The property market is getting more unaffordable for young homeowners, with one in three millennials predicted to never own a home, and the government's affordable housing proving unaffordable to those on modest incomes. In Cambridge, where the average house price is the second largest in the UK, this will continue to be an issue for years to come. But the city's young homeowners can still dream - and look toward a young couple elsewhere in the UK who managed to buy their dream home before they turned 21. Download the Cambridge News app We've launched our very own app for Android and Apple devices which can be tailored to deliver the news and sport that you're interested in. To download the IOS app click here. To download the Android app click here. Find out more about the app here. As reported by Wales Online, Nathan Doe and Tyla Stanworth purchased their £220,000 new build home last June, without relying on any help from their parents. They are aiming to be entirely … [Read more...] about This couple bought their own £220,000 home before they turned 21
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A YOUNG couple lived on a diet of beans and noodles while they saved to by their first home, all before they turned 21. Nathan Doe, 21, and Tyla Stanworth, 20, from Newport, purchased their £220,000 three-bedroom home together last June – without dipping into the "bank of mum and dad". It took them a year to save for the deposit, which they did by giving up partying and drinking, and moved in with their parents. "We were living with my dad for a year, that was our base, but obviously had to pay him rent," Nathan, said. "We really don’t drink and don’t go out partying. "Deciding to buy the house did mean that we had to make sacrifices as the majority of our combined wages went straight into the savings," Tyla, said. "We never went out, our shopping lists consisted of noodles and beans, but in the long run it was so worth it." Tyla and Nathan have been working full-time since they finished school but both enrolled in apprenticeship programmes which allowed them … [Read more...] about Young couple bought £220k home before turning 21 – and they did it WITHOUT the help of bank of mum and dad
WANNABE first-time buyers struggling to get the money together for their first home will now be able to get a mortgage - without having to save for a deposit. The Post Office has today launched two new deals for Brits wanting - but finding it difficult - to get on the property ladder for the first time. Its "Family Link" mortgage will see borrowers take out a 90 per cent loan to value mortgage, with the 10 per cent deposit secured against mum and dad's home - as long as they're already mortgage free. Rates start at 4.89 per cent for a five year fixed deal. Buyers will then make two separate repayments for the first five years of the deal - their own mortgage payments and one towards the "assistor's mortgage" which is interest free. For example, if you took out a mortgage worth £121,500 over 30 years at 4.89 per cent, your monthly repayments for the first five years would be £644 a month, including the deposit loan. How to get help buying a houseTHERE are several government … [Read more...] about Post Office launches a ‘no deposit’ mortgage where buyers take out loan on parent’s home
GETTING your foot on the property ladder can feel like an impossible task. Nowadays, first time buyers are expected to fork out around £50,000 on a mortgage deposit, so it's no wonder that the average Brit isn't likely to become a homeowner until they're 33. Even though the Chancellor offered a helping hand by scrapping stamp duty first-time buyers, estate agents reckon it's showed little sign of boosting the housing market. Add in spiralling house prices and first-time buyers waiting an average of seven years to save up their deposit, it can all feel a bit glum, particularly if the bank of mum an dad isn't an option. But it is doable and there are ways you can get the financial support you need, you just need to know where to look. From government schemes to part ownership, here's how you can become a home owner. What is Help to Buy? Help To Buy is a government scheme designed to help people get on the property ladder without the need for the large, up-front deposit which puts … [Read more...] about What are Help to Buy and Shared Ownership and are there other government schemes to help you buy your first home?
The end of the tax year is nearing, when a flood of new changes, as announced by the Chancellor last November, will kick in. On 1 April, the minimum wage will go up for at least two million workers. Those aged 25 or older will see their hourly rate increase to £7.83, and its good news for apprenticeships too. This will be followed by important changes to mortgages, energy bills and even pensioners, as we near closer to Friday - the final day of the fiscal year. For diesel drivers, the crack down on pollution continues and, if you're not careful, it could cost you a lot more than expected. From savings, to benefits, taxes and bills here are the important changes that could affect your household budget over the next 12 months. For parents, the closure of Childcare Vouchers to new parents has been suspended - here's what you need to know. 1. Minimum wage increases Hot on the heels of employers being ‘named and shamed’ for underpaying staff, the minimum wage is going up on … [Read more...] about 10 big April changes that could mean you just woke up richer