We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

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

Options
2»

Comments

  • 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 :)
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.