What’s your money goal?
Get a mortgage to buy a house.
Why is that important to you?
It’s about independence. A few years back I finished university and moved back in with my parents. This was far from ideal. I’d gone from having my own independence back to the daily orders from Mum and Dad. I’d always wanted my own place but now, more than ever, I knew I needed to do something about it. So I guess that’s when I decided my goal was to get a mortgage and buy a house.
How much progress have you made so far?
It was a long process (roughly two years) but I eventually achieved my goal! I was able to save and increase my credit score only by sticking to the advice that I got from my mortgage advisor. Although, there were a few hiccups along the way. I’m only human.
What were the challenges in reaching your goal? (Be honest)
Resisting the temptation to dip into my savings to buy things I wanted or to go on nights out was the main challenge. That was really hard and I failed a few times. Saving the money for a deposit took a really long time so I had to dig deep and persevere.
How did it feel to reach your goal?
Wonderful! After I was accepted for a mortgage, and subsequently had an offer I’d made on a house accepted, I felt on top of the world. After almost two years of saving and building my credit score, the whole process of finding a house to moving in took only two months! It flew by. I remember going to get the key and walking into my new home. I danced all around the empty house. I did it!
How has your attitude to money changed since working on your goal?
Having to save so much money for a deposit in such a short amount of time meant I had to say no to going out quite a bit and I had to make day to day changes to cut down my spending. As a result I built a pretty good savings habit that I’ve carried on today even if I do sometimes find it hard not to dip into my savings pot. Admittedly I did this a couple of times while I was saving for a deposit and when temptation got too much, which pushed my goal back each time.
One thing you’d do differently next time?
I’d start earlier. My advice to people looking to do the same thing is simple: Start now. Even if you aren’t thinking of buying just yet, chances are you’ll want to one day. It’s so much money to save in a short space of time, so it’s better to be proactive now. Think about ways you can look more attractive to lenders. This will help you save money on your mortgage and help you to get access to a larger amount to buy a house. And be aware your credit score is one of the key things they look at.
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