the whole process is just being in a home that is completely ours – it’s hard for young people to get on the property ladder, but we did it!”
There are a number of home buying initiatives available to help first timers secure a new home including the Help to Buy equity loan scheme, which allows buyers to purchase a home with just a 5% deposit, a 75% mortgage and a 20% interest free loan for five years from the government.