'We had two months to buy £475,000 first home to avoid £7,200 a year rent hike'
We have two bathrooms, and an open plan kitchen, living and dining room area.How did you decide on location.We soon discovered that a lot of the flats we wanted were out of our budget.Woolwich was a great find for us - its near a DLR station, we can catch the new Elizabeth Line too.We used the Help to Buy scheme to get a £95,000 equity loan and put down a 5% deposit at £23,750 - otherwise we wouldn’t have been able to afford it.
The government will lend you up to 20% of the value of your property - or 40% if you live in London - and the loan is interest-free for the first five years.Our monthly repayments are £1,200.We decided to use the Help to Buy scheme because we were in a rush to buy, and using it meant we didn’t have to put down as big a deposit.How did you save for it?We knew we wanted to buy - and that was a good opportunity for us to save our money.
But in some cases, you can get free cash to put towards buying your house worth up to five per-cent of the purchase price of the house, according to the Mortgage Advice Bureau. The £8,500 we were gifted meant we could move in sooner than we thought, instead of saving up more and waiting longer to buy.As we were renting a part-furnished flat before we moved, we didn’t have to spend a lot on furniture.We got a sofa from our local British Heart Foundation store for £200 - it would have been £2,000 originally.What's your advice for other first time buyers?Help to Buy was the right route for us to go down - but Shared Ownership schemes can help you too.
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