£92,000 joint income. No mortgages!

michaels

Saving a deposit demonstrates to the lender financial maturity and a responsible attitude (and of course provides them with a cushion in the event of repossession).

If I was lending my own money I would be much more comfortable lending to to someone who has demonstrated they can save than to someone who spends every penny.

diable

Have a "crap" lifestyle for a year and save a shed load for your deposit, simples.

xyellowx

PMSL
might have somthing to do with the 4 years finance on the porsche boxster you are driving around in
cant save up but can afford a porsche quality thread

xyellowx

You pay "2k a month to pay all bills" the porsche costs you £639 p/m + insurance and you rent in London
think your taking the p155 out of us

opinions4u

roadrash wrote: »

My partner and I are both 30 an first time buyers who are looking to buy as soon as we can.
I earn £37k and my partner earns £55k. My partner has a loan which is paid at £300 a month and I have no debts. So very little outgoings other than our rent at £1300 (we pay £1000 each into a joint account to cover ALL bills)

London or not, you earn bloody good money.

We have been searching around for mortgages and my partner had meetings with Halifax and HSBC today both of which said we needed that elusive 10% deposit.

If you really need a 95% mortgage try Yorkshire Bank, Clydesdale Bank or perhaps Nottingham Building Society. No promises though.

Given the risks of negative equity, a 10% deposit may just give you more options in the future though. 15% will access you a wider choice of mortgage deals.

It just seems that we work hard, earn good salaries, enjoy a nice lifestyle, an we can not own our own home until we have saved about £30,000!

Work hard, earn good money, choose what you spend it on.

1) You don't have to have a £300k house.
2) You don't have to have a house at all if you can't be bothered saving a big enough deposit.

I really do think you need to show more maturity towards your finances. You seem to suggest that banks and building societies should fund your house purchase without you having to dip in to your highly paid pockets to fund a deposit.

You earn good money. Now decide how you wish to use it.

Idiophreak

Here's how to make myself unpopular on here:

1) Look at getting a shared equity deal on a new build - they'll stick in 25% deposit for you. Job done.

2) Take a loan for a "really nice holiday". Magical deposit.

roadrash

Thanks for everyone that has replied. Its been interesting to read ALL of the comments.

We certainly do not have the Boxster any more though as I sent it back after it went to the garage too many times - got all my deposit back and didn't lose anything. We now own (not financed) a car.

We are certainly going to sit down tonight and come up with a plan to save the 10% needed for the deposit.

Its nice to be in our situation certainly in what we earn. Though, would like to point out that my partner received a 26500 payrise just yesterday (along with a larger bonus multiplier for next year).

Thanks all again!

_Andy_

Idiophreak wrote: »

2) Take a loan for a "really nice holiday". Magical deposit.

Fraud then? Great suggestion.

_Andy_

95% LTV with adverse isn't going to happen.

ruthber

(would like to point out that my partner received a 26500 payrise just yesterday (along with a larger bonus multiplier for next year.)
you really are taking the proverbial!