First time buyer going literally insane

serious_saver

Don't entirely rule out shared equity schemes just do your research first. Some of them might seem quite pricey but that's because you pay a premium on new builds anyway.

Have you checked with your council or local housing association to see if they have any good schemes? Many properties sold through housing association schemes are in the same developments but offer slightly better terms. For example you could buy a share and pay rent on the remaining part or have a shared equity scheme that allows to to buy out equity in smaller increments over time rather than pay a lump some at the end of 10 years. There are also rent-to-buy schemes where you rent for a year or two and if you buy at the end of the period you get a percentage of your rent returned as cashback towards you deposit.

Croker

CloudCuckooLand wrote: »

Have to respond to these I'm afraid. Not looking for a ruck. Just to point out a couple of things.

First. We are not psychic. Having a go at poor Leon for pointing out what has to be pointed out daily to many people on here, when you have not previously mentioned your spreadsheet...for heaven's sake, how is he supposed to know?

Second. My assumption that you need to trim your budget was correct - just belated. Unfortunately, you did not come to these fora for advice early enough.

When you were accumulating debts, had you done so, you would have got good money-saving ideas on how not to accumulate debts so quickly, or at all hopefully. At a time when you were in the cheapest possible living arrangement, at home with the parents, to accumulate large debts was not quite so all-knowing, was it?

I'm sorry, but this has gone on long enough, and I'd like it to end now. Neither you nor Leon are complete blameless innocents in this, and I'm getting a bit fed up with it. Both of you have made posts that are far from welcoming are, in fact, downright rude. Here, as an example:

CloudCuckooLand wrote:

If you have failed to save anything while at home with the parents, I seriously doubt your ability to repay any mortgage.

This was your opening rejoinder, despite me stating, in my first post, that I’d concentrated on paying off debts. Rather than say the obvious, as most people would have, of “sorry, didn’t see that part”, you’ve then had yet another dig at me instead. I didn’t come here early enough? Obviously not, but also – without this forum – I made the decision to trim my own budget and repay my debts as fast possible. Do I regret the mistakes I made earlier in my life? Yes, I do, but I’ve worked hard to correct them on my own. I was young, and I made some very stupid decisions. No-one can make me feel any worse about that than I already do, I assure you. However, your assumption wasn’t that I needed to trim my budget – that was your advice. Your assumption, clearly, was that I was still totally !!!!less with money at the time of writing my opening post. It was a wrong assumption, and it remains wrong. The rest is just window-dressing and self defence on your part, I’m afraid.

Never have I claimed to be “all-knowing”, either, so where does that insult come from? And you say you’re not looking for a ruck? Jesus, you could have fooled me! I thought this was a helpful community, and I’m surprised to have gotten quite such a marked going over by two of its senior members. I had another member send me a private message last night stating that they couldn’t believe why other posters in this thread “were being so arsey”, so it’s sadly not just me who thinks this has all got out of hand.

Oh, and I had previously mentioned that I’d drafted a budget for buying a place – it was in my third post. That’s probably how Leon was “supposed” to know about it (not that I personally mind if he didn’t see it – it’s just a bit ridiculous to hector someone with the assumption that they’ve not made any sort of draft budget, when they’ve previously stated that they have). For reference, I did originally say (in what I think is my third post on the first page of this thread):

Croker wrote:

I have made an estimated budget for owning a property, including all expenses (council tax, water, electric, food etc etc) which is how I worked out that the "two mortgage" solution would be tight on a month to month basis. Estimating a "rental" budget shouldn't be any harder.

And for the record, “poor Leon” has offered the following gems:

LeonW wrote:

I don't wish to appear rude, but life is full of leaps of faith, you cannot guarantee what will happen in the future. You either grab the bull by the horns or live within your comfort bubble.

Which I clearly should no way interpret as a bit of a dig. Obviously.

I innocently state “LeonW – wise words to an extent”, and go on to make a point, which is greeted with:

LeonW wrote:

I've never been so insulted ! My words are always wise… People look at the rent and think that's it and they'll manage. How wrong they are !

The above despite me already saying I’d done that.

As the old adage has it, “if you can’t take it, don’t dish it out.”

Now can you see why I might justifiably be a little bit !!!!ed off?

All that said, and as hard as it may be for you to believe, I appreciate the information both you and Leon have provided, along with the information from everyone else in the thread. I just think that both of you have jumped in with hobnail boots on occasion, which isn’t necessary, and is in fact hugely counter-productive, particularly when dealing with new members of the forum. After all, you two are

As for your advice in this last post, that’s also appreciated. I’m not really keen on leaving the folks without any housekeeping, even if it’s only for a few months. If, however, I offer it in the sense of a loan to be repaid later, they may be more receptive (and I’d feel a lot better about it). So thanks for that.

I understand this post may be seen as inflammatory, and I can’t really avoid that, other than to say that I want the same thing I’ve always wanted – to not be bawled out of the place and to draw a line under this whole regrettable incident and move on. Okay?

Doshwaster

Croker wrote: »

Really? That's never come up in my discussions at the various developers I've visited - and that includes speaking to the mortgage advisors, not just the salespeople.

What would you think of the route of saving whilst I was renting, then, Doshwaster? Is that something you did?

Ah, sorry, I thought you meant housing association shared equity schemes. They tend to prioritise certain types of people - and single people earning over £30k tend to be at the bottom of the list.

