Deposit vrs. Salary

mbga9pgf

mitchaa wrote: »

22yrs service surely makes you 40 giving pensionable salary starts on 18th birthday or am I missing something?

22 Years for knockers. Officers get it easier (38 years of age/16 years service whichever later). But knockers will have a better pension under the '75 scheme, on the basis of joining closer to 21, pension is worked out as a fraction of your completed years served past 21.

BTW, before any SNCOs get offended, I use the phrase knocker with my tongue firmly in my cheek. I know many of you carry a fair few leathermen officers in your roles.

lostinrates

I quite like saving.

I like spending too: but spending what I have, and feeling its money well spent.

Saving itself I think is pretty feasable, and doesn't really matter if it takes a bit longer than ''average'' or ''normal'' on average. I think saving for a house while saving for a pension is a bit harder. Most of the friends with who, we've discussed it have opted for the house option, putting nothing or minimal amounts to other future saving.

LilacPixie

I just wish they would be a bit more flexible on deposit requirements depending on income multiple required. House size we need in area we want start at around 130k, we have a joint income of around 47-50 depending on what your count as income. In my case even a 100% mortgage would only be 2.7 times joint wage. As it stands I have a property and equity so that will cover deposit, moving costs etc.

With regards 100% mortgages were they a relatively new thing?? My parents bought in the late 70's for 20k and had a 1k deposit gifted by a family member by my reckoning they must of had a 95% mortgage at that point.

With regards to saving we don't really do it TBH but we do overpay mortgage by 196 a month . With mega belt tightening we could save 600-700 a month and thats just cutting out luxury items and keeping a check on spending.

kriss_boy

The bulk of my deposit was saved whilst on a wage of about 15K. I saved 5K in about 2 years which was pretty straight forward. That was inspite of going out for a drink most weekends.

Anyone on 15K living with folks and paying digs should still be able to put away £300 a month. If you cant get rid of your financed motor and buy a banger.

System

kriss_boy wrote: »

The bulk of my deposit was saved whilst on a wage of about 15K. I saved 5K in about 2 years which was pretty straight forward. That was inspite of going out for a drink most weekends.

Anyone on 15K living with folks and paying digs should still be able to put away £300 a month. If you cant get rid of your financed motor and buy a banger.

I saved nearly a grand a month when I was living with parents, left me about 300 a month. Had to sell my car as well and bought a Rover :S

Thrugelmir

LilacPixie wrote: »

With regards 100% mortgages were they a relatively new thing?? My parents bought in the late 70's for 20k and had a 1k deposit gifted by a family member by my reckoning they must of had a 95% mortgage at that point.

No they've been around a long time. I obtained a 95% mortgage in 1974 on the basis of 2.5 times joint salary. Though we were charged a MIG of 3% ( Mortgage Indemnity Guarantee) on the advance over 75%.

We had to provide a repayment vehicle, no interest only mortgages. Also we had to run through our household budget with the bank manager! Who was quick to point out anything we had overlooked.

At the time as FTB's the advice was useful. We bought what we could comfortably afford at the time.