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We’ve saved almost halves of our £297,000 down payment on our first home by skipping overseas trips and short stays

Summer Vacation Complimentary is a treat for a lot of people – but first-time buyers Simon and Marylia Burke turned down their trips to save almost half of the down payment needed on the treatment home. their £297,000 price tag.

Lab director Simon Burke, 50, and lab technician Maryila, 48, regularly flew abroad and went on vacation every few months before they started saving to buy a home in 2018.

Simon and Maryila put their vacation plans on ice to save half the deposit needed for their first home

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Simon and Maryila put their vacation plans on ice to save half the deposit needed for their first homeCredit: Simon Burke
They have also increased their budget to £59,600 by tapping into the government's Help to Buy scheme

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They have also increased their budget to £59,600 by tapping into the government’s Help to Buy scheme
The couple also cut unnecessary spending on clothes and supplies for two years to save £500

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The couple also cut unnecessary spending on clothes and supplies for two years to save £500Credit: Simon Burke

But in a bid to save more quickly for their first home, they adjusted their three-year holiday plan to deposit £9,500 in the bank – almost half of the £20,000 deposit needed to secure secure their dream home.

Keeping up with their jet-set lifestyle isn’t the only sacrifice they make.

They haven’t made ANY unnecessary spending like clothes and supplies for two years saving a lot of money on a down payment and furniture for their house, saving £500.

They also managed to increase their budget by £59,600 by taking out a Buy Support loan.

The Program help to buy shows that the government lends up to 20% of your property value – or 40% if you live in London – to help you get ahead.

They also hunt in charity shops for expensive furniture such as sofas and TV stands at bargain prices.

They moved into their new home last June and did not receive any financial help from friends or family for the down payment.

We sat down with Simon to talk about how this couple went from saver to host for The Sun’s My first house series.

Tell me about your house

It was a newly built terraced house with two beds in Milton Keynes.

The kitchen, dining room and living room are open plan, we have a toilet downstairs and a bathroom upstairs.

There is also a garden in the back, half courtyard and half grass.

How did you decide on the position?

My parents lived in Milton Keynes so we wanted to be close to family.

Home prices in Watford were more expensive and more like central London – we couldn’t afford to live in the area so had to look further afield, and Milton Keynes was an easy commute to work. easy for us.

We knew we wanted to apply for the government’s Help to Buy program, so we looked for new build homes.

You can only apply for this program if you are purchasing a newly built property.

Without this help, we would never have had enough money to buy a house of our own.

We opted to apply for the Help to Buy Equity Loan instead of Common ownership scheme because it doesn’t seem like a great idea to us.

Shared Ownership programs allow first-time buyers to buy a portion of equity in a property and pay rent to the housing association on its shares in your home.

But we don’t want to pay to rent and want to take full ownership of our home, and we’ve heard that sometimes there are restrictions on the changes you can make to your property.

How much did you pay for it?

We paid £297,000 on our house and mortgaged £218,000 for a term of 23 years with a fixed interest rate of 4 years.

Our monthly mortgage repayment is £1,190.

We took out a £59,600 Equity Help loan and put down a £20,000 deposit on the house – £5,000 of which was given to us free of charge by the developer.

When we went to see the property last January we were really interested in it but only saved £15,000.

The developer initially asked for a £20,000 deposit – but when we were told we couldn’t afford it, we were offered £5,000 for the rest of the cost.

In addition, the developer also paid £1,000 in attorney fees of £1,500.

Developers often offer incentives to buyers to get a deal online — like a deposit, cash for stamp duty costs, and free home appliances like washing machines and dishwashers.

How did you save for it?

In 2018, we started saving the right way for our home.

We’ve saved half our deposit by cutting back on the number of overseas trips to Peru to visit Maryila’s family, as well as other small vacations.

Once a year and a half we would spend around £4,000 flying there, going twice a year at a time.

We’ll also spend between £400 and £500 every three or four months on smaller holidays.

But after 2018 we didn’t go to Peru for three years to increase our savings, the bank gave us around £7,000.

We also ditched short-term breaks, saving an extra £2,500.

That means by shelving trips we’ve saved £9,500 – almost half of the £20,000 we ended up putting down.

Maryila has a private pension in Peru, and decided to withdraw £4,000 from there to take home.

We also decided not to make any unnecessary purchases for two years to boost savings.

During this time we didn’t buy any clothes or gadgets – saving us around £500.

How can you afford to deliver it?

We have furnished the house in stages to make it more affordable.

When we moved in we barely had anything – so we went to our local charity shops and bought a sofa and TV stand for £250.

That saved us at least £300 if we bought them brand new.

We had an old bed bought with us, and the house was fitted with the necessary appliances such as a refrigerator, washing machine, dishwasher and rice cooker.

Advice for first-time buyers?

Be sure to look around and see what more help you can get from government programs.

Get some advice from a mortgage advisor to see if you’re the right fit for these programs – otherwise we would never have been able to afford our own home .

If you’re buying a newly built home, look out for incentives developers can offer you to get a deal online.

Like us, you can get free bonuses like cash for your deposit or house upgrades at no extra cost to you.

Definitely set a savings goal for yourself and stick to it.

Once we’ve budgeted how much we need to save for the deposit and when, it really keeps us on track.

This is how a savvy saver used envelope saving tips to save £10,000 on the necessary down payment on a £199,000 first home.

Another first time buyer used The 50/40/10 budgeting rule to help her save for her first home, worth £210,000.

A couple are almost astounded with their £187,000 first home but it’s finally over £13,000 off asking price.

Shopping in charity shops has helped them with expensive furniture such as sofas and TV stands at lower prices

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Shopping in charity shops has helped them with expensive furniture such as sofas and TV stands at lower pricesCredit: Simon Burke
The developer also gave the couple £5,000 of their deposit to strike a deal

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The developer also gave the couple £5,000 of their deposit to strike a dealCredit: Simon Burke
Woman’s house and belongings moldy when she blows up Scots council

https://www.thesun.co.uk/money/17371867/saved-nearly-half-deposit-first-home-ditching-trips-abroad/ We’ve saved almost halves of our £297,000 down payment on our first home by skipping overseas trips and short stays

JACLYN DIAZ

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