We lived on beans for years to get a £220k home by 21!
It’S something most young couples can only dream of. But Nathan Doe and tyla Stanworth have bought their first home before either of them even turned 21.
the couple say they managed to save the deposit for the £220,000 three-bedroom property after scrimping and saving by living on a diet of baked beans and noodles.
And apparently, they did not receive any handouts from their parents. the young couple now aim to continue their frugal lifestyle so they can be mortgage-free by the time they are 40 – and hope to retire by 55.
It may seem like a tall order given that they earn just £50,000 a year between them.
But Mr Doe said their careful planning, and a number of sacrifices, made it possible for them to buy the new-build home and that there was no reason they could not continue. ‘We were living with my dad for a year, that was our base, but obviously had to pay him rent,’ he said. ‘We really don’t drink and don’t go out partying.’
the couple have both been working full-time in the three years since they finished school. they also enrolled on an apprenticeship programme instead of going to university, so they weren’t saddled with tuition fee loans.
Mr Doe works as a planner for Arriva trains Wales while Miss Stanworth is employed by exam board Qualifications Wales.
While they were busy saving, their combined income was around only £30,000 a year. But they managed to save the £11,500 deposit by putting cash into an ISA under the Government’s helpto-buy scheme.
they also benefited from a helpto-buy equity loan – a five-year interest-free sum that paid for 20 per cent of the cost of the house in Newport, South Wales.
Some of the loan was used to pay for stamp duty and other costs, which added up to £13,500.
Miss Stanworth, 20, said: ‘It was a goal we wanted to achieve as soon as we got together – Nathan already had a help-to-buy ISA set up and then I set one up myself.
‘We put in £200 each every month and got £50 back from the Government so we were getting a free £100 a month. Deciding to buy the house did mean that we had to make sacrifices.
‘We never went out, our shopping lists consisted of noodles and beans, but in the long run it was
‘We had to make sacrifices’
so worth it.’ the couple moved in last June and hope to pay off their loan before the interest-free period is up. they now have a combined income of £50,000 and plan to marry in September, which they will also pay for themselves. Mr Doe, now 21, said: ‘If you want something enough and you are prepared to make sacrifices for it, anything is possible.
‘We want to go on big holidays but there’s nothing better than going home to your house and it’s yours.’