SAVING for a deposit to get into the property ladder is tough, but one first-time buyer saved up since she was 13 to buy her own apartment.
Valentina Hadome bought a £400,000 flat in January this year just 18 years later saving five years for your deposit of £22,000.
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She also used the government Scheme help to buy buy his two-bedroom flat in Abbey Wood, southeast London, faster.
You can get up to 20% of the value of your property, or 40% if you live in London, under this scheme.
You only have to make a 5% deposit to secure your home using the scheme; Buyers usually need to make a 10% deposit.
she told the Mirror: “I am so, so happy, since I was very young, my dream was to have my own place.
“My mom taught me how to save and how to invest in the right places.”
Their mortgage reimbursements amount to £800 per month.
While saving as a teenager, he invested in companies like Domino’s Pizza and technology companies.
Valentina published romance and action comics when she was 13, which helped her raise £5,000.
He’s also taken part-time jobs since he turned 16, including spells at McDonald’s and Primark.
She now works for JLL property company and earns nearly £34,000 a year as a credit controller trainee.
What help is available for first-time buyers?
There are other ways to get help if you want to buy your first home.
Mortgage Guarantee Regime
Also known as 5% deposit mortgages government scheme and was introduced in 2021 budget.
The government supports lenders to offer more mortgages that require a small deposit under the scheme.
It is only available for properties up to a maximum purchase price of £600,000.
But first-time buyers, as well as existing homeowners, can use it to secure a 95% loan-to-value mortgage.
But you’ll have to be quick if you want to get a house through the scheme, as the deadline is December 31.
You can get more information about the scheme. from gov.uk.
The First Homes plan
the The First Homes plan launched last year and it means prospective first-time buyers in England can get houses at a discount rate of 30% to 50% compared to market price.
But, if the owner decides to sell the property later, the discount on the new value will also be available to any future buyer.
In addition to being a first-time buyer, you must also be 18 years of age or older and be able to obtain a mortgage for at least half the price of the home.
You must also buy the house as part of a household with a total income of no more than £80,000 or £90,000 in London.
shared ownership
the Shared property regime means that you co-own your home with a housing association: you buy part of the property and then pay rent on the part you don’t own.
The scheme allows you to put down a deposit of just 5% for properties, making it useful for first-time buyers.
Buyers must purchase between 10% and 75% of the property to use the initiative, and then they can “ladder” – buy more shares in installments – until owning 100% of it.
You can find local shared ownership properties in the Share to buy websiteor contact your local housing association.
However, there are also disadvantages.
One of the problems with shared ownership is that you don’t have as much freedom when it comes to selling your house, compared to if you hadn’t used the scheme.
If you own less than 100%, your housing association will get a set period of time to find a buyer, which means you won’t be able to accept a higher offer from someone else.
Many shared ownership leases also contain a clause that gives the housing association the opportunity to buy it back before offering it on the market.
There are also fewer lenders offering shared ownership mortgages compared to standard ones.
This means that there is not much competition to offer decent rates.
