First time Buyer - Raising a deposit

jockosjungle

We did the same Pippa, the house we are buying isn't our dream home and we'll hopefully upgrade one day. But its a nice house in an alright area. Soon this'll be the only mortgages people can afford especially with rates rising

R

Pincher

"Just wanted people advice on how we can raise cash quick!"

Pssst, send me a tenner, and I'll tell you. :cool:

mintedmatty

As posted above you have 2 options? buy a smaller/less expensive property or save save save!!!! In current climate there is no way around it i am afraid, I have owned my house 5 years next month and it was a hard couple of years after graduating to save up a good size deposit, I had always saved up from every job i had, even with paperounds when i was 14 I was saving 15% of what i earned.

I was earning £1,000 a month when I was 16 doing 3 paper rounds and working in a local hotel kitchen washing up....my GCSE's suffered for it and I have had to work hard to catch up in later education & employment! After graduating I returned to live at home and straight away set out to continue saving for a house, My 3 best friends went travelling and it was a long thought out process deciding not to go! I dont have some of the memories they have but I have 1/3 size mortgage they do on the same salaries. Sometimes its a wrench not having seen what they have but generally I always think I made the right decision.

I approached my parents and persuaded them not to charge me rent if I showed them how much I was saving and saved a great deal of my wage and during 2004 I saved around £14,000 (good combination of working lots, mates away so not out on the lash so much!) probably that year was the hardest but also the one that benefitted me most??

In general, many 20-25 year olds (any FTB for that matter) may have to re-consider buying now and put plans back by 18-24 months, it is possible though and through grafting and being sensible you can save up a good sized deposit. Good luck, hope it goes well!!!!

hostie1985

I agree Mintedmatty

It is worthwhile in the end - i've been saving for the 18 months and have saved just over £18,000.

Jodie, it is definately do-able, you just need to sit down and work out a budget and see what you can save, even if it just a year of save, save, save - it will be worth it in the end

Hostie

xx

maggiesmummy

Hi,
We did things like distribute the Yellow Pages, carry out the census and took second jobs to get the cash together - as well as all the usual like ebay and cutting back. It was hard work juggling two jobs for a while but it got us the cash we needed for a 5% deposit.
Best of luck.
MM