May 28, 2022

If you are saving for a house but do not live in a house, it can be really frustrating to see your rent money run out.

But that did not stop Juan Perez Navarret from putting half of his monthly salary into a savings account to buy his first home.


Juan saved half of his monthly salary to buy his first home for £ 315,000.
He used the Help to Buy scheme to increase his budget to £ 63,000.


He used the Help to Buy scheme to increase his budget to £ 63,000.
He set aside £ 300 a month. "Fun" Things as part of his budget plan


He set aside £ 300 a month for “entertainment” as part of his budget plan.

Juan, 30, a nurse who moved to England from Spain seven years ago, had no family to live with to save on rent and buy a home quickly.

He was paying £ 450 a month in rent, but still managed to put half of his £ 2,000 pay packet to buy his place.

Taking on a lot of overtime at work helped her increase her savings.

When he started saving for the house five years ago, he was on a basic salary of £ 21,500 – although he has been promoted ever since.

But the more overtime shifts he could handle, the more Juan added an extra £ 15,000.

Using the Help to Buy scheme meant he could add up to £ 63,000 to his budget.

Under the Help to Buy scheme, the government will lend you up to 20% of the value of your property – or 40% if you live in London.

This loan is interest free for the first five years and you only have to deposit 5% for your home.

However, Juan made an overall 18% deposit of £ 57,000 because he had saved a lot of cash, and wanted to reduce the amount he was paying on the monthly mortgage repayment.

For The Sons My First Home series, we sat down with her to walk around her flat.

Tell me about your home

It is a two-bedroom flat in Manchester, part of a new development being built by Capital & Centric.

It is an open plant flat, with a living room, kitchen and dining room.

There is a bathroom, and I have a balcony.

I like the flat because it has high ceilings, and it feels modern and light.

How did you decide the location?

The development is in Piccadilly East in Manchester City Center.

Which means it’s about to be the most delusional time of the year, as well.

Which means it’s about to be the most delusional time of the year, as well.

Living in this flat reminds me of my hometown in Spain – Malaga – and I wanted to get the same feeling I got in the city center.

How much did you pay for it?

I paid 315,000 for the flat – but I could never afford to buy it without help.

I got a کا 63,000 loan – without it, I would have had to look for something out of town and cheaper.

Joint ownership was another government scheme I could use to help climb the property ladder – but I chose not to use it.

The scheme sees you buy a portion of the house equity from a housing association – and you will pay rent on the rest of the property that you do not have.

But I wanted to own the whole property, not just a little bit of it, so I decided to use the Help to Buy scheme instead, on which I would start paying interest after five years.

The bank would not lend me more than £ 195,000 for a mortgage, so it helped me buy a home that would normally be out of my value range.

I have mortgaged more than 35 years at a five year fixed interest rate of 2.11%.

I paid 18% off for 57,000.

My mortgage repayment is £ 660 per month.

How did you save for that?

I made sure I put half of my monthly salary package into my savings.

This was difficult because I was paying £ 450 a month at the same time.

I plan to put £ 1,000 into my savings each month, £ 650 for bills, £ 300 for leisure equipment and whatever is left over will be put into my savings.

To maintain this budget, I made sure to cut down on bills for my groceries and non-essential items such as clothes and gadgets.

Instead of buying expensive lunches, I would make my own meals, which would save me about £ 100 a month.

I didn’t travel at all during the epidemic, which saved me 5,000.

But the main way I could save so much money was to take extra shifts.

I carried their load as much as I could – and that meant I got an average of ً 15,000 extra each year to put into my home budget.

How did you manage to present it?

Another way to save money was to use furniture.

Instead of buying an expensive large mirror, I bought a cheap mirror from Ikea and decorated it with wooden panels to keep it around, to make it unique.

Compared to the mirrors I saw, I probably saved £ 200 in doing so.

I also made my own shelving and shoe rack in the spare room, bought wooden panels and fitted them together.

It saved me £ 300 compared to buying a brand new one.

I even tiled the kitchen myself – it saved me بر 500 on labor fees.

Advice for first time buyers?

It’s important to keep in mind how much you want to save, and for how long.

I knew I wanted to buy as soon as possible, so I budgeted as much as I could each month.

Make sure you check the savings rates on savings accounts to further your money.

My mortgage repayment is 60 660, which is the amount people pay for the rent of a flat in Manchester city center.

Keeping in mind that the money you are saving is going to your own home, not in your landlord’s pocket, is a huge stimulus.

A smart saver bought the first home for 96,900 out of debt – that’s the way it is.

This is how a couple bought their first home through an auction – and paid only a 5% deposit.

One couple saved half their money by taking a vacation – that’s the way it is.

Juan makes some of his own furniture to save cash.


Juan makes some of his own furniture to save cash.
He also has his own balcony in his flat in central Manchester.


He also has his own balcony in his flat in central Manchester.

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