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I bought £245k first-home using £13k free cash from little-known scheme – six steps you need to take
I bought £245k first-home using £13k free cash from little-known scheme – six steps you need to take

The Sun

time3 days ago

  • Business
  • The Sun

I bought £245k first-home using £13k free cash from little-known scheme – six steps you need to take

FIRST-TIME buyer Jack Heath got the keys to his first home at the age of 23 - thanks to getting £13,000 in free cash from a little-known scheme. The chef bought his two-bedroom apartment for £244,995 in Hythe, Kent, in October 2024. 4 4 4 4 He used the Deposit Unlock Scheme by housebuilder Barratt Homes, which contributed 5% (£13,000) to his deposit. Jack told The Sun: 'I've wanted my own place for as long as I can remember, but I didn't want to rent as I think it's dead money - and I don't want to line a landlord's pockets. 'However, I was a bit concerned about how I'd buy a place on my own because all you ever hear is that it's impossible.' 'It was when I was scrolling on Facebook on a Sunday night in September last year that I saw the apartment in Hythe which was part of the Deposit Unlock Scheme. 'I'd already been saving hard for a deposit and after doing some quick sums in my head, I realised that I had enough money and I couldn't believe that I might actually be able to buy my first home sooner than I had realised. 'I bought my apartment within 24 hours and moved in four weeks later.' The Barratt Homes scheme enables first-time buyers and existing homeowners in England, Wales and Scotland to buy select new-build homes with a 5% deposit. To apply for the scheme, you can follow some simple steps. Begin by searching online for the range of brand-new home s Once you've found one you like, get in touch with a Sales Adviser who will put you in contact with a New Homes Mortgage Adviser who will help you arrange your mortgage using Deposit Unlock. It provides customers with competitively priced mortgage products up to £750,000. 5 things to check before applying for a mortgage Using Deposit Unlock means that you are limited to mortgage lenders who have joined the Deposit Unlock Scheme. Deposit Unlock can't be used in conjunction with any other schemes. To boost his deposit, Jack also contributed £16,400 of his own savings which he'd put aside over a period of eight months. While he was saving, Jack worked solidly for eight months - six or seven days a week on two different cheffing contracts. Until he moved into his place, he lived with his mum while he worked two jobs in Folkestone and Dungeness. He saved half of his wages each month, which was £2,400 and used the remainder of his salary to pay his bills which included rent to his mum (£200), phone bill, car insurance and spending money. Jack set up a savings account and as soon as he was paid, he put half of his salary into it and didn't touch it. He said: 'I set myself a strict budget each month, and the first thing I did was put away my savings, then paid my bills. 'Anything that was left over was for me to enjoy - but if I blew it all in the first couple of weeks, then I didn't go out. 'It meant that there were quite a few nights where I sat on the sofa on my own. 'My focus had to be the long-term goal of buying my first home, rather than the short-term goal of going out every single weekend. 'It was tough at times, especially if I thought I was missing out on something special, but I'm so happy that I am already on the property ladder. He continues: 'It is possible to buy as long as people are willing to make sacrifices - but I also realise I was lucky that I was able to live with my mum while saving. 'My friends and family are really chuffed for me, although initially they were concerned that it might not be affordable. 'Once they realised it was and I was so determined, they left me to it. 'While I was saving I also restricted the amount of money I spent on things like new clothes or food out which was tough as I like to spend." Jack's six steps to get on the housing ladder It's a big deal to buy your first home, but don't stress about it while it's going through, Jack explains. Take it step by step and trust the people around you. Look around for deals and incentives as there are more available than you might think. Just do it: the younger the better, before you've got kids and other commitments! Be prepared to make sacrifices, but keep your eye on your goal and it will be worth it. Don't let anyone else detract you from your goal. When I was saving, I had to miss out on a lot of nights out with my mates but I was determined that I wouldn't ever dip into my savings pot. Set up a standing order so that your money goes into your savings the moment you get paid. Reduce your costs as much as possible. If it means moving back in with your parents in the short term while you're saving, do it! Jack got a 30-year mortgage at a fixed rate of 4.79% and has found the monthly repayments of £1,089 are more than manageable. He continued: 'I love where I live, it's so peaceful and I can do what I like and come and go when I like, it's the best feeling ever. 'My mum pops round fairly regularly which is nice.' Jack already has his eye on his next property. He explained: 'I really like living here and love the look of the three-bedroom houses on the estate, so I think one of those will be my next purchase. 'I believe that anybody can do it, as long as you're prepared to make sacrifices and work hard for what you want. 'My family were not in the position to pay for my deposit so it was down to me to graft for it, but it can be done if you set your mind to it - if I can do it, anybody can. 'Working seven days a week for eight months was pretty hard going, but it was worth it. 'When I was knackered, and facing the prospect of yet another long shift, I just kept thinking about walking into my own place and closing my front door. 'I've reduced my hours slightly now, and I'm working five days - but if I have to increase them again in order to save for my next home, then I will. 'I don't have any issues with working for what I want.'

