100% Mortgages gone - other options?

AliceBanned

jpowell79 wrote: »

fair enough...thanks for the responses......it just annoys me to think I'll be spending close to £22,500 in RENT for the next two and a half years.....money down the drain...ah well, I guess I have no choice!

It really isn't necessary to pay quite as much as that in rent. That is your choice. You can easily live in a reasonable place in London for half that.

jamief

jpowell79 wrote: »

am looking into an opportunity with Barratt Homes..... they will "topup" your deposit from 5% to 30% in the form of a 10-year interest free loan.

Looks like it might be my only option. Problem is that Barratts don't have that many new places to choose from in London.

Does anyone know of any other "topup" opportunities or incentives?

To be quite frank - stop being so ridiculous.

You have a good salary - spent some time saving and rebuilding your credit history, rent until you have a GOOD deposit saved. Only then should you be considering buying.

You are lucky to have a good salary and no debt - why the rush to suddenly take on a huge financial responsibility and talk of "interest free loans"?

mpg

Jonbvn wrote: »

Take off those rose tinted spectacles for a while, and you may notice that we are in a recession. Increases in property prices are no longer a given as you seem to assume.

Surely its safe to assume that house prices in 25 yrs time will be higher than today's prices.

We have been through many house price crashes and recessions in the past 40 yrs and I know for a fact my house is worth more today than it was even 5 yrs ago let alone 25 yrs.

To the OP i sympathise with your situation I'm looking at buying my "until I retire" house on an interest only mortgage then sell it off as I retire and buy somewhere smaller for my twilight years. And if I'm in the position to pay some off the capital along the way I will.

I too am hoping prices are at their bottom I am also troubled by the fact I have seen my dream house that doesnt need any work doing and is mint.

But again the deposit is a problem


Good luck

jpowell79

wow, where have the 2+ years gone!

I've just been looking at mortgage advice on the site, and recalled the posting I'd made ages ago about my attempts to get on the property ladder!

Well, I'm still renting the same property, and still in the same job and have had a very small pay rise in line with inflation.....but have not been able to save at all!...I did manage to save up around £10k, but unfortunately my dog was diagnosed with Osteosarcoma, and I didn't have any pet insurance, so I spent most of my savings on his operation and after-care.

(note to others...get pet insurance if you have a dog!!!!)

My outgoings are actually quite frightening when I put them on paper.....no wonder I don't have any money!!

Home Costs
Rent: £1,200
Council Tax: £80
Gas: £30
Electricity: £30
Water: £25
Landline: £10
Broadband: £10
Sky: £60

Other Necessary Costs
Car Insurance £80
Mobile: £50
Petrol for Travel: £300
Lunch: £100
Food Shopping: £200
Dog Food: £80

Total £2,255

Ok I admit, if I was extra careful I could probably scrape £100-£200 a month off of this amount......but that's hardly going to make a difference in the grand scheme of things!

The credit rating doesn't look any better either......still have a score on the mid 300's!! even though all the defaults were settled 2 years ago......may as well have not paid them back at all for all the good it's done me!

I may as well face facts that I'll never get on the property ladder!!

DannyboyMidlands

"but that's hardly going to make a difference in the grand scheme of things"

Sorry for butting in but that's your problem right there and the reason for your inertia. When saving for my first deposit I moved to a cheaper rental flat, cancelled the Sky subscription, stopped drinking, made my own lunches, jeez I even opened a Halifax current account for the free £5pcm.

Since Sept 09 (28 months) these measures could have easily saved you around £10k.

If you want that property you need to get on with it already.

LittleMissAspie

£80 on dog food? That's more than I cost to feed! Is it a huge dog?

It looks like you are renting a flat to yourself - room in a shared house will save you a bundle though could be hard to secure with a dog.

Sky is a luxury.

Do you really need a car if you live in London?

Check out giffgaff and consider changing your mobile to them.

You can reduce your food bill by £200 a month by shopping and cooking wisely and taking a packed lunch.

kingstreet

So you spend £2,255 but could cut that to £2,055?

What's the net income you are working with?

£56k a year? What does that net down to?

An online calculator says £3,257. Sounds like a lifestyle change is in order now the debts are repaid.

Conrad

£1200 pm rent!

We have professional people that house share and live in 1 room in the South East and pay about £300 pm. The reason; they want to save a purchase deposit asap.

I'm sorry but some people seem to have thier priorities scewed very much against saving money. Do you NEED a dog?

RenovationMan

If you culled the dog and ate it you could save on pet food costs, save on accomodation costs and get a few free meals. Triple bonus!

The reality is that if you have a nice home to live in (one assumes at £1200pm) and a nice home life (luxuries like pets, SKY, expensive food bill) do you really need to worry about owning a pile of bricks and mortar? As other people have said, if you were really that bothered about being a home owner, you would have done something about it by now. There is no shame in renting, so enjoy your life. You don't need a house to 'complete' you.

Gary123456790

RenovationMan wrote: »

If you culled the dog and ate it you could save on pet food costs, save on accomodation costs and get a few free meals. Triple bonus!

Classic... (if a little heartless!)