First-time started saving for a home aged 13 using birthday money and summer job cash

The communications manager had been saving since she was 13, tucking away cash gifted to her by family on her birthday into a savings account, as well as most of her wages from her Saturday job as a waitress.But as she was single she knew she'd need more than that to secure even a 5 per cent deposit on a flat in Newbury, which cost around £240,000 on average at the time, according to property portal Zoopla.

Now, she pays £140 a month for her mortgage and another £532 a month in rent to the housing association that owns the remaining 75 per cent., where we talk shared ownership and buying property own your own.I bought my place back in April 2017 and it’s right smack bang in the middle of Newbury town centre in Berkshire.

Even after two years of living here, I sometimes find myself looking around and thinking “how have I managed this? This is my home.”Shared ownership means that I’ve taken out a mortgage for a portion of the property and the rest is owned by the housing association.My stake was worth £50,738. I put down 20 per cent of the value of the portion of the property that I was buying, so that was £10,250.

As a single person, I realised that owning a home here for me was becoming more and more unaffordable, even though my savings were going up.It was the developers who told me about the scheme and I realised that it was possible with the savings I already had.Credit: © Ric Mellis Productions 2019Credit: © Ric Mellis Productions 2019

SHARED ownership means that you co-own a property with a housing association, which will charge you rent on its part of the property. Home owners are unlikely to be able to sub-let the property either and you may be restricted with what you can do to the property outlined in the lease. I didn’t go on holiday at all during the two years but I also didn’t have to cut back on the gym or anything like that because I’d never signed up to one.

I could have put more money down for the deposit to make my mortgage repayments smaller but because I was on my own I didn’t want to use all of my savings, so I kept £2,000 aside.

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