How to buy your home from your landlord
How to buy your home from your landlord

Irish Times

time16-07-2025

  • Business
  • Irish Times

How to buy your home from your landlord

A notice of termination can mean serious upheaval if you're a tenant . If your landlord is selling up, however, they must give you the right of first refusal to buy. This can open a door to home ownership for first-time buyers – if you've got the funds. The Tenant Home Purchase scheme can provide significant financial support to get a deal over the line. So, how do you make an offer to your landlord, and how much help can you get? How it works If you're renting somewhere you like, but saving to buy, your landlord selling up may not be the worst thing. The Government's Tenant Home Purchase option, which is part of the First Home Scheme, is designed to help first-time buyers and 'fresh start' applicants facing eviction buy the home they rent. A joint venture between the State and three banks – Bank of Ireland, PTSB and AIB, including its subsidiaries EBS and Haven – the scheme tries to bridge any shortfall between your mortgage and deposit and the price of the property. For many in rental accommodation, their maximum 'four times income' borrowings is not enough to buy. This is where the Tenant Home Purchase scheme steps in, giving minimum assistance of 2.5 per cent of the property purchase price or €10,000, whichever is higher. The scheme can provide up to 30 per cent of the purchase price. Would-be homeowners still have to come up with the usual deposit of 10 per cent of the home's purchase price. They have to show evidence of mortgage approval in principle for borrowings of the full four times their income too. The Tenant Home Purchase scheme money is not a loan, however. A bit like Dragons' Den, the Government is actually taking an equity share in your new home. Running since April 2023, 294 tenants facing eviction have been approved for purchase funding by the end of June this year. Some 158 have gone on to buy the property they rented. What can I buy? Tenants can buy a house or an apartment with the Tenant Home Purchase scheme. And this is the only scheme, apart from a refurbishment grant, where the Government will support you to buy a second-hand home. What you can buy, however, is limited by set ceilings in your local authority area. For example, in Dublin and Wicklow, the house and apartment price ceiling for the scheme is €500,000. In Kildare, it's €475,000 and in Meath it's €450,000. In Cork, it's €475,000 for a house and €500,000 for an apartment. Ceilings are reviewed twice annually. If the purchase price of the house or apartment you've been renting exceeds the stated ceilings for the local authority area, you can't use the scheme. It doesn't matter what your income is either. Applicants have to borrow the maximum four times their income, so the borrowings of those earning a decent amount may exceed the value ceiling in their local authority area, making them ineligible for the scheme. You'll have to come up with the 10 per cent deposit yourself too. The Help to Buy Scheme, which helps first-time buyers with their deposit, cannot be used with the Tenant Home Purchase scheme. How do I apply? The first step to applying is having a valid notice of termination from your landlord – you must include a copy of this when you apply for the Tenant Home Purchase scheme. You must show you have the 10 per cent deposit too, and mortgage approval in principle for four times your income – your rental payments should help with demonstrating repayment capacity. Where the home is valued at or under the local authority ceiling for the scheme, and your deposit and the maximum you are approved to borrow is less than the price of the property, the First Home Scheme will give you a certificate, confirming that you qualify for the scheme. Mortgage broker Michael Dowling has helped two sets of tenants using the scheme to apply for a mortgage. 'For one couple, the purchase price of their rental home was €440,000 and they are getting €74,000 towards its purchase through the First Home Scheme,' says Dowling. 'The scheme has made the difference between them being able to buy and not being able to buy a property,' he says. The landlord wasn't aware of the scheme, but was happy with the price offered which aligned with the local authority ceiling for the scheme. There are just three domestic banks participating now, so you are limited to their rates. While the scheme is open to others to join, newer entrants such as Avant, MoCo and Nua Money, who offer some good mortgage interest rates, are not yet persuaded. As the equity amount provided by the Government lowers the loan-to-value ratio, the banks tend to be well disposed to lending, says Dowling. 