I purchased £175k two-bed first dwelling by working seven days every week and promoting muddle on Fb

SINGLE dad Brandon Woodhouse sacrificed time together with his children to work seven days every week to assist get on the property ladder.

He additionally offered undesirable muddle round his dwelling, together with a kayak, a dumbbell set and outdated garments and footwear, to assist increase the money.

Single dad Brandon Woodhouse sacrificed time together with his children to work seven days every week to assist get on the property ladder on the age of 47

The self-employed home builder, 47, had been saving for 2 and a half years when the coronavirus disaster struck, stalling his hopes of shopping for a home.

Brandon, who has a 18-year-old son and 10-year-old daughter, had initially been instructed by a mortgage advisor {that a} 5% deposit of £9,000 could be sufficient to get a £175,000 mortgage.

However when Covid-19 locked down the nation his financial institution raised the goalposts to 10%, and the builder all of the sudden discovered himself with out work because of the pandemic.

When lockdown restrictions later eased, Brandon was dealt one other blow because the estimated mortgage repayments had now risen to an unaffordable quantity.

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However by working seven days every week for 3 months this yr, promoting dozens of home items on Fb and persevering with to reside frugally, Brandon scraped the 15% deposit collectively.

In October, Brandon lastly acquired the keys to his £175,000 two bed room semi-detached home in Desborough, Northamptonshire.

We caught up with Brandon for The Solar’s My First Home sequence as he ready to maneuver into his new dwelling.

Inform me about your own home

It was constructed 15 years in the past and is in good situation. It was all carpeted they usually left me the blinds.

It’s over three flooring however the floor ground is simply stairs as much as the home as there’s an archway beneath to the parking on the again.

The primary ground is an open plan lounge eating room which is an honest measurement.

Brandon paid £175,000 for the two-bed home in Desborough, Northamptonshire, placing down a 15% deposit of £26,250

There’s a small fitted kitchen which has a cooker and hob and a bathroom on the identical ground. That is painted vivid pink so I’m planning to redecorate it.

Then on the highest ground there are two double bedrooms, one with an ensuite with a bathe, after which a tiled household lavatory with a shower.

It has a small courtyard backyard coated with slabs and a storage.

How a lot did you pay for it?

I paid £175,000 for the home, placing down a 15% deposit of £26,250.

I took out a 5 yr mounted charge mortgage at round 2% curiosity. Since I’m 47 and you’ll sometimes solely take a mortgage out till you’re 70, it’s a 22 yr mortgage.

Why did you resolve to purchase a property?

Once I cut up up from my spouse a number of years in the past I used to be residing in her home, so she saved it. I’ve rented ever since.

Three years in the past I cut up up from my then girlfriend and I realised that I wanted to purchase someplace.

Lease is lifeless cash. I received to the stage of considering “if I do not do it this yr, I by no means will”.

I realised it could solely get an increasing number of costly due to my age. I must repay a mortgage by the point I used to be 70 so I had simply over 20 years to do it.

How did you save for the deposit?

I had been placing cash apart for 2 and a half years, about £400 a month from my earnings.

At first of the yr I used to be instructed I may get a 5% deposit mortgage so I solely wanted £9,000 plus charges and I’d received that plus a bit on high. I had £12,000 by January this yr.

Simply as covid hit the UK I attempted to get a mortgage with a 5% deposit considering it could be good to have cash within the financial institution as I did not know what was occurring with coronavirus.

However my mortgage advisor stated I now wanted 10% as a result of the vast majority of 5% mortgages had been eliminated by the banks.

The kitchen comes with sufficient area for Brandon and his two kids to cook dinner

Brandon has additionally introduced a big eating desk set with him from his earlier dwelling – good for when he will get guests

The month-to-month funds had been going to be £730 which has similarities to what I paid in lease.

Once we went into lockdown I had no work. I panicked and took out a £5,000 private mortgage simply to be on the protected aspect in case I wanted it.

I did not need to contact my financial savings as a result of I wished every part for my deposit.

Throughout lockdown I wasn’t spending any cash aside from lease and payments and I made my meals final a very long time. I used to be saving leftovers for the subsequent meals and never shopping for something.

I then received the self-employment grant from the federal government and received the total quantity of £7,500 throughout three months. By the tip of lockdown I had a ten% deposit of £18,000.

Then the worth of the mortgage went as much as £810 a month which over 5 years would imply paying £9,000 in curiosity alone.

