Do without a garage--okay, but a kitchen?
First-time buyers keen to get on to the housing ladder are willing to make compromises about their first home – including having no natural light and no kitchens.
Apparently recent research found that 11% of first-time buyers felt kitchens were not vital in a new home. Over half (51%) said natural light was not vital, 46% said they could do without a garden, and 45% would sacrifice a garage if it helped save costs.
The Mortgage Advice Bureau says the forthcoming Help to Buy ISA could help a first-time buyer couple build up a deposit in just 15 months – ten months faster than if they were saving without the scheme.
The new ISA will chip in £50 for every £200 saved by individuals. According to MAB, the average deposit needed by a first-time buyer is £9,936. Under the scheme, a couple where both had Help to Buy ISAs would need to save up only £7,949 with the Government contributing the rest.