FOOT ON THE LADDER.
Updated: Aug 7, 2019
A staggering 10% of first time buyers regret buying their first home.
"We struggled to save up enough deposit, so we moved in with my parents for six months."
First-time buyer regrets
It's been found that prospective first-time buyers are suffering from stress, anxiety, and depression because of the sacrifices they're making to buy their first home. We'd like to give tips take the heat off even if your not eligible for a Home Deposit Grant
The ladder of regret
Of the 750 prospective new homeowners we surveyed: 40% had to move in with their family 1 in 7 moved to a higher crime area. Over 25% moved further away from work. 10% had to move to a higher flood risk area. Four Young Families spoke to Lorna, a prospective first-time buyer from Gloucestershire, about the sacrifices she made to save for her first home: She would have qualified but didn
"We struggled to save up enough deposit, so we moved in with my parents for six months. This caused us much stress, but I felt it was worth the sacrifice because I wanted to live close to my family."
Source: Lorna, 35 from Gloucestershire
If you are struggling to save enough for a house deposit there are lots of ways you could boost your savings. Here's how to get some help saving for your house deposit
Buying without regret
Here are some things you can do to help buy your first home, without making sacrifices that may make you miserable.
Helping Young Families home buying tips
Check how much you can borrow before you start looking at properties.
This way you'll know how much you can afford and what you need to save as a deposit.
Research government schemes that are designed to help you afford your first home.
The Help to Buy scheme offers an interest-free loan for five years towards new build properties. Have a look at grant relief projects like Help For Young Families.
The bigger your deposit the better the deal you'll get and the more you'll be able to afford. It might be worth holding on for as long as you can and saving up before buying in an area that isn't suitable. Help for Young Families will look at two bits of evidence to show you've attempted before gifting you a 5% grant.
Apart from grant giving, help for young families is a lobbying body acquiring grants but in our experience, insight and really understanding how to buy really helps. Have you heard about the Help to Buy ISA because free cash from the government is too good to turn down.
Shop around for your mortgage - don't just take one out with your existing bank because you might not get the best deal. Here at Helping Young Families, we look at helping you from all angles. We will help with the assistance of our in-house accountants to validating off the book income too.
Every little helps.