So I made a decision I wanted to get a 15% deposit collectively to get the month-to-month funds down.

The builder is planning to show this lavatory right into a bed room for his daughter

Brandon hasn’t but totally moved in, so he hasn’t but introduced the beds for the bedrooms

As quickly as lockdown ended I used to be working weekends and evenings to get the £26,250 deposit and £1,500 for charges.

By that time I had discovered the home which was £175,000, slightly below the utmost quantity I may borrow. I wanted about £9,000 additional to get to fifteen%.

Working an additional weekend meant I’d earn £400 after tax and I’d be making an additional £150 from working a couple of evenings throughout the week.

I solely labored each different week for seven days as I’ve my daughter come and keep for the weekend each different weekend, however on a number of events I needed to work on a Saturday which was heartbreaking.

I miss my daughter hundreds and seeing her on weekends is the spotlight of my week, however my son would take her out for the day.

I’d make them a picnic and they might go off for a stroll whereas I went to work.

That was in all probability the toughest a part of it. Leaving for work at 6.30am within the morning and never getting in until 8.30pm some days would have its toll on me too.

The household can share the ensuite lavatory with a bathe

The self-employed home builder labored lengthy hours to get on the property ladder

I additionally offered every part that wasn’t nailed down. I actually went by each cabinet and drawer in my home.

I offered a basic iPod for £100, a kayak, a dumbbell set, footwear, garments, jewelry, toys and books.

I offered them by native Fb purchase and promote teams. My greatest sale was my Watt bike, I received £900 for that. I made £2,000 promoting issues which coated my conveyancing charges.

Promoting fine details on Fb was really fairly enjoyable and it’s shocking how a lot stuff you accumulate through the years you don’t really want and much more shocking at what folks will really purchase.

I’ve now received the added bonus that there wasn’t as a lot stuff to pack and take with me.

I received the mortgage actually inside a couple of kilos and I now have completely nothing in my financial savings.

Did you’ve gotten any issues with the mortgage?

As a result of I hadn’t been in work for thus many months because of lockdown the financial institution was a bit anxious about lending me the cash.

When my mortgage software went by I had solely been again at work for every week. I needed to produce financial institution statements to indicate I used to be being paid once more in order that delayed the method for 2 weeks.

I additionally had a nightmare with communication with the property brokers and the vendor.

I stated I would want a month’s discover so I may hand my discover in on my rented property however they all of the sudden phoned me and stated all of it needed to be accomplished by the tip of the subsequent week.

So there was an overlap between leaving my rented property and transferring in however at the very least there isn’t a rush and I can transfer my stuff over regularly.

Do you’ve gotten plans to redecorate?

I’ve two kids. My 18-year-old son lives with me and can have the second bed room and my 10-year-old daughter comes on weekends.

My present rented home solely has two bedrooms and when she stays she has my room and I sleep on a settee mattress in the lounge.

I could not afford a 3 bed room home however with this one I’m going to transform the household lavatory right into a bed room and we are able to all use the ensuite which has a bathe.

The property comes with a reasonably large backyard

To show it round goes to take me half a day as a result of I am a builder and can solely price a couple of hundred kilos.

I’m simply going to board it and put down a carpet. I can flip it again into a toilet fairly simply if I ever resolve to promote.

It’s going to simply have a cabin mattress and a desk and drawers. It has a sloping roof and a velux window so it’s good and light-weight. My daughter is trying ahead to having her personal room.

How did you afford to furnish the property?

The home I rented was unfurnished so I have already got every part – two beds, sofa, eating desk, white items.

I’d purchase a brand new nook couch however that is it.

What was it prefer to lastly get the keys?

Strolling in for the primary time was actually fairly emotional. It was someplace that was lastly mine and for the youngsters, ours perpetually.

What’s your recommendation to different first time consumers?

Get on the ladder as shortly and early as you’ll be able to. Save as a lot as you’ll be able to, when you’ll be able to.

It is getting an increasing number of tough to purchase a house.

Beginning a automobile cleansing subscription enterprise helped Leanne Holder and Jacob Leaver buy their £180,000 three-bed first home earlier this yr.

In the meantime, a first-time purchaser tells us how being made redundant helped her boost the deposit for a £342k one-bed first dwelling.

Plus, a hard-working physician joined a peer to peer savings scheme to help her buy her £335k two-bed first home – however it did not come with out dangers.