What would you do in my situation?

Happychappy

Buy your mum flowers every week and remember what a lucky chappy you are ; )

There really are no decent deals as there were four or five months ago, I believe ING are doing a 5% instant access for new savers, whether this is better than your Halifax? and then see whats around in April for the new ISA's.

a7man

I was in the same situation as you about a year ago. I finished uni & travelling and was back home..so I saved enough to move out and rent in London as I like my independence. I figure the prospects and experience I am getting here are worth a lot more than saving right now, as my future salary will allow for more disposable income. So really, there is no right or wrong answer...

mike88

The right time to buy is when house prices are rising by faster than the amount you can save. In ther meantime I would make a few tentative enquiries about the amount you can borrow because without this information your plan may be inappropriate. You might be able to do this online.

One final point. The £150 per month you pay for your keep is almost certainly less than the cost of the food and electricity you consume so I echo the above point that you can thank your lucky stars you have home support that will enable you to put your plan into place.

lynzpower

One final point. The £150 per month you pay for your keep is almost certainly less than the cost of the food and electricity you consume so I echo the above point that you can thank your lucky stars you have home support that will enable you to put your plan into place.

Nah, there are plenty of MSErs spending 150 on food for a family of four!

cagey76

If you can get the borrowing ok, start offering crazy low offers (and I mean very very low) on places that you would fancy living in, then rent it out and stay with the folks for a couple of years.

That way you are on the ladder but you still have cash in your packet to get out there and enjoy yourself.

mike88

Lynzpower. Congratulations for knowing people who spend £150 a month to feed a family of four (including heat and light etc????) I know from funding my son through a 3 year accountancy degree and then 5 years in medical school that I could not have fed him alone for that amount of money. I'm clearly doing something wrong! Economising has never been my strong point though.

The idea of buying a property and renting out while remaining home is a very good one. I've done it myself with very little hassle. There are excellent tax advantages as you can claim tax relief on the mortgage interest against income as well as other expenses incurred as part of your "rental business".

JimLad

cagey76 wrote: »

If you can get the borrowing ok, start offering crazy low offers (and I mean very very low) on places that you would fancy living in, then rent it out and stay with the folks for a couple of years.

That way you are on the ladder but you still have cash in your packet to get out there and enjoy yourself.

That does sound like a good idea, however with house prices dropping and me not having enough for a deposit yet, i think it will be at least a year before i can do that

greenbug333

You sound very sensible! I would wait till later this year then start looking for a house, i know that you probably feel you need to increase your income but believe me you will probably always feel like that! I have bought property when prices were lower last time and i had to scrape through to do so - i was a single parent with a new business but it is best thing i ever did - if times get tough you can get a lodger or rent it out, good luck!

cagey76

JimLad wrote: »

That does sound like a good idea, however with house prices dropping and me not having enough for a deposit yet, i think it will be at least a year before i can do that

I would get some mortgage advice, it costs nothing from the bank or from a independent mortgage advisor (most estate agents have one linked to them). You might be in a position already where they may lend. A slightly higher deposit may be small potatoes compared to the discounts on offer in the current market.

It also costs nothing to get a feel for the market in your area, you are a new buyer with no chain, to a seller thats worth a discount on its own.

How about new builds, I have heard of discounts of 40% off list price, and they might have lending available (but be careful).

And as I suggested renting it out, find out about the rental market in your area from an agent.

All the above is free to investigate !

highguyuk

You sound very similar to me!

I'm 22. I live with my single parent, although I am not single my girlfriend is off to Uni in September things will be on hold for a couple of years.

I have no debts, didn't go to University but earn 19k. I pay my mother £240 pm and have around 12k in savings.

I know that "the time to buy" is coming up, although I must admit independance is not something I'm craving for just yet. I'm thinking more that when the market picks up I could buy somewhere and rent it out for a while to earn more income and hopefully see some increase in value.

This all seems very much in the distance though. Nice to hear of someone in a similar fashion. Please keep this thread up to date, would be nice to hear how things progress