Tyler could become first homeowner in the family thanks to house deposit prize from Principality Building Society

A hopeful first time buyer from Cardiff has won a house deposit with Wales’ largest building society, giving him the chance to be the first home owner in his family.

Tyler Hatfield, 26, from Fairwater, is being awarded more than £24,000 towards his first home, a value of just beyond a 10% deposit against the current average house price of £239,000 in Wales, as reported in Principality Building Society’s latest House Price Index.

The competition was run alongside Principality’s Cardiff Half Marathon sponsorship in a bid to help first time buyers ‘get a step ahead’ as part of the event partnership. The building society has recently announced it will be returning as headline sponsor for the 2024 half marathon.

Winner Tyler works as a painter and decorator with his dad, Ian, in Cardiff, and still lives at home with his parents, so the helping hand in getting him on the property ladder is a welcomed opportunity. Tyler said: “Owning my own house will be a dream come true. I’ve been trying to save on and off for the last five years since working in the trade, but it’s been really difficult.

“Winning this money to use as a house deposit is honestly a huge relief and has taken a big amount of stress off my shoulders, knowing I won’t have to worry about putting away every pound I can each week. And because I live with my parents too, this isn’t just a win for me, but it’s a boost for my family – they can have that spare room they’ve always dreamed of so family from further away can come and stay. I’ll be looking to buy with my girlfriend, Beth, so it’s really exciting to be able to look forward to our first home together.”

Tyler’s mum Tina explains why this will be such a life changing opportunity: “Tyler’s father and I rent our house, so Tyler will be the first in our family to get on the property ladder, and we’re so proud of him for that. He’s been working hard to try and save off his own back for a house ever since he left college, but it was always going to take him years on his wage to be able to save enough. Our house only has two bedrooms, we currently don’t have space for family who live outside of Cardiff to come and stay, so while we’ll miss having Tyler in the house – although I don’t think he wants to move too far away – it means we can invite family members to visit us, which will make a huge difference.”

Tina continues: “This year has also been really tough on us as a family, I lost my mum earlier this year and it turned our lives upside down. This win for Tyler is the light at the end of the tunnel, it’s an opportunity for him to move on and grow in his own place.”

Principality Building Society has a range of tools to help support first time buyers get on the property ladder. The First Home Steps app is a free pocket-guide to buying your first home, helping make budgeting, planning and saving more understandable.

Vicky Wales, Chief Customer Officer for Principality Building Society, said: “We understand that the current challenging financial climate means it’s particularly tricky for first time buyers, which is why it’s such a focus for us as a business. We were so pleased to be able to run this competition and also offer some advice and support to those looking to get onto the property ladder. Tyler is a very deserving and humble winner of this prize, so we’re over the moon that we’re able to help him with the first big purchase in his life. We wish Tyler the very best of luck and we look forward to seeing him find his perfect first home.”

To find out more visit: https://www.principality.co.uk/first-home-steps/download-app