4 years for 5% deposit
8 years for 10% deposit
12 years for 15% deposit
This may look like an odd version of the 4 x table, but it is in fact the length of time that it takes first-time buyers to save for a deposit for their first home according to Hamptons International. Gone are the days when a home could be purchased with as little as £60.00 for your deposit. Saving for your home is a daunting task requiring years of financial commitment. With record low interest rates, the return on your savings is very low. There may also be other expenses that you are forced to spend your hard earned cash on.
The Help to Buy ISA provides first-time buyers who save up to £200.00 per month towards their first home with an additional 25% bonus paid by the Government. Blaser Mills can assist in claiming this bonus for you. The process involved in buying your own home can be very stressful, but here at Blaser Mills we can provide all the help and support that you need.
“The estate agent Hamptons International said that in the final months of 2016 it would take an average single first-time buyer 11 years and nine months to save a 15% deposit.”