At the beginning of each month I review my progress towards raising the elusive deposit for buying my first home. I am delighted to report that my savings are continuing to build steadily but I am definitely feeling the months drag as the end goal still feels unobtainable.
On 20th March 2013 the annual budget brought included good news for potential first time buyers.
The new government scheme Help to Buy will help people who have raised 5% of the cost of a property with a maximum value of £600,000. It must be a new build.
The government will then give you an equity loan worth 20% of the house value to be repaid at anytime. This means the buyer only has to secure a deposit of 75%. The scheme will run for 3 years starting from today.
I hope I am one of the people who benefits from this scheme. We both work our socks off and deserve somewhere we can called our own.
|
PROGRESS TOWARDS RAISING A HOUSE DESPOSIT |
||
|
DATE |
% OF DEPOSIT SAVED |
ESTIMATED MONTHS TILL PURCHASE |
|
JULY 2012 |
28% |
23 – June 2014 |
|
AUGUST 2012 |
31% |
22 – June 2014 |
|
SEPTEMBER 2012 |
33% |
21 – June 2014 |
|
OCTOBER 2012 |
36% |
20 – June 2014 |
|
NOVEMBER 2012 |
42% |
19 – June 2014 |
|
DECEMBER 2012 |
47% |
17 – May 2014 |
|
JANUARY 2012 |
54% |
15 – March 2014 |
|
FEBRUARY 2012 |
59% |
14 – February 2014 |
|
MARCH 2012 |
62% |
10 – January 2013 |
|
APRIL 2012 |
76% |
6 – October 2013 |
Leave a Reply