Advise on raising a deposit?

Night_KD

Hi there, I'm living with my mum and partner at the moment but we're looking to move out into our own place.

I've seen a really nice flat (for rent), been to view it and it's lovely. The deposit however, along with other charges amounts to at least £1700. I'm struggling to raise this money, any suggestions what I could do?

I'm hoping that family members will be able to help me out, I have some savings but I'm not too sure I'm allowed access and if anyone has any other bright ideas I'd rather leave the savings untouched (or at least barely touched)! I'd rather raise most of the money myself instead of owing family members etc.

I've been working part year, but am going on to work full year, minus wednesdays.

My partner is desperately looking for a job after being made redundant and is intending to join the RAF eventually (has just started the process) but it could take up to a year before he gets on to the training.

So yeah, any ideas or advice would be much appreciated!

Many thanks,
Char

Premier_2

Keep saving as hard as you can

If you really can't afford to save the deposit whilst living with others (your parents?), then think very carefully before deciding to move out. There are many more bills to pay once you start renting a property yourself e.g. gas, electric, tv licence, telephone, council tax, etc that you will be wholly responsible for. If you can't afford to save the relatively small deposit whilst not being responsible for these, you may find it extremely difficult financially if you did get a place of your own.

Good luck

Night_KD

We can afford to pay the rent/bills etc when we're living there, it's just that I'm paying for rent/bills here so it's quite difficult to save up enough at the same time for deposit for somewhere else.

My rent at home has just been upped because my mum isn't entitled to housing benefit anymore while I'm here, due to my income. Makes it more difficult...

xx

ETA: We haven't got any debts, OH has an overdraft but he can easily get out of that and it's interest free. I'm on £14,700pa and he'll hopefully at least get a part time job of 21 hours a week at Abbey, not sure how much that is per hour...

patch3228

I only paid 1 month's rent as a deposit, do you need to give 2 months rent in advance?

Is this flat in London and are you renting a 2 bed flat (is it necessary to have a 2 bed flat if it's just you two?) - It sounds quiet expensive IMO

If life at home is amicable then perhaps remain there, as you will probably find in the coming months, cheaper+nicer places coming up for rent

You have got the best way of raising a deposit by starting to work full time, but you also mention potential help from family ... could your mum accept the original rent in order to make saving easier?

PasturesNew

Also, once you're in, you need to additionally start saving up for a deposit on your next place, just in case.

If your landlord wants you out at the end of the 6 months time, or even a year, you'd have to find a whole new deposit for your next landlord, probably 3-6 weeks ahead of your first deposit being released.

I'm pointing this out because you need to think through your scenarios and options in the future too. No point moving out only to find in 6 months you're moving back into your mum's while you wait 3-6 weeks for your original deposit to come back to you to start again.

morg_monster

Re your untouchable savings - I understand why you don't want to spend that, but I would have thought a buying/renting deposit like this is exactly what these kind of savings are usually earmarked for by whoever saved the money for you in the first place.
Will you have extra cash left over each month? If so maybe your family members would be more willing to help if you can say to them "if you are able to lend me £X, I will be able to pay it back to you at £Y a month, so it will all be paid back by this date in the future". How long would it take you to pay back £1700 considering how much leftover cash you'd have at the end of each month? What if in 3 months time the person suddenly needed all the money they lent you back immediately?

Robert_Sterling_3

Premier wrote: »

Keep saving as hard as you can

If you really can't afford to save the deposit whilst living with others (your parents?), then think very carefully before deciding to move out. There are many more bills to pay once you start renting a property yourself e.g. gas, electric, tv licence, telephone, council tax, etc that you will be wholly responsible for. If you can't afford to save the relatively small deposit whilst not being responsible for these, you may find it extremely difficult financially if you did get a place of your own.

Good luck

Excellent advice from Premier

sooz

patch3228 wrote: »

I only paid 1 month's rent as a deposit, do you need to give 2 months rent in advance?

Rent in normally paid in advance. So you have to pay the first month's rent before you move in, & on the first day of your second month of occupation, you pay the rent for month 2.
In addition to this the deposit is paid before move in, which is equivalent to one month's (or more usually 6 week's) rent.

sympatex

on 14k p/a as the current sole earner, thats, appx 920 a month. As your partner has no income as yet that couldn't be considered, you could fail a credit check by the agency. But the possible 21hours would achieve appx 500 on min wage. I assume part time means meanial work not consulting their investment banking arm.
I'd wait until your partner gets a job, while your future mother in law is nagging you at home all day you'll soon find a job. If he's sitting on his !!!! in a nice cosy flat while you're paying for it there's not much incentive. TBH i'd last about 3days with future mother in law before i'd just have to leave.

Night_KD

It's a 1 bed flat, modern and spacious. It's Hampshire, not London. 1 months rent in advance, 1.5 months rent as deposit. Plus other little charges. It's honestly 'cheap' in this area.

My partner's JSA would be considered aswell, which places almost £200 on top of my wage. But he's working more hours now, so he's earning more than his JSA at the moment, so over £200, not sure quite how much specifically... I'm trying to get him doing the same job as me, which would be quite helpful.

I can't stay living with my mum, she keeps threatening to kick us out, and yes, she's done it to me before. She has mental issues... My BF does EVERYTHING really, cleans up, washes, makes dinner (she does tuss all) and she'll still call him a lazy so and so and say he doesn't do anything. Always been the same with me, in all situations...very weird. She's impossible, always has been and tbh I can't be bothered with the stress of wondering if I'll have a roof over my head tomorrow...if she'll come home in a good mood or a bad one.

morg_monster: That's exactly my point. Those savings were put by as a deposit for a house. Yet I'm not allowed to spend them all at once??? Bah. I'm allowed access anyway, don't have to go through my mum as I thought I did because I'm over 16. It's just awkward still, as I don't feel like it's my money to spend...

Thanks for your replies.

x