Mortgage/Deposit/New Build questions & dilemma!

becominganobsessivesaver

I find it completely unbelievable that you are unable/unwilling to save. Me and my husband have a mortgage exactly the same size, a loan which is £500 p/m, nursery fees, have lovely holidays, go out for nice meals etc and still save around £800 p/m to save towards a deposit so we can hopefully buy a bigger house in a couple of years. We also earn £20k less.

Maybe you should do a budget/look at your income/expenditure to see if there's anyway you can save, and in 12 months or so you'll probably get the house you're after.

_Andy_

sandford6016 wrote: »

Crazy! a joint income of over £80k and our sh#t country penalises you for wanting to move up the ladder and live a nice lifestyle! Time to move abroad to somewhere that treats it's citizens with respect I think.

Why is responsible lending 'crazy' or not treating you with respect?
Not quite sure why it makes our country '!!!!' but by all means do leave and go elsewhere.
Stop bleating about how hard done by you are, it's pathetic.

sandford6016

When did I say I was hard done by you pr!ck?!?! If you think driving a brand new BMW, getting married at the burj 7 star hotel in Dubai this year, and having all the toys a guy could want is hard done by, get a life mate!! I sense your jealous that someone earns alot of money and lives a nice lifestyle! The idea of these forums is to provide advice to people that ask for it, not pathetic comments of judgement! Whether I chose to save or not is my choice, and if I want to spend my money on material objects then, guess what, my choice! I was just asking a simple question! Wise up silly boy!

Kavanne

If you can have those things this year, then next year you'll have no trouble using the money to save a house deposit instead.

Personally, we had to choose: wedding or a house. We chose a house So glad I did now. The wedding will always be there in the future but now we have a home. It's not about jealousy, it's about people wanting to see you being sensible and helping you to acheive your goal. hope that explains a bit what MSE is about.

poppy10_2

If you can't save enough for a deposit on your salary, then you obviously aren't as good with money as you like to think you are. No wonder banks are reluctant to give you anything.

uzubairu

sandford6016 wrote: »

Oh, ok, got you now!

Is there anything else you can think of that we could do?! It's so frustrating that we can afford to pay the mortgage each month but they penalise you because you don't have savings! How do they expect people to get ahead?!

They expect you to have saved up a deposit of at least 10-15% before you come to them.

There are households on much lower incomes that have managed to save for a 15% deposit, so it shouldn't take you very long on your income.
I am a little surprised that you spend nearly all your money and have very little in savings.

Joint income of £80K+ and only £3K in savings (set aside for your £6K wedding)! Now that's crazy! :eek:

You are right in that it is your choice what you spend your money on, but by the same token the banks are well within their rights to decide that you are not worth lending to regardless of the size of the income, if you don't have an adequate deposit.

My advice would be to start saving for a deposit once you've paid for the wedding.

Kavanne and poppy10 - Well said!

jamesd

sandford6016 wrote: »

I know this is a lot of info, but we really want this house! By the way, it's currently not built, but would be completed and available for September. Anything we can do?!

Start saving hard so you have the required deposit by the time it's needed. Maybe sell the BMW. I don't have a problem saving more than half of my income and if you're as keen on the place as you say, I expect that you'll be able to do at least as much without great trouble. If your lifestyle includes eating out or take-away every night or partying every night you 'll probably need to cut back on that for a while if you're serious about buying now.

The job of the mortgage underwriters is to ensure that if you're hit by a truck in your BMW and suffer brain damage, incapacitating you for life, they can repossess the property and not lose money in a quick sale. They use the deposit to do that. Helping you to get ahead isn't part of their job. Making money out of you with the lowest possible amount of risk to them is.

So far it seems that you've been making spend now and forget the future choices with your money. That's your right but it does compromise your ability to do other things that your income levels would normally make easy. No problem for you to make those choices, you just need to be comfortable with the results. This is one of them.