'The loan-to-value ratio, in terms of the risk the bank is taking on, is lower when they are only lending a certain percentage of the purchase price,' says Dowling. Payback time Tenant home purchasers pay mortgage repayments to the bank, just like any other mortgage holder. They don't make repayments on the Government's equity stake, however – that's because this bit isn't a loan as such. Instead, they make 'service charge' payments to the Government for its equity stake. For the first five years you own the property, there will be no service charge. The charge kicks in at the beginning of year six – that's if you haven't bought out the Government's equity share. You have the option to buy the Government out in a single lump sum payment, or over several payments. When you make these payments is up to you. If you don't buy the Government out, the service charge is at a fixed rate of 1.75 per cent for year six to year 15 and 2.15 per cent for year 16 to year 29. It's charged at 2.85 per cent after that. The charge is calculated by multiplying the original property purchase price by the First Home Scheme equity share and multiplying the result by the service charge rate for the year in question. For example, if the property purchase price was €400,000, the Government's equity stake is 12.5 per cent, or €50,000, the 1.75 per cent charge from year six to 15 will be €875 a year. You can opt to defer these service charge payments too, but you must pay the accumulated charges if you sell the property. Selling up If you sell the property in the future, the bank will have 'first charge' on the property – any outstanding balance on the mortgage gets repaid to it as is usual with a mortgage. The Government has a second charge on the property, so it gets paid too – but its payback is in relation to the current value of the property, not its value when you bought it. For example, if the Government took an equity stake of 20 per cent, in your €400,000 property to help you buy it, that's a stake of €80,000; it won't get €80,000 from its sale, but rather 20 per cent of the price at the time it is sold. So, if you ultimately sell your property for €600,000, the Government will get €120,000 back. If it sells for €300,000, it will get just €60,000 back. 'Some people think you only have to give back what you got originally from the Government, but you give back the percentage share – so if the value of your house increases, you will have to give more back,' says Dowling. 'That's the price you pay for being given the money upfront, and not having to make any repayments.' Advantages Being able to stay where you rent has significant advantages, for families in particular. 'One family has two children who will be able to continue going to the same school and play at the same sports clubs, so there are huge benefits,' says Dowling. For the landlord, who was getting out, selling to their sitting tenant means no presale staging costs or estate agent's fees. There is no break in rental payments either and this can save a landlord thousands. Apartments had an average sale time of more than nine weeks in the second quarter of this year, according to estate agent Owen Reilly. Houses took longer. Some 18 per cent of sales are falling through, according to his report, meaning months more of lost rent. Not using an estate agent makes the sales process slightly different, says Dowling. An agent will usually take a booking deposit from a buyer, holding it until the transaction is complete. They will usually verify the buyer's mortgage approval on behalf of the seller too. Dowling says landlords he has dealt with have accepted confirmation from a mortgage broker of the buyer's deposit and mortgage approval, and they have accepted the mortgage broker's assurance that the balance of payment is coming from the First Home Scheme. 'Will all landlords be as amenable? I don't know. A buyer could get a solicitor to handle this too.' Right to buy If you are not eligible for the Tenant Home Purchase scheme – perhaps your four times income borrowings exceed the local authority ceiling for properties in the area – you can still make your landlord an offer yourself. Tenants in private rented accommodation who do not receive housing support have the right of first refusal to buy their rented home if it is put up for sale. The landlord must invite the tenant to make a bid within 90 days of serving a notice of termination due their intention to sell. One possible route is for both tenant and landlord to agree to get independent valuations of the property and to meet in the middle. If a tenant's initial bid is unsuccessful, by law, they have the opportunity to match, if they can, the final sales price agreed with another party on the open market. Importantly, landlords are obligated to accept a matching bid from the tenant. New rules for landlords due to take effect in March next year will further limit rent increases and the ability to end tenancies. This may drive more landlords to sell up. Tenants interested in buying would be minded to get their ducks in a row.

