We weren’t ready for a mortgage so bought a tiny home and save £1500 a month – people are surprised by how big it is
IT’s no secret that many people are struggling to get on the property ladder, with the cost of living crisis making it even harder to get your first home.
Rather than getting trapped repaying a costly mortgage, one influencer has decided to buy a tiny home and saved thousands in the process.
With property prices surpassing £200,000 in many parts of the UK, it’s hardly surprising that many people are looking to downsize before purchasing their first home.
According to Confused.com, the average first time buyer can expect to pay over £253,000 for their starter home.
Even more alarmingly, deposits now outstrip salaries with potential homeowners having to save £53,000 despite the average income being just £27,756.
Like many twentysomethings, Ellie Hanson was struggling to buy her first home despite having a successful career as a freelance marketer.
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Though she was keen to get on the ladder, she dreaded the thought of being tied into a mortgage.
In a video on her Tiktok, she confessed: “We weren’t ready for a mortgage. I don’t want to commit 45 years, 35 year of my life to £1500 a month.”
Having looked at mortgage rates and found nothing reasonable on the market, she made the bold decision to buy a tiny home with her partner.
Investing the majority of her savings in the small property, she anxiously awaited her home to be delivered which finally arrived late last year.
Parking it in a loved ones’ garden, Ellie later shared her tiny home on social media.
The cosy space was surprisingly light an airy, with patio doors that doubled as a floor to ceiling window and others scattered throughout.
Despite being called a tiny home, there was room for a separate kitchen, bathroom, living room, as well as a large bedroom.
Rather than being cramped, Ellie had plenty of space for furniture and even white goods in the future.
She even joked in the comments that it was ‘bigger than some flats in London’, as she proudly showed off her starter home.
Whilst older generations might argue that she should have waited to buy a standard sized home, the influencer views it as her ticket to future financial freedom.
“We're planning on eventually moving it somewhere, and then being able to rent it out as a holiday let or short let,” she explained, revealing how the home would help her and her partner move up the property ladder.
Her investment seems to have paid off already, with The Switch reporting that a tiny house kit can cost as little as £6,500.
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Even a bespoke home can cost just £30,000 to £50,000, which is typically the amount most homeowners pay in a deposit.
With some lenders even beginning to offer mortgages and loans on tiny homes, don’t be surprised if you see more of these arriving in a neighbourhood near you.
