Young woman reveals how she bought her first home at 20 – and tells how YOU can do the same
Jennie Crockart from Bristol bought her two-bedroom apartment in Yate for £120,000 last year after she made a wealth of 'sacrifices'
A YOUNG woman has revealed how she managed to purchase her first home weeks after she turned 20.
Jennie Crockart, 21, from Bristol, bought her two bedroom apartment in Yate for £120,000 last year after she made a wealth of "sacrifices".
While she was completing her AS Levels, Jennie worked five part-time jobs because financial independence was championed in her family.
At 17-years-old, she enrolled onto a sales apprenticeship with furniture company Furnished Homes.
Speaking to , she said: "Growing up, my parents didn't have lots of spare money but they always told me that when when I had my own job I could afford to buy whatever I liked.
"In my opinion, when you're renting, you are just paying someone else's mortgage. So as soon as I started earning I started putting £50 aside here and there - or more if I could manage it."
Her business venture paid off - and she generated £500,000 in new business during her first three years.
This prompted her to up her savings to £500 per month, while working part-time in a pub.
As her savings began to "mount up", Jennie decided to sit with a mortgage consultant for the first time, when she was 18, to get an idea of how much she would need for a deposit to buy her first home.
Soon after the meeting, she recalls avoiding nights out with her friends in order to get her dream home.
MOST READ PROPERTY
The apartment was a real fixer upper, but she saw it as a good opportunity.
After months of painting and decorating the property herself, she now believes her flat is worth in excess of £150,000 - almost £30,000 more than she paid for it.
Giving advice to her fellow first-time buyers, Jennie said she's not living in the most expensive part of town, but she made those sacrifices because she'd rather own than rent.
Young people have been locked out of home ownership due to a lack of affordable housing, low wages and rising interest rates.
Getting a foot on the property ladder often involves help from parents - or somehow coming into a windfall of cash.
Saving up for a deposit usually takes up to 10 years, with the average first time buyer needed at least £14,000.
Single girl Louise Blissett managed to get on the property ladder despite only having £10,000.
The 30-year-old managed to buy a £130,000 one-bedroom flat in a fancy new-build estate in Trafford with the help of a Shared Ownership scheme, a government Help to Buy Isa and a tenacious approach to saving.
How to get help buying a house
THERE are several government schemes available to help you get on the housing ladder.
- Help to Buy loan: This scheme is for those who have a 5 per cent deposit, and is only available on new-build properties that are worth less than £600,000. The government lends you up to 20 per cent of the property value (interest-free for the first five years) which gives you access to cheaper mortgages. You will need to pay this back at the end of the mortgage or when you sell.
- Starter Homes: First-time buyers under the age of 40 can access this new scheme. You’ll get a 20 per cent discount on the market value of the property (new-build only) but you cannot sell or let the property for five years after you buy it.
- Shared ownership: This scheme is available to non-homeowners who earn £80,000 a year or less (£90,000 in London). People can buy a share of a home from a housing association and continue to rent the remainder. Buyers will need a ten per cent deposit as well as money to cover stamp duty and other fees. You’ll also need to find a mortgage lender that is willing to lend on shared ownership properties
We pay for your stories! Do you have a story for The Sun Online Money team? Email us at [email protected] or call 0207 78 24516