A couple who enjoyed takeaways three times a week have managed to purchase a £150,000 house at just 19 years old, thanks to a government savings scheme. High school sweethearts Millie Atherton and Alfie Boardman began planning their first home purchase a year ago, bypassing renting to buy a property together.
Millie, a trainee hairdresser, and Alfie, an IT apprentice, had a combined monthly income of around £2,500. Living rent-free with Millie's parents allowed them to save a large portion of their wages. The couple insist they are 'not big spenders' and cut back on expensive dates to meet their deposit-saving goal. They also set a budget for nights out with friends but still indulged in takeaways three times a week.
Saving and the Lifetime Isa
After saving £10,000, the couple topped it up with the government Lifetime Isa (LISA), which provides a 25% bonus on savings. This enabled them to secure a mortgage for a £150,000 two-bedroom, semi-detached home in Seaham, County Durham. They moved in last month and are now encouraging other young buyers to avoid renting and get on the property ladder.
Alfie said: 'I first had the idea of getting a house so we had our own space. We came to the conclusion that renting would just be throwing money away. We saw it as we would be paying someone else's mortgage.' He added: 'We're not big spenders, we don't really go on dates. Occasionally we will, but we don't really go to fancy places. The most money we spent on was takeaways.'
Budgeting and Support
When the house purchase drew closer, the couple decided to budget for nights out, limiting themselves to around £100 for both. Millie opened a LISA and started saving little amounts, benefiting from the government bonus. Living with her parents meant they could save everything. Millie said: 'I get paid weekly and every week, I put away 50% of my wage. The rest of the money went on food, takeaways and our cars.'
Thanks to the LISA and help from family members, the couple met the 10% deposit needed. Millie remarked: 'Our family knew how much we loved the house and didn't want us to lose it. We were proud of how much we did manage to save.' Alfie advised: 'I wouldn't go with renting, I would look into buying a house. If you get on the property ladder, you're already winning.'