Dubai offers 'first-time buyer scheme' for priced-out young Britons - and they could get an £100k discount
Dubai offers 'first-time buyer scheme' for priced-out young Britons - and they could get an £100k discount

Daily Mail​

time14-07-2025

  • Business
  • Daily Mail​

Dubai offers 'first-time buyer scheme' for priced-out young Britons - and they could get an £100k discount

Young Britons struggling to get on the housing ladder could get first dibs on new apartments, a competitive mortgage offer - and £100,000 off the price. The catch? They will need to move 3,500 miles across the globe to Dubai. In a bid to attract buyers to the United Arab Emirates' city, the Government of Dubai has launched the First Time Home Buyer Program, which offers 'a range of exclusive benefits' to those starting out on the property ladder. It is open to first-time buyers from Dubai, as well as expats if they can secure residency in the emirate. According to the Dubai Government, those who sign up will get 'priority access' to newly-launched homes from some of the top local property developers, as well as 'preferential prices' when they reserve them. It also claims it will offer competitive mortgage offers from banks, and a 'flexible payment plan' to pay the registration fees interest-free through eligible credit cards. Property experts think the offer could attract young people who feel buying their first home in Britain is out of reach - as well as those feeling the pinch from tax rises. Those taking advantage of the scheme won't need to pay income tax, as the UAE doesn't charge this to citizens or expats. Ben Perks, managing director at Orchard Financial Advisers, said: 'There are a growing number of young Britons that are completely disenfranchised with the UK property market. 'One in five young adults don't think they'll ever be able to buy a property. Add in the state of the economy and rising taxes, and people will start to think the grass looks greener elsewhere.' > Did you relocate to Dubai to buy a home - or are considering the new scheme? Get in touch: In Dubai, around 70 per cent of properties are bought off-plan. This involves a registration fee of 4 per cent of the property price to be paid to the Dubai Land Department, and an Oqood (contract) fee of AED 3,000 or about £600. Those buying brand new properties which are already built can also use the scheme, however. And at the moment, those moving from the UK could effectively get a discount of up to £100,000 when they buy a home in the emirate, thanks to currency fluctuations. Currency expert Prem Raja, head of trading floor at Currencies 4 You, told the news agency Newspage that since January, the weakened exchange rate between the US dollar and the United Arab Emirates Dirham has shaved more than £100,000 off the sterling price of a property worth AED 5 million – the scheme's upper limit. In GBP, this is a reduction from around £1.12million to £1million. Who can apply for the Dubai property scheme? It is open to UAE citizens, British expats and new arrivals to the emirate, though the latter will need to secure residency in the country first. The scheme only requires that this must be the applicant's first freehold property in Dubai, so those who own a home in the UK and want to relocate could also be eligible. Someone wanting to own a rental property in Dubai could also apply. For those purchasing with another person, both must be eligible under the scheme's rules. The properties sold under the scheme have an upper price limit of AED 5million or about £1million, and can be bought with or without a mortgage. To register, they need to visit the Dubai Land Department website or the Dubai REST (real estate services) app and submit the required information. If eligible, they will receive a confirmation email from DLD containing a first-time home buyer QR code, which can then be used to access the programme's benefits. The developers participating in the scheme are some of the UAE's biggest and include Damac Properties, Nakheel Properties and Emaar. The partner banks are Commercial Bank of Dubai, Dubai Islamic Bank, Emirates NBD, Emirates Islamic and Mashreq Bank. How much is a property in Dubai? According to Knight Frank's data for January to March 2025, prices went up by 3.7 per cent in that three month period, reaching AED 1,749 or £353 per sq ft. This was 17 per cent higher than the previous property market peak in 2014. For a villa, the average price per sq ft is AED 2,088 or £421 per sq ft. The average home in the UK costs about £300 per sq ft, according to Zoopla research from October 2024, though this rose to £585 in London and £375 in the South East. The UK average is also weighted towards people owning houses, so those buying apartments in Dubai may find they could buy an apartment for cheaper than they would back home - especially given the currency discount and other incentives. And the mortgage payments could also feel more affordable, given they won't be handing over 20 per cent or more of their income in tax. Off-plan sales accounted for 69 per cent of all transactions in Dubai in the three-month period, and 87 per cent of homes were bought in cash. Best mortgage rates and how to find them Mortgage rates have risen substantially over recent years, meaning that those remortgaging or buying a home face higher costs. That makes it even more important to search out the best possible rate for you and get good mortgage advice, whether you are a first-time buyer, home owner or buy-to-let landlord. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C. This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit. You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes. If you're ready to find your next mortgage, why not use This is Money and L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you.

