FIRST TIME BUYERS - What did you save?

ashp_2 · 5 February 2017 at 11:02PM

kilby_007 wrote: »

It was a gift then, not a loan. Totally different thing in the eyes of a lender and not what you lead us to believe.

You really have no idea what you are talking about. A gift is non repayable and is declared as such to the lender. A loan is repayable and is also declared as such to the lender.

kilby_007 · 5 February 2017 at 11:25PM

ashp wrote: »

You really have no idea what you are talking about. A gift is non repayable and is declared as such to the lender. A loan is repayable and is also declared as such to the lender.

I do know, but you're being sufficiently evasive about your "loan" [*ahem* cash from mum and dad *ahem*] to make it sound as though you've got onto the property ladder without needing any savings or help. As you say, your finances might not be my business but if you're going to tell people about how canny you've been in obtaining access to a mortgage then don't embellish the truth.

sparky130a · 6 February 2017 at 1:03AM

Stop. It's not a !!!!ing contest.

I'm one of the privileged few who didn't have to work their !!!! off for a deposit. And neither did my brother or sister.

The parents helped all 3 of us. Which is even more amazing in my case as I'm adopted. Some stranger turned up and not only brought me up and paid for it.

They also gave me over £30K to get me started on the "housing ladder ".

My point is it;s either a gift or a loan. From a lenders point of view there is no ambiguity.

ashp_2 · 6 February 2017 at 7:29AM

kilby_007 wrote: »

I do know, but you're being sufficiently evasive about your "loan" [*ahem* cash from mum and dad *ahem*] to make it sound as though you've got onto the property ladder without needing any savings or help. As you say, your finances might not be my business but if you're going to tell people about how canny you've been in obtaining access to a mortgage then don't embellish the truth.

I'm not being evasive in the slightest. I got the loan from my employer.

anto164 · 6 February 2017 at 12:50PM

we saved 20% deposit but only put 10% down. We used the other 10% for things like rewiring, new boiler, carpets, paint, furniture etc.

wjr4 · 6 February 2017 at 1:51PM

We had £22,000 for our first home.. 95% LTV for a £260k house. This included all fees, first mortgage payment (monthly in advance), white goods, most things for the house apart from a sofa as we already had a sofa (Ikea is amazing!!!!). I borrowed £7,000 from my step-dad which I am paying off monthly and also have an emergency fund of £1,500.

ST1991 · 6 February 2017 at 2:30PM

We bought for £175k and saved a 5% deposit. Fees and stamp duty were another £2.5k roughly and we had 2k left over.
We moved from renting, so the monthly rent/mortgage payment is roughly the same - and we have continued to save each month after moving in, allowing us to do bits and bobs in the house as and when (living room floor one month... new mattress the next)

We also had all the furniture already (except a wardrobe, but a £40 one from ikea fixed that) and white goods were pretty much free/pennies from gumtree which we can then replace with new over the coming months.

I would say to save more than you think you need, as something might pop up along the way. Our purchase took 8-9 months to go through so our solicitor fees went up.

I wish we had saved more now... so we could tackle the kitchen and bathroom...!

chelseablue · 6 February 2017 at 3:25PM

I was a first time buyer in 2010.

I paid £156,000 for my flat and put down £47,000 as a deposit.

Took me 5 years working 2 jobs to save up the money

Tammykitty · 6 February 2017 at 3:35PM

First Time Buyer in 2011

House was £120k, had original saved £12k plus £1k for fees.

Sale was delayed, and was saving £1k a month, so finished up with £18k (15% deposit), £1k for fees and £1k (max) for other costs.

All I spent was £250 on a new bed, everything else came much later, and was bought as and when I could afford it.

My car was worth about £6k and that was my emergency fund - if needed I would sell the car.

NinaSwiss · 6 February 2017 at 7:23PM

Saved about 85k over 7yrs towards house purchase.

75k towards deposit (25%)
5k towards stamp duty
5k towards survey, solicitor, moving, clearing out house and buying few essentials etc and a month's emergency fund.

Barely had any furniture to move to the new house. The first month was mostly spent clearing the house, LOTs of cleaning, getting work done to the chimney breast supports, making plans and budgeting on what else I needed to buy and when. My sister(my little helper) and I slept on the floor(with mattress) and lived on takeout’s.

Borrowed 6k from mum and 4k from credit card to cover works being done. Lucky to have good disposable income so was able to repay these within the first year once emergency fund was enough for 3 months (5k).

Spent money on (alot of these were unforeseen):

Two chimney breasts were removed by previous vendor and left with no support under chimney stack. My main priority was to get this fixed even though vendor lived with it for about 10yrs
Rip-out all flooring (except in kitchen and bathroom), fit new flooring throughout house.
Rip out wallpaper and repaint the whole house (inside and outside)
Re-plaster bedrooms walls and board textured ceiling
Boiler serviced and gas safety certificate done
Power-flush boiler system and fit larger capacity radiators in hallway and Kitchen
Electrics tested, new fuse box fitted,fix botched diy jobbies.
Replace downstairs toilet – valve failed and wc flooded so replaced the old toilet as well
Fridge/freezer, Dishwasher, washing machine, sofa, Beds, chairs, dining table etc
Re-felt shed, replaced fence, clean gutters

Alot of the work weren't essential but chose to do them sooner rather than later as I had planned to take on a lodger.

It's been about 1 year and half since and love it here. Gathered a lot of diy skills in the process but glad not to have taken on renovation projects that required gutting.
Currently make monthly overpayments to get it down to 50% LTV by the time the 4yr fix is up (or Jan 2020 latest).
The other thing I did was to get income protection insurance (not critical illness ). This provides me with enough income to cover mortgage and bills if I'm unable to work(due to illness). I can always get more lodgers in the case of a redundancy whilst I find new work so sickness cover was a higher priority for me.

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FIRST TIME BUYERS - What did you save?

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