Lauren Whelan, 23, bought her first home this year and says opting for an apprenticeship allowed her to get onto the property ladder much sooner than if she had gone to university.
Knowing she never wanted to study at university, as she struggled with exams, Lauren was accepted onto an apprenticeship with Leeds Building Society when she was 18 years old and worked on their lending service desk.
“I have no regrets about going straight into an apprenticeship. I wanted to be hands on, learning and working. I also didn’t know exactly what I wanted to go into,” she explained.
Now a marketing executive at Leeds BS, Lauren found that working on the lending desk gave her a firsthand experience of the mortgage journey and made her aware of how much she would need to realistically save to get onto the property ladder.
She said: “One of the first things I did once I was earning a full-time wage was start saving regularly.”
Lauren was on about £18,000 when she started her apprenticeship in 2020 and was putting £200 a month away into a Help to Buy ISA which she had opened before the scheme closed to new applicants in 2019.
What is a Help To Buy ISA?
A Help to Buy ISA is a UK-government backed savings scheme for first time buyers that provides savers with a 25 per cent bonus on their savings up to £12,000 with a maximum bonus of £3,000 provided.
Although the scheme closed to new applicants in 2019, existing savers can continue saving into one until November 2029 and have until November 2030 to claim their bonus.
The Lifetime ISA replaced the scheme although the Government has said a new First Time Buyer ISA will eventually replace the LISA.
Lauren said: “Owning my own home had always been my long-term goal so early in my career I also opened two additional savings accounts.”
The first savings account was used to build up Lauren’s emergency and holiday fund, which allowed her to save for experiences and trips without dipping into money set aside for her first home.
“My other savings account was used to contribute more money to my house funds than the £200 a month maximum allowance that my Help to Buy ISA allowed.
“As I progressed in my career and benefited from promotions, I increased the amount I was saving.
“What started as relatively small contributions gradually grew as my income increased. Over the past five years, I’ve built up to saving £300 a month into my emergency fund, £300 a month into my holiday savings account and £200 a month into my Help to Buy ISA.”
Lauren admits she was in a very fortunate position to be living at home rent-free while working which allowed her to save more.
Every payday, she would automatically transfer the amount she wanted to save into her three different savings accounts and viewed the remaining money in her account as disposable income.
Lauren said: “There were definitely times when it would have been easy to spend the money I had saved.
“Friends were booking holidays, buying new cars or upgrading phones, and it can sometimes feel like you’re missing out when you’re prioritising saving. But because the money left my account automatically each month, saving became a habit rather than a decision I had to make.”
New research from the Building Societies Association found young working adults are facing a savings challenge, with 35 per cent unable to meet an unexpected £300 expense.
Some 52 per cent of 18 to 34 year old’s said they would be interested in their employer offering a scheme that automatically saved some of their pay into an instant-access savings account.
Lauren said some months, if she could afford to, she would put £350 or more into her house deposit fund and by the start of 2026 her and her partner could start looking for a home.
“We found the perfect property in Ossett, West Yorkshire. It needed a little updating, but we could see the potential straight away. We completed the purchase and received the keys this summer,” she explained.
The house cost £250,000 and the couple put down a £20,000 deposit with Lauren and her partner contributing £10,000 each.
She added: “The savings I’d built up over the years didn’t just help with the deposit. They also helped cover moving costs, legal fees and the renovation work needed to make the house feel like our own.
“Having that financial cushion meant we could focus on the excitement of buying a home rather than worrying about every unexpected expense.”
For Lauren, the biggest lesson she learned was that saving money does not need to be complicated and that you do not have to make huge deposits from day one.
She said: “I know many people my age feels that owning a home is becoming increasingly difficult, and the average age of first-time buyers continues to rise.
“My message to anyone thinking about starting a savings habit is, don’t wait until you think you can save lots of money. Start with what you can afford and be consistent. Even small amounts add up over time, and one day you’ll be grateful you started.”
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