How I Bought My First Home at 25: A Step-by-Step Savings Guide
A homeowner who purchased her first property at just 25 years old has shared the detailed money-saving strategies that enabled her and her partner to get on the property ladder. The blogger, known as Lauren on TikTok under the handle @Learningmoneyloz, regularly posts content about personal finance and savings, offering insights from her own experience.
The Financial Breakdown of the Purchase
In a recent video, Lauren explained the financial specifics behind their home purchase. She and her partner bought a semi-detached house for £250,000, requiring a £25,000 deposit. Additional costs, including survey fees and solicitor's charges, added approximately £5,000, bringing their total savings goal to £30,000. As they purchased together, Lauren needed to save £15,000 herself, which she described as a "complete privilege" to have a partner to share the financial burden with.
Key Savings Strategies That Made It Possible
Lauren outlined several critical steps that allowed her to accumulate the necessary funds by age 25:
- Opening a Help to Buy ISA Early: At 21, upon securing her first full-time teaching job, Lauren immediately opened a Help to Buy ISA. She consistently contributed £200 per month for nearly three years, building a substantial sum that formed a core part of their deposit by the time they were ready to buy, just before her 24th birthday.
- Living at Home to Minimise Expenses: Lauren emphasised that living with her parents during her savings period was a significant advantage. While she paid some rent, it was "nowhere near" the cost of renting independently, allowing her to save more aggressively. She acknowledged this as a privileged position that accelerated her savings.
- Partnering for Financial Goals: Purchasing with her partner was a game-changer, splitting the £30,000 target into two more manageable portions of £15,000 each. Lauren noted that saving as a couple made the goal "much easier" compared to attempting it on a single income, again recognising the privilege involved.
Additional Factors That Supported Her Journey
Beyond the primary strategies, Lauren highlighted other circumstances that contributed to her success. Securing a well-paying, full-time job at 21 provided a stable income base for consistent savings. Additionally, the couple lived with her partner's parents for a full year before buying, further reducing living costs during the final savings push. While she couldn't recall the exact monthly percentage of her wage saved, Lauren stressed that the combination of these factors—stable employment, reduced housing costs, and shared financial responsibility—was instrumental in achieving homeownership by 25.
Her story serves as a practical blueprint for aspiring first-time buyers, blending government schemes like the Help to Buy ISA with personal lifestyle choices to navigate the challenging property market.
