| Its official, you CAN save for a deposit and you CAN | | | | Stage three: Check what savings you have - are you |
| afford a home - if it's what you really want! It's | | | | maximising their returns? |
| funny that we consider the time since the millennium | | | | It might be you have some money put aside and it's |
| as the ONLY time when first time buyers can't | | | | important you make sure they are in the best |
| afford to buy a home. Especially as when I first | | | | savings plan you can, especially while interest rates |
| bought in 1991, I couldn't afford a property on my | | | | are low. Using your ISA allowance is essential as you |
| own and had to buy with a friend and only 50 years | | | | will save on paying tax on any interest you earn. |
| ago, only approximately one third of the country was | | | | Look for savings returns on accounts where they |
| lucky enough to be a homeowner! | | | | offer better rates for putting the money away for |
| Stage one: Work out how much you spend each | | | | long periods of time. Check Which? Best Buys and |
| month | | | | the Saturday/Sunday papers. |
| Many of us don't really track exactly what we spend, | | | | Another tip is to find a good building society that |
| so it's worth creating an excel spreadsheet (or sign | | | | offers 5-10% deposit mortgages for its own savers. |
| up for access to our free excel spreadsheet which | | | | The papers are now saying that most mortgages are |
| will do most of the work for you!). It's essential to | | | | being given to people that can prove they can save |
| find where your money goes. When we did this with | | | | and manage their money well, so look for local |
| potential first time buyers, we found people spending | | | | building societies such as the Nottingham Building |
| £50-£60 a MONTH on just teas and | | | | Society. |
| coffees at the likes of Starbucks or Costa Coffee. | | | | Stage four: Don't blow it! |
| Stage two: Look at what you can cut out for the | | | | It's easy to think that by saving a few thousand |
| next year or two | | | | pounds it doesn't make a big difference, but over |
| The last 10 years has given us a false expectation | | | | three years that's six thousand pounds - enough to |
| that we can have what we want when we want. | | | | get you well on your way to buying a new home. |
| Well that has come to an abrupt end! It doesn't | | | | Keep going, it'll be worth it in the end. |
| mean though that we can't have what we want, we | | | | Stage five: Work out the Best Deals |
| just have to cut a few things out of our lives in the | | | | The first house might not be your dream home or in |
| short term to get it. | | | | the area you ideally want to live. But most of our |
| For example, I drink tea all day everyday - about 17 | | | | parents and grandparents didn't start off in the |
| cups! I used to buy them when I was out and on the | | | | homes they have now, they took several times to |
| road, but when the costs went up from around | | | | buy and sell to live where they wanted to. |
| £1 to £1.59 - or more, I felt for a 2p | | | | New builds are now and for the next year or so |
| teabag, a cup and a bit of hot water, this was not | | | | good value for money and for serious buyers will also |
| how I wanted to spend my money, so I take a flask | | | | help you with things that are stopping you from |
| on the road and reckon this saves me around | | | | buying such as paying the stamp duty or even paying |
| £30 per month. | | | | your deposit. You'll still need a few thousand for any |
| Think too about whether you really need to upgrade | | | | 'incidentals' that happen to the home (even new |
| your car or whether you can find a cheaper holiday | | | | homes have things that go wrong) or to help pay |
| this year or not - the UK is a great place to be and | | | | the mortgage if you get sick or have any problems |
| days out around where you live, or visits to Ireland, | | | | work wise. |
| Scotland or Wales can be fab. OK we don't have the | | | | Some people who are selling their home may even |
| best of sunshine, but we do have fantastic | | | | be able to help out, accepting a lower deposit at |
| countryside, historic buildings and some of the most | | | | exchange stage and you may have a family member |
| amazing coastal walks that exist worldwide. Take | | | | keen to invest in property that may buy a half or a |
| time to enjoy it! And if I haven't convinced you, get | | | | quarter of a property with you that helps you 'get |
| a late deal to Spain and have the sun and fun you | | | | on the ladder'. You'll need to have a good contract in |
| need at a bargain price instead. | | | | place (call us for help) so that if either of you want |
| If you can, think of moving back home for a year or | | | | to sell you can. |
| moving in with a friend who might be struggling to | | | | Think you can't save for a deposit or that you'll |
| pay their mortgage, or a good quality room to rent | | | | never be able to afford a home of your own? Then |
| and save as much as you can on your housing costs | | | | challenge us to help you! If we can find a way to |
| so you can put more towards your deposit. | | | | help you we will. |