Apprentice electrician, 18, reveals how he bought £280,000 three-bed house
A TEENAGE apprentice electrician has revealed how he managed to buy a £280,000 house at 18-years-old.
At the peak of his saving, Aaron Thompson, now 19, survived on around £70 a week - but still managed to keep his gym membership, phone contract and even had spare cash to go out with friends.
Aaron, who is an apprentice electrician, is originally from Romford in Essex, but bought the three-bedroom property in Leicestershire last year.
He now lives with his girlfriend, Jessica King, 21, and says he was spurred on to buy the property because he was fed up of travelling from Essex to Lutterworth to visit her.
He used the government's Help To Buy scheme to get his foot on the property ladder, but he told that it wouldn't have been possible without help from his parents.
The couple didn't want to say how much they put down as a deposit, but says that the scheme meant that their down payment was "peanuts".
He said: "I saved up as much as I could and thanks to the Help To Buy scheme we managed to make it possible.
"I also have to thank my parents for their support - to say to them at 18 I am moving 100 miles away to buy a house, for some parents that would be mad, but my parents support me through everything."
Aaron claims he was not the most "academic of people" at school but he was very keen to make an investment in his future.
Moving further away from London meant that Aaron could afford to buy, and reckons that if his new-build home in Lutterworth was in the capital, it would be worth £650,000.
AARON'S TOP TIPS
HERE are Aaron's tips on how to save for your first home:
Don't be scared - Aaron said that even though he earned an "average wage, budgeting wasn't as hard as you might think and buying a property is possible.
Budget - Aaron always set a weekly budget which helped him keep track of payments.
Don't rush into it - Aaron said it's important to be ready to make the move, not just because he'd been with his girlfriend for four years, but because he was ready to move out of his parents' house.
Use the Help to Buy scheme - He recommends using the help out there for first-time buyers. He says, thanks to the scheme it didn't take them long to get the funds together for a deposit.
Don't "cheap out" on the important stuff - When it comes to buying furniture, invest in items like a sofa and a bed. But you should save on the small things like cushions and cutlery.
MOST READ MONEY
He added: "Being an 18 and 20 year old sitting down buying a house it's all a bit daunting but they helped so much."
Moving home with mum and dad might be a necessity now that first time buyers will have to fork out nearly £50,000 for a deposit on a mortgage if they want to own their first home.
One London lad bought a £135,000 three-bed house with his girlfriend at just 18 - but he made one big sacrifice.
While banks are starting to offer alternatives, such as "no deposit" mortgages to customers in order to help them get on the property ladder.
We've put together a round up of the £120,000 houses that a first-time buyer can afford WITHOUT a deposit.
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