We bought our first home aged just 19 with £12,00 deposit – here’s how
SWITCHING expensive dates and pints at the pub for walks in the park helped one couple save the £12,000 needed for their first home.
Olivia Gill, 20 a commercial officer and Jack Eacott, 22 a carpenter from Chippenham, Wiltshire, bought their £232,000 first home in July.
Unable to go for nights out and splurge cash on meals during lockdown, the couple saved up a lot of money.
When the country’s shops, pubs and clubs reopened, the pair still decided to carry on their lockdown savings routine.
Date nights became walks in the park, and the couple stuck to a budget of £50 a week for food to help them boost their savings.
They used the government’s Help to Buy scheme to boost their budget as well.
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The scheme enables wannabe homeowners in England to purchase a property with just a 5% deposit, with the government offering an equity loan to first-time buyers.
The government lends owners up to 20% – or 40% in London – of the property value, interest-free, to lower the mortgage and increase affordability.
But those who want to take advantage of the scheme have just months left to apply.
Olivia told Caters News: “Through saving in our joint account we were able to secure the £12,000 deposit.
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“Our friends and family have all been so supportive of us throughout the saving journey and now are just so happy that we have got what we have been working for.
“Staying on top of our finances has helped reach the first big stepping stone on the property ladder.”
Olivia and Jack aren’t the only young couple who have grafted for their first home.
The Sun spoke to first time buyers Meg and Ben, who sold their car to save for the £20,000 deposit needed for their first home.
While one saver’s easy penny savings challenge kept her savings on track to buy her £270,000 first home.
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Here’s how one saver worked a second job at McDonald’s to help raise cash for her £252,000 first home
One saver’s ISA mistake nearly cost him his £105,000 first home.