Single-mum saves £9k in a year to buy first home 🏚
A SINGLE mum from Somerset saved a £9,000 house deposit in a year by moving 50 miles away for cheaper rent.
Overall, her savings went from nothing to up to £800 a month and within a year, she had enough for a five per cent deposit.But despite earning up to £60,000 a year as a self-employed writer and blogger, Jo struggled to get a mortgage with such a small deposit. To put it in perspective, Jo recently remortgaged to a deal that charges just 2 per cent interest, bringing her payments down to £640 a month.The previous owner had redone the kitchen but Jo paid for an extractor hoodNow, the savvy mum plans to overpay every month and make one-off extra payments to bring down the 30-year mortgage term.What’s your home like and how much did you pay for it?
The station is a couple of miles away with trains direct to London Paddington in less than two hours.The house has three bedrooms and it's semi-detachedBelle was happy to move away from Bristol as it meant she could be closer to familyIt was on the market for £200,000. They had already turned down an offer of £180,000 a month before - and it had been on the market for six months.
Use a broker. This made a massive difference to me. It is fairly complex finding the best deal and can be time-consuming - especially with the remortgage. I might not have even thought to remortgage without them prompting me. As lovely as Bristol is, when you are spending so much on rent you have nothing left to enjoy going out and doing nice things there.Credit: Apex NewsJo's enjoying making her mark in the garden even if the plants won't be fully grown for another few yearsWe moved to Taunton in the summer of 2015 but it wasn't until a year later that I really started getting my head down to save.
I went from paying £1,275 per month in rent in Bristol to £675 a month for a similarly-sized house in Taunton and so immediately cut the rent by £600 a month.GETTING on the property ladder can feel like a daunting task but there are schemes out there to help first-time buyers have their own home.- It's a tax-free savings account where for every £200 you save, the Government will add an extra £50.
I went into the estate agent that was marketing them and their mortgage adviser told me I could get a £180,000 mortgage with a £9,000 deposit.
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