Yes, I saved while renting. I had no other choice. I haven't lived with my parents since a brieft period after finishing University when I was 21. I suppose it all depends on what releationship you have with your parents and where they are. Mine are 300 miles away from where I work and we can just about tolerate each other for a weekend every few month. Living with them would be impossible.

ellekali

Croker,
I think you are very much mis interpretting what is some good advice.
I also managed to rack up a fair few debts and in the space of last year, paid off 4k worth of debt, saved a deposit and bought a flat. I also in this time paid housekeeping to my parents. This took some serious saving, I doubt I went out much at all, but it was all worth it in the end. All this on a lower salary than you.
However in saving and paying debts at the same time it prepares you for paying a mortgage, in that since getting a flat, I have spent nearly 1k on car repairs, and still had to pay my mortgage, and all other outgoings. Without being able to balance your money between debt and essentials (for you saving a deposit) it will be tough to handle a mortgage. All the spreadsheets in the world will not prepare you for everything.
Many of these forums are added to by professional mortgage advisors who probably don't have the time to soften their comments, but their advice is valid all the same. They also do not know the hows and whys behind things, therefore if you are not happy or need more advice, seek professional advice outside a forum. But it is not worth taking it all so personally, it is merely peoples advice at the end of the day, and if you don't like it, don't ask for it and don't listen to it. Good luck thou, it can be done, and it's all worth it in the end.
:beer:

Croker

ellekali wrote: »

Croker,
I think you are very much mis interpretting what is some good advice.
I also managed to rack up a fair few debts and in the space of last year, paid off 4k worth of debt, saved a deposit and bought a flat. I also in this time paid housekeeping to my parents. This took some serious saving, I doubt I went out much at all, but it was all worth it in the end. All this on a lower salary than you.
However in saving and paying debts at the same time it prepares you for paying a mortgage, in that since getting a flat, I have spent nearly 1k on car repairs, and still had to pay my mortgage, and all other outgoings. Without being able to balance your money between debt and essentials (for you saving a deposit) it will be tough to handle a mortgage. All the spreadsheets in the world will not prepare you for everything.
Many of these forums are added to by professional mortgage advisors who probably don't have the time to soften their comments, but their advice is valid all the same. They also do not know the hows and whys behind things, therefore if you are not happy or need more advice, seek professional advice outside a forum. But it is not worth taking it all so personally, it is merely peoples advice at the end of the day, and if you don't like it, don't ask for it and don't listen to it. Good luck thou, it can be done, and it's all worth it in the end.
:beer:

Look, I appreciate the advice. I've said that, time and again. I do appreciate it. I know what I need to do in terms of saving - I don't go out much at all either, and haven't for a long time, because I've been saving and paying off my debts. I have cut my budget to the absolute minimum, believe me...and that's fair enough - it's a sacrifice I needed to make, and so I've done that. I'll continue to do so until I'm in a position to buy a house. I've cut my cloth accordingly for a couple of years now, and I've made real progress as a result. The balancing act you mention, about managing a mortgage and your costs, is something I feel I'm now ready for, having dedicated myself to saving and paying off all my debts for the last few years, and making sure that I achieve the goal, rather than waste money on frivolities.

My salary seems to have drawn a few comments in this thread, by the way - I appreciate that it is higher than that of a lot of people, and I'm grateful for that. However, I was probably in more debt than a lot of people, too, so despite me saving arguably a higher amount than you did per month before you moved out, it's not a straightforward comparison. For example, in the last year, you say paid off £4k in debt and saved a deposit to buy a flat. This is a great achievement which I wouldn't undermine, and for which . To get myself straight, however, I need to clear approx. £10k debt and then save a deposit. So I need something closer to £25,000. I'll finish my loans in this calendar year and will be totally debt free, by saving over half my take-home pay. Everyone's circumstances are different, is all I'm saying.

This thread was really supposed to be about finding out if there was a quicker way for me to assemble a deposit, rather than just saving the full amount before buying anywhere (be it through a shared equity scheme, equity release from the folks' house, or whatever). It would seem that the majority of people recommend straight saving, which I've been glad to find out. So thanks for that, and to everyone who contributed information in the thread.

One final note:

ellekali wrote:

Many of these forums are added to by professional mortgage advisors who probably don't have the time to soften their comments.

I'm sorry, but I don't accept that as an excuse for people being rude. If these people are professionals, they should really act as such - would they go into a client's house, be rude to them, ignore information that the person provided, and shout them down? I doubt they'd be seen as professional, or indeed be in a job for very long if that was their usual behaviour.

If you haven't got the time to be civil, then you haven't got the time to reply, I reckon.

Still, I really don't want to go over the same ground again and again. I've said pretty much all I can say about it now, and the thread's been admirably derailed as a result (my fault just as much as anyone else's, and I'll hold my hands up to that). Probably best to let this one die off now, unless people have other advice to add, rather than getting into (or continuing) a slanging match.

Cheers! :beer:

Incyder

Croker wrote: »

As the old adage has it, “if you can’t take it, don’t dish it out.”

Just to lighten the mood, that reminds me of a Tim Vine joke which goes:

One armed waiters- They can take it, but they can't dish it out :rotfl:

Croker

Incyder wrote: »

Just to lighten the mood, that reminds me of a Tim Vine joke which goes:

One armed waiters- They can take it, but they can't dish it out :rotfl:

Hahahahaha. I love Tim Vine as well. :rotfl:

A timely and sensible intervention, incyder!