Introduction
Saving for a home can be difficult, but one woman managed to save an impressive 80% of her monthly wage to buy her £150,000 first home. Ashleigh Hoskin, 27, sacrificed her social life and holidays to boost her savings and was able to put down a 28% deposit of £32,800. In this article, we'll explore how she managed to save so much and get a glimpse of her new home.
Saving for the dream home
Ashleigh started saving for her first home five years ago when she was earning just £3.70 an hour as an apprentice. Despite her low income, she was strict with her outgoings and managed to save 80% of her salary every month. As she got promotions and moved roles, she was able to put away even more cash and watched her savings build.
Buying her first home
Ashleigh's hard work paid off when she got the keys to her three-bedroom home in Suffolk in October. The house, which cost £150,000, is nestled in a quiet cul-de-sac and has a closed floor plan with a spacious living room, dining room, and kitchen. She put down a 28% deposit of £32,800 and took out a mortgage of £117,200 over 40 years at a fixed rate of 6.5% for two years.
Tips for first-time buyers
Ashleigh's advice for other first-time buyers is simple: saving is key. She emphasized the importance of living within your means and making sacrifices to save as much as possible. Seeking advice from solicitors and mortgage advisers can also help make the process more manageable. Ultimately, Ashleigh believes that the struggle and sacrifices were worth it to afford her dream home.
Conclusion
Ashleigh's story is an inspiration for anyone looking to save for their first home. By being disciplined and making sacrifices, she was able to save an impressive amount and achieve her goal. Her story serves as a reminder that with determination and proper financial planning, homeownership is within reach.
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