Is this an impossible dream or can I make it a reality?

EltonJohnFan

Consumerist wrote: »

Well, it's not quite that bad unless you intend to pay cash for your house.

A more realistic plan would probably be to continue saving until you have a sufficient deposit so that the balance can be paid through a mortgage which you can afford. For example, in 10 years, using your estimates, you could have a deposit of £180,000 and if, as you observe, the price of the house hasn't changed too much, then you will only need to borrow around £180,000 and, hopefully, your income will have risen over the period.

Whilst your dream, at the moment, must be a long-term plan including a bit of luck, hard work and keeping your eye on the goal, it could yield a result. A lot will depend on the financial situation at that time - mortgage rates, availability, etc.

If you really want it, plan for it and go for it. I certainly wish you all the luck in the world.

Edit
Reading through your posts again, you say your income is around £18K pa but you don't mention what your day-to-day living expenses are. Are you sure your savings estimate is realistic ?

Hi,

Thank you for a really helpful post. As I say my every day living expenses are minimal because I have simple tastes. I can pretty much save 90% of my salary and still live very comfortably so this counts in my favour in saving towards my goal. You raised a very interesting point there with regards to mortgages and it's something I should really think about in a little more detail as it's a good option. Thanks again and have a good night