A homeowner has revealed the money-saving tips that helped her and her partner get on the property ladder
The homeowner explained how she saved her money (stock photo)(Image: Getty)
A homeowner who purchased her first home at 25 has shared how she did it. The blogger named Lauren, who posts on TikTok under the handle @Learningmoneyloz, regularly shares videos about her savings and what she has learned about personal finances.
In a recent video, she explained how she paid for her mortgage when she and her partner bought a home together. In her video, Lauren said it was a ‘complete privilege’ to buy with someone else, which meant she needed to save half of their £30,000 goal. She also broke down the different strategies that enabled her to save £15,000.
Lauren explained: “Someone on here recently asked me how I saved for a mortgage, so I’m gonna walk you through the steps that I took in order to buy my house at 25 years old. For context, I live in a semi-detached house with my partner.
“It was £250,000 when we bought it, so we put down a £25,000 deposit, plus we had to pay for the survey, the solicitor’s fees, etc. That was about an extra £5,000. So together we saved £30,000, £15,000 each, roughly.”
Lauren said the first thing she did was open a Help to Buy ISA. “I opened it when I was 21, when I got my first full-time job in teaching. By the time I was ready to buy my house, I was a month away from being 24. So I’d been putting £200 a month in for almost three years, so I had a good chunk in there to put towards our house.”
She continued: “The second thing that allowed me to buy my house at 25 years old was that I lived at home while saving. Obviously, I had to pay some rent, but it was nowhere near what you have to pay when you live in a house.
“So I completely accept that this was a really privileged position for me to be in to get some savings up. And then when I made the move to the city with my partner, we actually lived with his parents for a full year before we bought our house.”
The homeowner added that buying with her partner helped her to get on the property ladder sooner. “The third way that we saved for a mortgage was that we were together, we were partners. I had a partner to help me save for a mortgage,” she pointed out.
“I think achieving the goal of £30,000 is much easier to save for if it’s split between two people rather than doing that as a single-income household. And again, this is a complete privilege to people who have partners.”
Rounding up her video, Lauren said: “I’m going to be honest, I can’t exactly remember how much of my wage I was putting away every single month to save for my house. But yeah, I think the circumstances of having a full-time, well-paying job as soon as I was 21 years old really helped me to save.
“Living at home really helped me to save. And having a partner to help me get to that goal and being able to support me with all the fees really, really helped us get here and have our own house at 25.”