A LIFESTYLE and fashion blogger has revealed how she got on to the property ladder at just 23 - without any help from the bank of mum and dad. Jade Vanriel, who's now 25, from Essex, bought her two bedroom flat two years ago after putting down a £30,000 deposit. Single first-time buyers face saving for over a DECADE for a 15 per cent deposit, and up to 17 years for Londoners. So it's no wonder that around of third of Brits (31 per cent) reckon the only way they'll be able to afford to do it is with a partner, according to Skipton Building Society survey. Jade managed to defy the odds and saved for the 20 per cent deposit while she was studying law at university, but it meant cutting back on partying, taxis and clothes. "I stopped spending on coffee and lunches and began bringing in all my meals - it really does add up," Jade said in a money saving video on her YouTube channel. "See if you can limit your clothes buying and going out partying and eating,- sacrifice your lifestyle … [Read more...] about Blogger bought home at 23 WITHOUT help of bank of mum and dad – she reveals how you can do it too
15 year home equity loan rates
Peter Dunn Special for USA TODAY Published 10:00 p.m. UTC Jun 22, 2018 This is the final of a three-part series where I explore the three financial products I love the most but through a highly critical lens. During this series, I will not focus on the positives. The U.S. housing market continues to boom. In my neighborhood, a "for sale" sign appears in a yard one day and, a day later, the "sold" sign gets added. To label it a seller’s market would be quite the understatement. The frantic nature of listing and selling can leave a buyer feeling a tremendous amount of pressure. And, worse than that, it can leave his or her home-buying budget in shambles. Because of this, the way a person finances a home purchase becomes increasingly important. A hot housing market dotted with quick-selling homes often means raising your offer to get the winning bid, which makes the 15-year mortgage less attractive or affordable. That leaves you with the next best … [Read more...] about Pete the Planner: A critical look at 15-year mortgages, a financial product I like
If you’re looking to make home improvements, pay medical expenses or finance a college education, your home can be a source of extra cash. A HELOC, or home equity line of credit, is a loan that is secured by your property, based on the equity in your home. There are a number of advantages to obtaining a HELOC, according to Bankrate. First, it’s typically easy to be approved for a HELOC if you have a lot of equity in your home. Additionally, if you’ve been thinking of taking out a second mortgage, it’s important to note that the interest rate on a HELOC may be lower, and you only pay interest on the amount you’ve borrowed on the line of credit, similar to a credit card, adds Bankrate. Unlike a conventional loan, you may keep borrowing on the unused amount, up to the maximum approved limit, as long as you keep paying down the line of credit. You may also pay less in closing costs. When a HELOC matures, you are required to pay off the balance all at … [Read more...] about What is a home equity line of credit?
Over 55, struggling for cash, but own your own house? The easy solution, according to the adverts at least, is to do an equity release, but it’s not as straight forward as it seems. Equity release is a way of spending your home’s value whilst still living there. It’s done via a loan usually repaid from your home’s value once you die. Yet before even considering it, first evaluate downsizing. If you can sell up and move into a smaller home, living off excess, great. You may also find a property more suitable as you age – fewer stairs perhaps. If it is right for you don’t put it off. People in their sixties often say to me, “I’ll do it in a few years”, a few years later it’s “not yet” and after that it’s “we’re too old to leave”. So if downsizing is right for you, do it sooner. How does equity release work? The most common form is a mortgage that isn’t paid off until … [Read more...] about Martin Lewis on the equity release small print
WOULD you move back home with mum and dad if it meant that you’d be able to save enough to buy your first house? When it comes to saving for a deposit, 38 per cent of first time buyers would consider becoming a "boomeranger" - someone who’s moved back home with their parents while they save to buy a home, according to Santander. New research by the bank reckons that most would be willing to stick it out for two years, while 15 per cent would move back home for up to five years. Up to 10 per cent of the people surveyed said they’d had to move back home with parents after university in order to start saving. And as the 1.2million 25 to 30-year-olds boomerang back to the family home while they save, the quality of their parent's life dwindles too. Living together again puts pressure on both parents and children - so is it worth the aggro? Beth Sharpe, 24 from Newbury, managed to save up enough to buy a two bed semi-detached house in Newbury for £235,000 with … [Read more...] about Couple bought their first home for £235k age 23 – but they had to make one big sacrifice