How much should one save over and above a deposit...

johng_uk

may sound a bit nieve. However, obviously one needs their house deposit, and the mortgage on top of this.

How much is advised to be saved on top of this? The honest answer is of course as much as possible However, what would be advised in reality?

This figure should include any mortgage/solicitor fees, stamp duty, an emergency fund and all other extras that sometimes get tossed into the mortgage cost.

Any ideas are massively welcomed! Please base them on a nice round house cost of £150,000 for ease of computing in my tiny brain!!

Many thanks in advance.

hcb42

Emergency fund is a biggie! Depends what you are buying, and mortgage fees vary enormously so impossible for anyone else to second guess what you are doing. You will need to get quotes, but I would think about £6-8K or so , including removal men etc

smcqis

Depends how much you earn, how safe your job is, whether you are a FTB buyer or not, the fees associated with mortgage etc

AAS

We just had to pull out of a purchase as quite a lot of work needed to be done once we had the survey and valuation e.g. a new roof - we managed to get the vendor to reduce the price but the mortgage company were going to keep the money until the work was done. If you're buying an old house then just be prepared for this. We could have covered the fees and deposit but as FTBs not another £5-6k of work. We will now save up extra as still really like old houses aka money pits! Also if you're in rented take into account any overlap as the 1st mortgage payment is normally a bit more than the regular payments. I'm sure it'll be worth it in the end but it is a !!!!!!! nightmare.

johng_uk

I would be looking for a new build I reckon, and my job is as safe as they come for the medium term (military). I would be a FTB, but currently have a decent size deposit/emergency fund (around £40k).

poppysarah

A sensible emergency fund would be a couple of grand on top of all moving costs, etc.

Most people have about 30p though left after they move in.

evoke

A minimum of £5K+ after all conveyancing fees and stamp duty has been accounted for.

minxy01

Hi

I'm looking to buy a house for the first time in the next year or two, hopefully with a 50k mortgage on a £180,000 house.

How much on average do you spend on living costs/bills a month minus mortgage payments and lifestyle spends (going out etc). A bit worried about not any money left over at the end of the month after paying mortgage. I earn about 18k a year.

geoffky

we have spent 20k+ over the price of our house but that was because we left the old house with just a tv lawn mower and a few bits and clothes the rest we went out and bought brand new for everything .Its great if you can do it as moving in was a piece of cake but timing furniture and bed delivery was a bit trickier..also buying new tools and stuff for a man has been great...

Jebrelli

I'll give you a breakdown of my costs so far - it starts to add up!

Deposit: £68,000
Stamp duty: £8,000
Extras in property (sold separately): £1,500
Solicitor: £1,300
Storage (so far): £450

Estimated costs:
Appliances: £2,000
Decorating: £1,500

And I've probably forgotten a few things off that :eek:

edinburgher

MSE Mortgage Guide

The guide linked to above is well worth a read - I've downloaded it as a fellow FTW wannabe