Wanno's race for the 25% deposit

RubyBish

How long do you have certified accounts for? This will determine if you really need a 25% deposit or could get approval with a slightly smaller deposit.

dazeruk

A bit confused by the figures you have given.

Am I right in thinking you need to save £43,000, already have £13,000 saved and have about £2,000 desposible income per week?

Looks like your about 20 weeks away!!!

Wanno

Woah, thanks for all the replies! I'll answer the questions if I can:

wanno rent seems quite high, where are you living and what type of property is it? Could you just rent a room?

I rent and work in London. Zone 2. It's a 4 bed terrace house with 4 of us in it. I effectively have the dinning room as a bedroom after the only boy in the house was a big girl and wanted the biggest room. This is a pretty good rent amount compared to others.

Careful you dont make yourself ill.

Aren't you all lovely! But please don't be too worried, I will only be upping my amount by 10 hours a week. I've worked the remaining hours as a standard for a good year and a half and still ran the London Marathon this year. As soon as I start feeling rough, the hours worked will reduce. I have been warned!

How long do you have certified accounts for? This will determine if you really need a 25% deposit or could get approval with a slightly smaller deposit.

The 25% was a result of enquiries with brokers. I don't have 3 years worth of accounts, but I have continuous employment with the same company as I now contract to, so that helps a smiggin. In reality, I think it likely that any lender considering me will require at least 25%.

Your total seems about 4 grand short!!

I wish! Apologies, it looks like I put credit card as a plus, this is the balance which will shortly be gone!
15664.25 credit - 2335.26 = balance.

Am I right in thinking you need to save £43,000, already have £13,000 saved and have about £2,000 desposible income per week?

I'm not sure I would totally call it desposible just going into the pot, but yes this is correct. I have to figure in expenditure eventually so I will update you as I go along. My aim is to spend the bare minimum.

£2k earnings per week? That's not bad going

.
That figure is based on 63 hours work per week and 15% VAT, but oh my god do I work for it! Please don't take it as a boast and I realise I am in a lucky position to be able to earn that much.

Why not look for something a bit cheaper

I'm afraid there isn't much around in the area for less. I am hoping to get a very small period cottage, enough for one, back out in the country. £170,000 is the reasonable estimate of getting a bit-rough-round-the-edges cottage, possibly requiring updating, with a medium sized garden.

and finally:

I would hope most parents would do same

My parents unfortunately have pension worries of their own, they simply do not have the funds to help. I am one of three and we all want to buy eventually. I was brought up to make your own way, hence why I work such ridiculous hours! Total workaholic: ;)so I wouldn't even think of asking for a handout. I know it really can help out, and many of my friends have gone down that route. But also, I think there is something quite satisfying knowing that you saved all that money and bought something you will hopefully love and treasure- that's all your own. I am definitely looking forward to it!

When I was 27 I was out partying 4 nights a week

Well, I will make sure I can have a party in my house when I get one. :beer:

DiggerUK

Wanno,
Round off the figures. You got 13400, need 45000.
Means you have about 30%.
Put a chart on the wall, every 450 you tuck away is another 1% towards the day of the party.
Better book Goose Green and the caterers.

As to what you have go Cash ISA for existing, Regular Saver for new money.

And how about a daydream to keep you going. Up your PB from a 100. All interest rates are crap. So what difference does it make if the interest rate is between 0% and 1 million pounds.

Best of fortune.

Wanno

Put a chart on the wall, every 450 you tuck away is another 1% towards the day of the party.

Thats a really smart idea. I might try it. A big thermometer or something charting the amount.

I hadn't even done my calculations for the 450=1% mark! That doesn't seem all that much when you think about it. I had better check those figures.

Wanno

Oh pooh. I have to go on an unpaid 'away' day with my company tomorrow which means I miss out on nearly a whole days chargeable work. I think I will go in super early to try to recoup some hours before going go carting with my colleagues.

On the plus side though, I am working on a street fair for the whole of Sunday which means extra money for the pot! Not much but it all counts.

Wanno

Well I didn't quite get to the 63 hour target for this working week. 55.5 put in which I don't think is too bad seeing as I had to take most of Friday as unpaid. Street Fair was very fun. Absolutely packed with people. 5 hours yesterday, 9 hours today. So in actual fact 69.5 hours this week. Its just a pity that you dont earn the same working on a farmers market as you do in Finance! Oh well 85 squid to be banked after a few food purchases (was dying for some chocolate and I bought some people some coffee).

A really generous thing happened today. I asked one of the regular farmers I chat to one the market how his day had gone today, and he replied that he had something for me. Dived under his table and brought out a bag stuffed with over 20 packs of organic sausages! not 20 individual sausages, 20 packs! What was I going to do with 20 packs of sausages!? I dont even have a bbq or a garden! (oh to be in counrty) Too be honest I'm not the greatest fan of sausages so I dished them out to all the people who were working on the stall with me! What a generous man! Its people like that that really matter and remind you that not everyone is out to make a fast buck! Ive had a good day today. Pity I have to get up at 4.00 tomorrow to travel to head office for real work!

[Deleted User]

wanno, you are a credit. One of the hard working old school and a fine example to all the wingers who want something for nothing. Good on you

Wanno

This weeks update:
Business £7204
Current account £103.08
Esaver 350.80
Regular saver matures end of June: 6307.63 (hopefully- see my other thread!)
Web saver from regualr saver provider: £600 (taken to secure 2% high interest at the time)
Credit Card: -£992.41
Premium Bonds: £100
Capital Bonds: £1184.69 mature value in April 09.

Total: 14858.26
difference: +1529.30

Amount to go: 45,000 -14858.26 = 30141.74 ergh. Time to sell my body!

nrsql

>> That figure is based on 63 hours work per week and 15% VAT,
The VAT isn't yours - it just gets passed on so you can't count it.
Are you on a flat rate scheme? In which case you keep a bit of it.

>> Business 7146.15
Is that tax paid?

>> but I have continuous employment with the same company as I now contract to
>> Oh pooh. I have to go on an unpaid 'away' day with my company tomorrow
Watch out for IR35 with both of those.

Good luck.