Young, Earning but Living with Parents....

So I said I'd write blog on how we've recently got our house without needing to be earning millions and only having a small deposit. Everyone is very aware at the moment that you could earn 50k a year right now but without any kind of deposit you've got no chance of getting onto the property ladder.....or have you? 

According to the AQA (figures June 2011) the average cost of a 3 bedroom house is £210,775, most mortgage lenders are offering a max of a 90% mortgage meaning no matter how much you earn you'll need a £21,077 deposit.....where the frig do we get cash from? Well, we've just secured a plot on a new estate thats being built for a 3 bedroom, 3 storey, two bathroomed town house on a new initiative that is a hidden secret. Basically the house is based on a 50% shared ownership whereby we part buy at £79,950 (a deposit of only £8k) and part rent at £217 a month. I know part ownerships can be a bit of a loss but as it's a 3 bed we won't be moving for a long time and so cam still save for a deposit on the next property! 

This scheme was set up by my towns local housing trust and a shared ownership company - they have certain criteria that you have to meet to be eligable but as soon as you've passed that they send you properties That are available and suitable for you!! Here is the kind of company to look for: http://www.sharetobuy.com/

You can get all types of properties that require lower deposits, obviously the bigger deposit you can save means you'll get a better deal. Saving a deposit on the big scale of things shouldn't be a massive hold back.... ditch the luxuries for 1 year, it's only a year and someone earning £15k a year should easily save at least £6k!!

Have a look at what options are available to you, hope this helps.

Princess Best xx