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How much should one save over and above a deposit...
Comments
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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.
Depends entirely on the size of the house, number of people living in it, whether they're out all day at work or staying home (impacts heating bills) etc.
If you're putting down £130k as a deposit on a house and you're concerned about not having enough to live on, can't you put down a slightly smaller deposit and hold back some savings as a buffer?0 -
Remember that FTB do not pay stamp duty up to £250,000 at the moment. That saving can go towards solicitors etc.0
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As some people have said, it completely depends what you want to do to the house. Me and my partner are just purchasing our first house, and this is our breakdown:
Deposit: £11,600
Sols Fees including searches etc: £941
Annual buildings insurance: £107
We are left with £1,500, and we've just purchased a bed for £450.
However, we are lucky that through family we have been given a spare bed, 3 piece suite, table and other small furniture
We also had all white goods included in the purchase price and I already have a 32" TV for the front room, so the remaining £1,000 for us will be left decorating which isn't needed as the property is in very good nick, it's just making it our home.
We are definitely very lucky to have been helped so much by both the vendor including white goods and family for giving us all the furniture.
If you add all that together I'd say you're looking at needing about £5-7k on top of the deposit. But again it completely depends on the property and what you can blag from friends and family
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I'm intending on doing it with zero savings remaining!
Mortgage Arrangement fee - added to mortgage!
Solicitors Fees - Hopefully will have time to save these up again before I need to pay them, ie: Between agreeing the mortgage, excghaning contracts and actully moving in! - currently saving £1k per month and paying rent of £300.
Stamp duty - None - First time buyer, relatively cheap house
Moving costs - I have a car, and family with a van if i need it
Decoration/appliances etc - all come in time - I have enough to move in with!
I have a few credit cards with 0% interest for 16 months etc, plus a fee free overdraft of £1k. So I do have funds available if I need them and the bank of mum and dad will lend me money if necessary!
Some might think this is madness - but to me its madness paying rent every month, so the sooner I buy the better!
so it depends on waht you want - if you want the perfect house to move into it will cost you more with decorating , furniture etc. However if you're prepared to live basically for a few years, then its much cheaper!Weight loss challenge, lose 15lb in 6 weeks before Christmas.0 -
edinburgher wrote: »MSE Mortgage Guide
The guide linked to above is well worth a read - I've downloaded it as a fellow FTW wannabe
Cheers - saw this at work so couldn't download and forgot that I can order a printed copy!John :beer:
Life's too short.........0 -
Son_of_a_beesting wrote: »Remember that FTB do not pay stamp duty up to £250,000 at the moment. That saving can go towards solicitors etc.
Didn't know this John :beer:
Life's too short.........0 -
I am lucky in that I will be debt free around Christmas, and already have a decent deposit. I also rent unfurnuished atm, so will only need cosmetic items (curtains etc), rather than the whole shebang. Still adds up though by the sounds of things!John :beer:
Life's too short.........0 -
Our budget is:
£245,000 deposit
£30,000 stamp duty, mortgage fees, solicitors, searches, survey
£40,000 renovation
£10,000 surplus in case of trouble
£30,000 rainy day funds...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
neverdespairgirl wrote: »Our budget is:
£245,000 deposit
£30,000 stamp duty, mortgage fees, solicitors, searches, survey
£40,000 renovation
£10,000 surplus in case of trouble
£30,000 rainy day funds
£30k rainy day funds and 10k surplus in case of trouble?? Now your just taking the !!!! out of us all
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neverdespairgirl wrote: »Our budget is:
£245,000 deposit
£30,000 stamp duty, mortgage fees, solicitors, searches, survey
£40,000 renovation
£10,000 surplus in case of trouble
£30,000 rainy day funds
:eek:
That added together is 3 times more than the house I've just purchased :money:0
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