I joined a peer to peer savings scheme to help buy £335k two-bed first home
HARD-WORKING doctor Irene Asamoah, 29, struggled to get into a habit putting money away regularly despite working extra hospital shifts in a bid to boost her savings.
To resist the urge of spending on holidays, Irene joined a peer to peer savings scheme to help her save up a house deposit.
The scheme, which is run by StepLadder, asked her to pay £750 a month for 16 months.
Every month one of 16 savers was then selected to receive the full collective sum of £12,000.
It’s risky though. The schemes aren’t regulated in the way banks are, meaning your cash could be lost if the business fails, but Irene says she wasn’t worried.
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Irene was very lucky. After four months she was drawn to receive the £12,000 payout.
She had to continue paying the £750 a month for the full 16 months.
She used the £12,000 along with other savings to put down roughly 10%, or £35,000, to buy a £335,000 two-bed house in Middlesex, southeast England.
Irene shares her experiences of getting on the property ladder for The Sun’s My First Home series.
Another issue I had was when the offer had been accepted. I was in a chain and the guy who was moving from this house had found a new place, but then it turns out it had a crack in the wall.
So he had to find another place so rather than being smooth, the chain made it a bit longer.
How did you afford to furnish it?
I had some furniture from before but it was a mixture. The furniture was quite delayed, so I’ve only just finished it actually.
I’d buy the furniture monthly when I moved in. As payday came, I’d just buy a few more bits and pieces.
What advice would you give to other first-time buyers?
Try not to be disheartened if anything goes wrong.
It also helps having a clear cut figure in terms of your budget for the house.
It’s also important to think realistically about long-term costs, so when I was looking at flats, I had to think about service charges and ground rent.
Plus, consider your future career plans so you can calculate the affordability and leeway in terms of being able to pay your mortgage long-term.
A first-time buyer tells us how moving out of London and quitting the gym helped her buy £450,000 first-home.
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Meanwhile, another stopped spending £100 a month on clothes and shoes to help him save up for his £315,000 one-bedroom flat.
Plus, a married couple managed to buy their £282,000 two-bedroom terraced house outside Brighton by cutting back on holidays and eating out.