First time Buyer - Raising a deposit

jodie_x

Good evening all,

This is my first post, and would appreciate peoples responses to the below question.

Me and my partner are looking at buying our first property.
We are aware that 100% mortgages do not exist anymore, and have spoken with our financial advisor, to get an idea as to what mortgage we can get, and what sort of deposit we would need to put down.

We are working at getting a £10,000 deposit.... currently a third of the way there, eeeek!!!!

Just wanted people advice on how we can raise cash quick !!
Anyone with some tips???

Also... what are peoples thoughts on shared ownership properties??

Thanks for your help guys!

_Andy_

Sorry but short of winning the lottery there's no way of magic-ing the deposit.

Thrugelmir

No quick answers I'm afraid. Other than scrimping to save every penny and finding part time work to earn a little extra.

Try the other forums for Money Saving advice and support.

Lokolo

Have you done a Statement of Affairs?

You could cut back on some things to speed up the process

http://www.makesenseofcards.com/soacalc.html

[Deleted User]

Cut down all your outgoings as much as you can (buy cheaper branded groceries, ensure you're bills like gas and electric are on the best tariffs for your usage, cut out luxuries and unnecessary spends), and up your income as much as you can (overtime, second job, sell things you don't use etc)

Work out a budget each month and stick to it.

..........unnless you win the lottery of course!

Good luck

geoffky

for me shared ownership are for the financially challenged...no offence buy why buy a part of a house...all i can say is do loads of research and ask lots and lots of questions like do they have any risk or is it just you who has it all...if the market falls more in the near future imagine trying to sell 70% of a house for more than 100% houses are going for.. beware and proceed with caution ...

jockosjungle

A shared ownership place is like a rental you cannot leave, I wouldn't touch one as they're mostly just a way of propping up overpriced new builds.

Better to own 100% of a cheaper property.

My advice on saving would be to look at a cheaper house, not sure where you are looking to buy. We were saving for a £100k house on a 10% deposit, we saved up to £6k and instead of saving the extra and having a larger mortgage decided to buy a house for £62k. Maybe you don't want to be that extreme, but if you got a house for £80k, that is £2k less to save

R

maninthestreet

Try selling stuff on Ebay.

Wutang_2

The usual "cancel Sky" line hasnt cropped up yet.

Cancel Sky.

Moomin21

I've looked at all kinds of shared ownership and I really don't like it..its only slightly better than renting but not worth it.

Are you currently renting? My boyfriend and I have moved back in with his parents, which is allowing me to put £500 a month plus into savings! it's not great, but I just keep thinking of a house at the end of it!! or consider renting somewhere cheaper!

Homebuy Direct is better than shared ownership as you still own 100% and don't pay any rent on it to someone else...you get a loan from the government which is interest free for 5 years, after which time you can remortgage anyway and incorporate it into that...but it may end soon depending on what happens with the budget today!!

Pippa369

So many young people are in the same predicament unfortunatley my niece is in the same situation. Houses are appearing cheap on the market but she needs around 15% deposit due to her age and the properties in nicer areas are getting snapped up straight away usually by investors with cash. The only way i can see and people have adviced my niece is to go for the cheaper houses maybe not ideally where you would want to live but in this age you have to compromise somewhere. Good Luck!