Tips from first-time buyers: 'We bought a £320,000 home aged 26'
Summary
First-time buyers in the UK are using various strategies to purchase homes despite housing market challenges. Some of the methods include Lifetime ISAs to save money and income booster mortgages to increase borrowing capacity.Key Facts
- Cameron Smith and Georgia Pickford used a Lifetime ISA to save for a deposit on a £320,000 flat in Hertfordshire.
- The Lifetime ISA allows savings of up to £4,000 a year with a 25% government bonus for homes under £450,000.
- The Treasury Committee is reviewing the Lifetime ISA rules, as the £450,000 price cap hasn't changed since 2017.
- Abas Rai used an income booster mortgage, which lets a family member's income be added to his, to buy a £207,000 house.
- An income booster mortgage allows banks to offer larger loans by combining borrower and family member incomes.
- Alex Bonfield moved from Oxfordshire to Manchester to buy a home in a cheaper area after being priced out locally.
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