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  • FIRST POST
    • FIRSTTIMER
    • By FIRSTTIMER 5th Feb 17, 12:14 PM
    • 248Posts
    • 50Thanks
    FIRSTTIMER
    FIRST TIME BUYERS - What did you save?
    • #1
    • 5th Feb 17, 12:14 PM
    FIRST TIME BUYERS - What did you save? 5th Feb 17 at 12:14 PM
    Hi,


    Just out of curiosity, I am looking to buy a property up to max 175k with 10% deposit over the next 6 months, hopefully complete end of summer...


    How much did you save before buying to account for things such as deposit/emergencyfund/whitegoods/furniture/costs etc.


    Thanks
    Savings £17500
Page 2
    • kilby_007
    • By kilby_007 5th Feb 17, 9:46 PM
    • 721 Posts
    • 468 Thanks
    kilby_007
    never said my loan was from a financial institution and I never said I was paying any interest on the loan.
    Originally posted by ashp
    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.
    • ashp
    • By ashp 5th Feb 17, 10:02 PM
    • 403 Posts
    • 133 Thanks
    ashp
    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.
    Originally posted by kilby_007
    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
    • By kilby_007 5th Feb 17, 10:25 PM
    • 721 Posts
    • 468 Thanks
    kilby_007
    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.
    Originally posted by ashp
    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
    • By sparky130a 6th Feb 17, 12:03 AM
    • 638 Posts
    • 772 Thanks
    sparky130a
    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
    • By ashp 6th Feb 17, 6:29 AM
    • 403 Posts
    • 133 Thanks
    ashp
    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.
    Originally posted by kilby_007
    I'm not being evasive in the slightest. I got the loan from my employer.
    Last edited by ashp; 06-02-2017 at 6:32 AM.
    • anto164
    • By anto164 6th Feb 17, 11:50 AM
    • 83 Posts
    • 41 Thanks
    anto164
    we saved 20% deposit but only put 10% down. We used the other 10% for things like rewiring, new boiler, carpets, paint, furniture etc.
    • rjw4
    • By rjw4 6th Feb 17, 12:51 PM
    • 276 Posts
    • 162 Thanks
    rjw4
    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
    • By ST1991 6th Feb 17, 1:30 PM
    • 362 Posts
    • 181 Thanks
    ST1991
    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
    • By chelseablue 6th Feb 17, 2:25 PM
    • 2,046 Posts
    • 2,494 Thanks
    chelseablue
    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
    Baby Boy born May 2014

    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
    • Tammykitty
    • By Tammykitty 6th Feb 17, 2:35 PM
    • 465 Posts
    • 1,002 Thanks
    Tammykitty
    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.
    Weight Loss Challenge
    Start: 10th September 2016 - 49lbs to lose.
    Progress - 22/49 (3/12/16)

    Restarted 8/05/17 - 41lbs to lose (Managed to put 1 stone on in 4 months!) Progress 6/41 (13/05/17)
    • NinaSwiss
    • By NinaSwiss 6th Feb 17, 6:23 PM
    • 186 Posts
    • 92 Thanks
    NinaSwiss
    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.
    Working towards:
    *House Purchase (2015)
    *Top-up pension (2016) *Clear CC (2016)
    *Mortgage
    Overpayment(50% LTV by Jan 2020) *Clear student Loan(by Jan 2020)*Saving for a Car purchase(2017)!
    *2017 DIY projects *Making the most of life!!!
    • KeremyKyle
    • By KeremyKyle 20th Mar 17, 12:20 PM
    • 5 Posts
    • 2 Thanks
    KeremyKyle
    We saved about £22k. This was using gifts from our wedding, personal savings and then opening a help to buy ISA each just over a year ago and putting in the maximum every month.

    We've been able to put down a 15% deposit and have just enough left over to pay the fees, buy the essentials (we're thinking just the main things like a bed and a sofa straight away - white goods are already in the house and everything else can come later) and have some left over for the emergencies. We've been able to save due to lodging in a friend's house. We've been quite lucky.
    • BishBashBosh86
    • By BishBashBosh86 20th Mar 17, 12:28 PM
    • 22 Posts
    • 11 Thanks
    BishBashBosh86
    I saved about £38k over 6 years or so. Living with your parents does have its benefits! Im putting down 17k on a deposit. That leaves me with 20K ish to pay for fees, do some work on the house and furnish it. I'm obviously not going to blow all 20k on the house as I want to keep some money aside for emergencies etc but its nice to know that there is money there to use.
    • ap1985
    • By ap1985 20th Mar 17, 1:51 PM
    • 323 Posts
    • 128 Thanks
    ap1985
    We saved £23k - £14k was for deposit the rest for additional funds...we also took our old furniture over from our rental property and are buying things slowly as we go along...better that way...take your time in doing up your house and get it right.
    Finally going to be a homeowner
    • kingstreet
    • By kingstreet 20th Mar 17, 3:12 PM
    • 31,610 Posts
    • 16,881 Thanks
    kingstreet
    2.4% interest fixed for 2 years. I bet many are paying more. I am not providing advice im just stating a fact. There is 2 highstreet lenders who quite clearly state in there lending criteria that they accept deposits sourced from a loan. I'm not quite sure on the acceptance rate using this method but it worked for us, Had mortgage offer in 7 days.
    Originally posted by ashp
    Didn't do mortgage and loan with same lender though, eh?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Harryp_24
    • By Harryp_24 20th Mar 17, 3:16 PM
    • 166 Posts
    • 201 Thanks
    Harryp_24
    Hi,


    Just out of curiosity, I am looking to buy a property up to max 175k with 10% deposit over the next 6 months, hopefully complete end of summer...


    How much did you save before buying to account for things such as deposit/emergencyfund/whitegoods/furniture/costs etc.


    Thanks
    Originally posted by FIRSTTIMER
    17 - 22 = 33k then blew 16k of it on a car being a dumbass.

    22 - 25 = 29k + the original 17k so 46k. my house cost me 187,000.
    • cashbackproblems
    • By cashbackproblems 20th Mar 17, 4:27 PM
    • 1,675 Posts
    • 640 Thanks
    cashbackproblems
    I am buying a place now on 75% LTV but 5x my income! I had saved 50k for the deposit.


    After the deposit, refurb and fees I will have left about 5k in cash to pay for furniture. However I do have 35k in investments which can be easily sold off so that is my emergency fund.
    • PrettyFlower90
    • By PrettyFlower90 21st Mar 17, 1:09 AM
    • 186 Posts
    • 76 Thanks
    PrettyFlower90
    We're in the process of buying a house as FTB. We have 5% deposit, but didn't start looking for a house until we had saved:
    - 5% deposit of our max budget
    - Stamp duty (£1860 for 238K house)
    - Solicitor fees (budgeted around 1500)
    - Mortgage fee etc (budgeted around 1000)
    - House survey (budgeted 400)
    - van hire for removal
    - land registry fee (£480)
    - Broker fee (£300, but ended up with free one)
    - £2k savings left for unexpected costs when moving in
    - payments for when we overlap our new house with current rental house


    We still continued to save each pay cheque while looking for a house, but I was adamant with my husband that we were not to look until we had the money for all associated fees as well as deposit money.
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