04/10/2019

How to accomplish that home ownership dream

With Britons continuing to be a nation that aspires for home ownership, but affordability proving a stumbling block for many, attaining that seemingly unreachable dream can appear all but impossible. Simply saving enough for a deposit can feel like an insurmountable task, leaving many buyers unsure where to even begin.

Bloor Homes’ Regional Sales Director Sara Parker offers some top tips for would-be house buyers:

    • Set up a savings account and save regularly, whatever you can afford. It all adds up
    • Set up a Help to Buy ISA, most banks offer them, and you can save up to £200 per month. What’s more, with every £200 you save, the government will add an extra £50 to the pot, up to a maximum of £3,000
    • Paying rent is expensive, so look at ways to bring the cost down, perhaps you could live with family or friends to share the cost
    • Cut down on any unnecessary expenses, such as that Friday night takeaway, those takeaway coffees or that gym membership you just never quite get around to using
    • Budget wisely, shop around for deals and switch utility providers, plan your weekly meals to help cut your weekly grocery bills
    • Set yourself targets of how much money you’d like to save within certain timeframes
    • Research different ways to help you stick to a budget – there are plenty of apps available to download which can track your spending and notify you of any overspending, such as Monzo.

Help to Buy can help fund your dream property. Remember, until 1 April 2021, Help to Buy is available to existing homeowners too! Help to Buy is a government-backed scheme that enables buyers to purchase a new build property with just a 5% deposit and 75% mortgage.  The remaining 20% of the purchase price is provided as an equity loan, which is interest free for the first five years. 

Help to Buy is available at all Bloor Homes developments and is helping many buyers to finance their new homes. Prospective buyers should speak to our sales advisors to find out more about how Help to Buy could help them.

Bloor Homes is holding a series of Help you Move events at its developments across the south west on 21-22 September. Visit https://bit.ly/2kIU4jf  for more information