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The 'We're saving for a deposit' thread
Comments
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No problem got there in the end!0
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Our deposit is continuing to grow very very slowly... OH is thinking about going back to work in the next couple of months (our DD is nearly 5 months old now) which'll mean we should be able to save more.
We've been out looking at lots of houses in the area we're interested in - really liked one until we saw the survey done by the owners last summer, which suggested at least £3,000-worth of work before we could move in, so we backed away, worried about what else might crop up! The EA suggested that the owners were going to put it up for rent if we weren't going to put in a bid, but it's still listed for sale on RightMove so I suspect that they may be more interested in selling than they were going to let on!
There're another couple we're interested in but I keep getting calls from the EAs and it feels a bit like they're harassing us into making a decision - which only makes me want to go slower!
Mortgage-Free Wannabe!
Mortgage at start (August 2009): £87,000
Current Mortgage: £85259
Mortgage-Free date: August 2034
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Hello everyone
The deposit pot slowly grows and when I get paid at the end of the month I will exceed my original target of £31250, 25% of £125,000 which is the amount I was looking to spend originally all those months ago.
I'm not sure what the plan is now exactly. My boyfriend and I both live with our parents and after 4.5 years really want to live together and have some privacy. He finishes uni this June and we originally planned to look then but who knows how hard he will find it to find work (he'll keep his part-time job until he has), plus I'm pretty sure I will be redundant this time next year, although I should get over £7k redundancy and hopefully things might be a little better then in the job market.
So close but still so far0 -
I made the mistake of looking on rightmove at lunch. More houses have gone on the market in the area I'm looking at... I am so tempted to view, but don't want to get my heart set on one yet...Don't worry about typing out my username - Call me COMP(Unless you know my real name - in which case, feel free to use that just to confuse people!)0
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playing_with_fire wrote: »Hello everyone
The deposit pot slowly grows and when I get paid at the end of the month I will exceed my original target of £31250, 25% of £125,000 which is the amount I was looking to spend originally all those months ago.
I'm not sure what the plan is now exactly. My boyfriend and I both live with our parents and after 4.5 years really want to live together and have some privacy. He finishes uni this June and we originally planned to look then but who knows how hard he will find it to find work (he'll keep his part-time job until he has), plus I'm pretty sure I will be redundant this time next year, although I should get over £7k redundancy and hopefully things might be a little better then in the job market.
So close but still so far
well, your are better placed than you would have been without the svaings. Keep saving! Even June is a long time away and there are too many variables from his potential job find, to your potentyial job loss, that might make anywhere you did want to buy unsuitable. You sound like you are doing really well. :T0 -
but I keep getting calls from the EAs and it feels a bit like they're harassing us into making a decision - which only makes me want to go slower!
My friend has just bought:eek: but whilst she was looking she was hounded by the EAs. I went for coffee with her one morning and she got 4 calls from them in a space of an hour. She'd registered with one branch and they'd passed her details on to the others. Then if she viewed a property the calls kept coming for 'feedback'! She got really narked by it in the end and asked them to stop calling... but they didn't.£2019 in 2019 #44 - 864.06/20190 -
lostinrates wrote: »I think the simple answer is the bigger the deposit the better the deal. there are some 10% mortgage deals around I think, but inevitably if you can get 20%/25% you'll get a better deal.
Other things to consider would be interest only part of mortgage v rent.
Particularly relevant to you might be how long you plan on staying in UK.
thanks for your answer, I wouldn't buy anything in the UK unless I had more than 20% for a deposit and some cash as reserve, so will keep saving and see how it goes.
That said, I have a friend who have already bought 2 properties here with no deposit and interest-only mortgages. Is that something to consider and for what kind of person would that be a deal worth considering?0 -
Repsonse in text.That said, I have a friend who have already bought 2 properties here with no deposit and interest-only mortgages. Is that something to consider I wouldn't have thought so, I doubt any mortgages on a 100% basis are available now, and if they are I'm not sure why this would make financial sense?
and for what kind of person would that be a deal worth considering?
I'm tempted to say an idiot or a BTL landlord. Or some one who wants to lose some money in this climate! There are probably times when it would make sense, but I can't think of them!0 -
butterfly72 wrote: »Then if she viewed a property the calls kept coming for 'feedback'!
We're having that problem too - have to keep thinking of new ways to say "we just didn't like it that much"...Mortgage-Free Wannabe!
Mortgage at start (August 2009): £87,000
Current Mortgage: £85259
Mortgage-Free date: August 20340 -
lostinrates wrote: »Originally Posted by ricll
That said, I have a friend who have already bought 2 properties here with no deposit and interest-only mortgages. Is that something to consider I wouldn't have thought so, I doubt any mortgages on a 100% basis are available now, and if they are I'm not sure why this would make financial sense?
and for what kind of person would that be a deal worth considering?
I'm tempted to say an idiot or a BTL landlord. Or some one who wants to lose some money in this climate! There are probably times when it would make sense, but I can't think of them!
Repsonse in text.
but isn't it pretty much like renting with the difference that he might make some profit after selling the property in a few years time? Surely an interest-only no deposit mortgage cannot be worse than paying rent and getting nothing in return when the tenancy term ends?0
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