Thinking of buying one day!!

blondy24

Hi,

Thought I would just add a new thread! My b/f and I are currently renting but we would LOVE to buy a place in a year or so.

We do have loans, bills etc which we need to pay off first and luckily my b/f has got a job after 6 months of being out of work so we have lots of bills to catch up.

We are never going to have at least a 5% deposit for a house for at least 5+ years when I will be in my 30's!! Any ideas what we should do.

gettingbetter

hi blondy

the only thing you can do is clear your debts and save save save
i know thats not helpful
the real experts will be along

kas xx

mbga9pgf

We are never going to have at least a 5% deposit for a house for at least 5+ years when I will be in my 30's!! Any ideas what we should do.

Its quite simple. you are spending too much cash. Move into a cheaper rented (even flatshare). Look at where you are wasting money day to day. Examples: Get your hair cut less often. Dont go to tony and guy. Stop spending money on nights out.

If you cant afford to save a 5% deposit, what chance have you of paying off a mortgage if rates rise significantly?

You may think what I have said is harsh, but sometimes, good advice hurts. I started saving when I was 24. I really set my mind to it. 4 Years down the line, we have managed to save a 30% deposit and will have 40% by feb. No need to rush, prices wont be shooting up for a long while yet!

bethjones_2

Hi, me any my boyfriend are also hoping to buy a house at some point lol - god knows when!

Im currently a student but he works full time, we pay 400 a month renting now!

He earns 9600 a year plus our tax credits etc takes it up to 16600 a year.
We were looking at a house for 49500 and looking at the repayments approx 280 a month we could afford it. But our bank said they would only lend us 9000 even if we had deposit!

Does anybody have any help or advice about any of this - i mean if we are paying more rent than a mortgage would be - we can afford one?!

Thanks, Beth.

blondy24

Hi, thanks for the posts so far. Unforunately we can't flat share as we have two dogs. We have tightened our purse strings for the past 6 months as b/f hasn't had a job and has only just found one in the last few weeks. We have outstanding bills to pay and car loan etc. I hardly ever get my hair cut and no way can I afford to go to Toni & Guy!! lol For the last two years we have probably been out for nights out say 5-10 times at most and we haven't been abroad on holiday for the last two years either. We are going to start paying off the bills and our debt so we willl be in a better situation a year from now as I am earning 20k and he is now from nothing to 18k

I just would really like to have our own house, maybe I am living a dream

LEEFTB

Are there any new developments in your area with an initative to attract first time buyers? A friend of mine has bought a house with his partner in an area of our city that has had rundown housing totally redeveloped. They didnt have a deposit and have initially bought a 70% share in the property. I think it is government assisted.

You are budgeting sensibly and now your boyfriend has an income you will see a major difference. Hopefully you can get out a little more, Ive been out at least 5 times this month!

Good luck.

blondy24

Thanks Leeftb. Where would be the best place to look for developments with an initative to attract first time buyers? We are looking for somewhere in Wiltshire. It annoys me that I have no money left at the end of every month - have no idea how many people save deposits any advise please on how to.

LeeSouthEast

As a cold, heartless outsider: ditch the dogs

gettingbetter

hi blondy

if you go over to the DFW board and
post up your SOA they are great at
finding ways that you can save on
your budget

www.makesenseofcards.com/soacalc.html

also keep a spending diary and
then you will see where all your
money goes

there was a great thread on here about
the mortgage pig. alright they already
had a mortgage and wanted to pay it off
early. but you could adapt it so your
saving for a deposit

join the sealed pot challenge
we have a great laugh there
and all help each other

kas xx

pawpurrs

If you are earning 38K between you and your rent is only 400pcm and you dont take holidays, nor spend much on consumer stuff, you should be able to save stackloads towards a deposit, and then consider buying.

hostie1985

blondy24,

i agree with what Getting Better has said, if you have credit cards, try and get a 0% card to transfer the balances too.
maybe have a spend diary to write down what you have spent each day and you can look back on it and see what you can cut back on and use that money towards the debt.
its good that OH has now got a job again - that extra income will make such a big difference.
there is also a 'saving for a deposit' thread on the house buying, renting and selling board - there are loads of people that are in a similar position as you are - plus they will give you the encouragement to get saving.

wish you all the best in saving for a deposit and getting your finances in order.

hostie
xx