Avocado vs. House 🏡

You’ve probably read that ludicrous piece, where a very rich guy essentially blames millennials’ love for avocado on toast for their inability (aka - super mega struggle) to get on the property ladder. Taking his bigotry aside, we’d like to note that said millennials would have to eat a stupid amount of avocados for his statement to render remotely true. And, considering that no sane human could physically eat 5 avocados on toast a day, every single day, for an ongoing number of years, it’s safe to say that the millionaire is best served going back to doing his millionaire things, and leaving us and our avocadoes alone.

Avocadoes aside, how does one go about saving for a deposit in such a tumultuous time?

• First thing’s first: check out our handy little article from the archives - ‘Getting You on the Ladder’ - for some very helpful info on the subject.
• Make the switch to a Lifetime ISA: a Lifetime Isa allows first-time buyers to save up to £4,000 a year, with the state adding 25% on top towards a deposit.
• Cut the cost of your rent. One of the reasons it’s nigh impossible to save enough money for a deposit is because the price of renting, especially in the South-East of England, is painfully high. Figure out a way to reduce your rent costs (downsize, move out to the commuter belt) and you’ll be able to save more in the long-run.  
• Make the most of Help to Buy. There’s a range of government schemes designed to help the first-time buyer, from help-to-buy to other shared equity schemes. Do your research and weigh up your options, and you may just ABOUT find an easier path to homeownership
• Make some calculations. Here’s a useful way to calculate how much you can afford to borrow, and what your mortgage repayments may be. Please note that this is merely an estimate.
• Compare and contrast. As always, knowledge is power, and understanding the market will help you make the most of your mortgage decisions. So, go ahead and do your research.

Credit photo: Unsplash / Autumn Goodman.