‘It's a pretty big dream': City could relaunch a long dormant program to help renters buy their first home
‘It's a pretty big dream': City could relaunch a long dormant program to help renters buy their first home

CTV News

time10-07-2025

  • Business
  • CTV News

‘It's a pretty big dream': City could relaunch a long dormant program to help renters buy their first home

What's old is new again at London City Hall, at least when it comes to home ownership. City staff are proposing the relaunch of a program that helps middle income earners buy their first home. 'It's a pretty big dream. It's kind of priority number one for us. We really want to get our own place,' said downtown apartment dweller, Dave Lewis. Lewis and his wife have rented for the last 18 years, but he said they've outgrown their place and now want a home they can call their own. But while they both work, they don't earn quite enough money to buy the type of house they'd like to get into. London first home program Renter Dave Lewis, who would like to become a homeowner, seen in London, Ont. (Bryan Bicknell/CTV News London) 'There are so many factors. The housing market, banks, interest rates for banks getting into getting a proper mortgage. Being able to compete. Lack of availability,' said Lewis. City staff is proposing the re-introduction of The Affordable Home Ownership Program. It would assist renters and first-time buyers in London and Middlesex with down payments and closing costs in the form of a forgivable loan. London Deputy Mayor Shawn Lewis said it's an opportunity worth considering. 'It does have an impact in terms of our housing waitlist, our roadmap to 3,000 affordable homes because it frees up rental stock, and that has been the single biggest driver of housing affordability in our city for the last six, seven years,' explained the Deputy Mayor. Deputy Mayor Shawn Lewis first home program London Deputy Mayor Shawn Lewis speaks to CTV London's Bryan Bicknell. (Bryan Bicknell/CTV News London) The original home ownership program went from 2008 to 2013, when market conditions at that time forced the closure of the program. It was funded by the provincial and federal governments. In five years, it issued 270 loans, lent out $2,317,466, discharged 173 loans, and received $2,443,010 million in repayments. There are currently 97 remaining loans, which will reach maturity between 2025 and 2033. The Revolving Loan Fund now has a balance of just under $3.1 million, which would be used to restart the program. 'It really is kind of a use it or lose it. I mean, we can leave it sitting there, but we can't use it for other things,' explained Deputy Mayor Lewis. Eligible households in the relaunched program would be offered interest-free loans over 20 years, covering up to five per cent of the home's purchase price, to a maximum of $25,000. Those eligible cannot earn more than $95,000 annually for a single, and $115,000 annually for a family. 'That's part of the thing where we would like to be able to build equity with a property, and with renting, that's just not possible,' said Dave Lewis. The city said while the market has stabilized, the average home price does not match the average income. Citing figures from city staff said there are roughly 450 homes in London and Middlesex in the $320,000 to $500,000 range, which would fit the program. The proposal goes to city council's Community and Protective Services Committee on Monday.

‘Tactless': brewing resentment over Bank of Mum and Dad
‘Tactless': brewing resentment over Bank of Mum and Dad

