What size deposit do people on here have?

afterglow_2

:think: nothing saved up!! once the debts are gone this year thats a priority!! although my two personal choices are to buy abroad, or a boat, so will prob need about £30k to get things rolling

lostinrates

sjaypink wrote: »

indeed! :T

just asked really as i guess traditionally, a question 'how much house deposit do you have?' would have been aimed at 20 somethings just starting out, i suppose.

now, people who are waiting to buy (on this board) seem to be a large % of str, or older ftb etc.

although that obviously still is some people waiting, and able, to buy; i think many ftb (in the traditional sense) are still way off being able to do so.

eg, of my friends whove recently bought, theyve only been able to do so with roughly 5% deposit, sometimes credit cards went towards deposits, or fees, surveys etc- not solely saving. or of course via rich mummy and daddy, or inheritence.

what im trying to say is, i think, is that theres really not a huge amount of people able to buy, even if they were willing....

We're both -DH and I-29.....just . I will not be admitting to 30 I don't think Very ironically I would have been better to buy when a student at university or rather than making a business expansion after graduation. After 23/24 years old my health somewhat made decisions for me. Also, of course, life has meant that in other ways buying in UK at that point might have been a disaster. Traditionally ftb might have been younger, but generally so might people have settled down with partners sooner than average now, and fewer people might have bought homes for one person and jobs might have been more locally saught rather than globally. Having the freedom to work elsewhere in EU gave DH a wonderful career oppertunity.

Swipe

mitchaa wrote: »

As above, i suspect inheritance or STR are the reasons, rather than actual salary savings. Unless of course they are on 'pop star' wages?

I think you underestimate how many are capable of saving entirely from salary. It's easily done over 8 years with a little discipline and self control.

stevetodd

Dithering_Dad wrote: »

I know from reading the forums that certain people have been waiting for house prices to fall for a while, after making the decision not to buy while prices were going out of control.

Certainly NDG had a sizeable deposit, and !!!!!!? is at the stage where he could be mortgage free when he buys, I was just wondering whether this is the norm or not.

I know some people don't want to put actual financial details here like "I have £100k saved up", so if you'd rather put a percentage figure based on the estimated value of the house you'll be going for.

e.g. I might be thinking of spending in the region of £100k on a house and I have £15k saved up, so I'd report a 15% deposit. Alternatively, if you're still saving and will not buy until you have a set percentage rate, then please report that.

e.g. I don't want to live a life of debt, so I wont be buying unless I can put a 30% deposit down.

Just thought it'd be an interesting metric on how many people are poised to buy and at what level of deposit future FTBers will be putting down.

Cheers

This would have been good as a poll with say 5% increments so it would be easy to see the results

Dithering_Dad

stevetodd wrote: »

This would have been good as a poll with say 5% increments so it would be easy to see the results

Yep. Never thought of that. I'll give it a go....

EDIT: It seems that you can't add in a poll retrospectively.

stevetodd

Dithering_Dad wrote: »

Yep. Never thought of that. I'll give it a go....

EDIT: It seems that you can't add in a poll retrospectively.

If you do it you should word it as 'your max deposit' as a lot of people are flexible and would deposit less if the same % mortgage deal could be obtained

^!£$&

Mines currently 10% (£12,000) of the properties I am interested in!

mitchaa

Swipe wrote: »

I think you underestimate how many are capable of saving entirely from salary. It's easily done over 8 years with a little discipline and self control.

I agree you can be frugal and live an existance on baked beans but then you also have to balance that out and remember you only live once.

8yrs is a long time, and i suspect in our case, if we cut the leisure out of our budget we would be able to save £2k instead of our £1k, but then as a consequence our lifestyles would take a hit.

I do agree it can be done, but i also know there are a lot more important things in life, the main 1 being enjoying it

chucky

was initially greater than 75% of deposit.
have decided that we can go to 50% deposit even 40% now and get something bigger and even nicer

ad9898_3

100% of a 2 bed terraced, 40% of what I would like to buy (3 bed detached), if prices fall another 20% over the next 3 years and I carry on saving around 1.2k per month I would be mortgage free on the above house.

However as I have stated here before I'm highly likely to be moving to Australia in that time, the houses there where I'm looking (near my daughter) are around £150k for a large 4 bed on at least an acre. I believe though these prices are likely to come down substancially over the next 3 years as Australia has had a similar bubble to ourselves over the past 8 years.

In fact the evidence suggests it's started to happen.