Help to Buy

1 04 2013

Help to buy

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

 

 

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