Telegraph

time09-07-2025

  • Business
  • Telegraph

‘Tactless': brewing resentment over Bank of Mum and Dad

Homeownership never used to divide society – and friend groups – in the way it does now. Where buying your first home was once a rite of passage open to the vast majority of young people, now the line between the haves and the have-nots has been writ large, especially in London, as the cost of a first step on the housing ladder has continued to outpace most people's incomes. It is not unusual to require a six-figure deposit for properties in the capital; even for one-bedroom starter homes, aspiring homeowners must cobble together tens of thousands of pounds. With the average worker aged between 30 and 39 earning just £40,000, according to government figures, and rents and living costs continuing to climb, that can be a tall order – unless, of course, your parents give you a hand. Almost two thirds of first-time buyers benefit from parental help, with an average gift of more than £58,000 towards a first home, according to Zoopla. For aspiring homeowners without such financial support, the picture is fairly stark. Building up a deposit means either choosing a lucrative line of work, picking up a side hustle or second job, or resigning themselves to renting into their late-30s or even early-40s. But toiling to save a deposit grates a little more when your friends suddenly, and sometimes without explanation, become the owners of a shiny new two-bedroom flat or terraced house. 'One day you're all in the same boat, rationing food in the last week of the month, sharing Netflix accounts, living off Tesco meal deals and complaining about landlords hiking the rent again. And then out of nowhere, someone's announcing they've put down a deposit on a two-bed in Clapham – courtesy of the Bank of Mum and Dad,' writes one user on social media platform Reddit. 'And suddenly, there's this unspoken shift. No one says it outright, but there's a weird tension, a quiet resentment that creeps in, not necessarily because you begrudge their new home, but because it highlights something deeper: the invisible hand of privilege. 'Like, you work just as hard, maybe harder, you've done everything 'right', but the brutal maths of London property prices means you're still stuck figuring out how to afford Zone 3 rent, while they're picking out furniture for their new dream flat.' They're certainly not the only ones to feel this way. Dealt a better hand Toby*, 25, from Sussex, is saving up to buy his own home. Unlike some of his friends, who are already snapping up properties, he won't have any help from his parents. He says: 'I do not have any financial support from my family – they were relatively poor with their financial decision-making when I was growing up. 'You have situations in friendship groups where half have the financial support [to buy property] and are able to move on with their lives, while you're left behind... there's a tendency towards animosity. But in this day and age, there has to be an element of personal responsibility.' Beleaguered young people set to remain at the mercy of the rental market for the foreseeable future are quick to point out that their main source of frustration isn't life simply being unfair, but that many of those who benefit from the Bank of Mum and Dad (Bomad) are oblivious to their friends' trials and tribulations, failing to acknowledge the better hand they've been dealt. Harriet*, 36, who works in PR, is currently renting; she wants to buy her own flat, but is finding saving for a deposit an uphill battle with no parental help. Her friends, one by one, are settling down in homes of their own. 'There is an ignorance that comes with being able to afford a deposit [thanks to your parents] and taking it for granted. People can make quite tactless comments, saying that if you didn't do this or that, you'd be able to save up for a deposit. But you can't save £40,000 with a simple lifestyle change,' she says. Ellie*, 34, from west London, has encountered a similar situation, where a friend suddenly purchased an abnormally large house with her partner. 'She has never disclosed how they were able to afford the house, and when I visited, she complained about how the whole house is never tidy at the same time because it's so big. As somebody who will receive a bit of help but is trying to save for a deposit, the unawareness is a bit jarring.' The lack of honesty around parental gifts can be the crux of the problem, adds Toby. 'If somebody gives you £50,000, and you purchase a property and proclaim to your friends and colleagues that you've been able to get on the ladder, that's great. But if you're behaving like it's all self-generated, you're kind of masking the truth, and perhaps projecting a false reality to people, which is dangerous. An element of transparency is important. 'If they were open about how they accumulated the wealth to get there, it would probably make their peers feel more at ease. The anxiety that people are progressing while you're not can be quelled with a bit of honesty... if you're transparent, people will be more receptive and supportive of your feat.' Toby is quick to point out that your friends aren't stupid, and opting not to disclose familial financial support following a house purchase does little to hide the truth. 'You can spot them, normally – you know what they do, and have an idea of how much they earn. You'd expect to see a journey to getting a lot of money... the narrative often just doesn't add up.' Growing gap in living standards Gifts and loans from the Bank of Mum and Dad totalled £9.6bn in 2024, according to the latest analysis from property firm Savills. As the gap widens between those who enjoy the stability of homeownership and those who continue to be exposed to the brutal rental market – which has seen costs soar 21pc over the last three years, according to Zoopla data – so too does the gap in living standards. 'A lot of my friends are couples who have bought together, have had financial help from both sides, and have got decent properties that way,' says Harriet. 'Quite a few friends bought quite young, so now they've either paid off their mortgages or their payments are lower. 'This makes their disposable income higher, which gives them more advantages over renters – rents are astronomical – so when they make expensive plans it can be frustrating.' The playing field looks unlikely to be levelled any time soon. Toby has taken on side hustles alongside his full-time job, including trading equities, which he hopes will speed up the saving process. 'As the oldest of six, my hope of getting on the property ladder is solely reliant on myself and my ability to generate income,' he says. 'I'm a big believer in the narrative that you have to do everything you can to maximise your income. But you can do that until the cows come home – if your friend gets £500,000 from their parents, the disparity is just too wide.' *Names have been changed.

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