// BBC BUSINESS NEWS — FINANZA
Budget hopes for struggling first-time buyers
Pre Ramteke wants to buy her first home but says saving for a deposit while paying rent remains a challenge
Pre Ramteke pays around £900 a month in rent before bills, but says saving enough for a deposit to buy her first home remains out of reach.
After moving to the UK from India in 2021, buying a home with her partner has proved difficult, due to rising house prices and the cost of living.
Her concerns come ahead of this week's Budget, when the government is expected to provide further details of its proposed Your First Home scheme, aimed at helping more first-time buyers onto the property ladder.
"Sometimes I do think that I'm trying to chase a dream that's going further and further away", she told the BBC.
The average interest rate on a new five-year fixed mortgage deal has hit 6% for the first time in three years, with house prices getting higher and higher.
Ramteke completed her studies in London and later moved to Rugby, hoping to put down roots.
"We know that if we buy a property, the instalments are going to be the exact same as the rent is right now. But the deposit is what is the biggest challenge for us," she said.
She estimates it could take three to four years to save enough for a deposit on a typical three-bedroom home.
Estate agent Zunara Tariq, of Oakmere Signature Homes, said affordability remained one of the biggest issues facing buyers.