Won't somebody please think of the children?

chambta

deed02392 wrote: »

Or more specifically the next generation of home owners?

I'm 19 years old and now in a full time apprenticeship. I have been employed since I was 16 years old and as a keen saver now have about £13k to my name in way of a mortgage.

From what I've seen however this doesn't even touch the deposit new buyers are being expected to pay for a house in my area (Portsmouth). With interest rates as low as they are though, my savings are pretty much shrinking (against inflation, although I now have £5k in an NS&I inflation linked savings account) whilst mortgage costs are only going to go up.

So what I am really looking for is some advice on what I SHOULD be doing with my money? Should I be looking to get out of living with my parents as soon as possible and get on the property ladder, or should I stay at home as long as possible and keep saving until I can afford a deposit on a nice house in the area? I do not have a preference either way, I really just want to see my money go as far as possible.

I appreciate anyone's thoughts.

Thanks!

http://www.rightmove.co.uk/property-for-sale/property-30297047.html

You have more than a 10% deposit for this and plenty of places in your town.

Why do you say 'mortgage costs are only going to go up'?

Bloomberg

deed02392 wrote: »

Or more specifically the next generation of home owners?

I'm 19 years old and now in a full time apprenticeship. I have been employed since I was 16 years old and as a keen saver now have about £13k to my name in way of a mortgage.

From what I've seen however this doesn't even touch the deposit new buyers are being expected to pay for a house in my area (Portsmouth). With interest rates as low as they are though, my savings are pretty much shrinking (against inflation, although I now have £5k in an NS&I inflation linked savings account) whilst mortgage costs are only going to go up.

So what I am really looking for is some advice on what I SHOULD be doing with my money? Should I be looking to get out of living with my parents as soon as possible and get on the property ladder, or should I stay at home as long as possible and keep saving until I can afford a deposit on a nice house in the area? I do not have a preference either way, I really just want to see my money go as far as possible.

I appreciate anyone's thoughts.

Thanks!

Well done for saving so much money at your age. I know that the low interest rates are really disheartening for us savers. Do not be discouraged, rates have to rise soon. All the indications are that the days of low rates may come to an abrupt end.

In the meantime just keep saving and find the best rates you can. Just one last thing, make sure that you do not discuss your savings with anyone else. You will find that money brings out the worst in people. When they cry poverty, you cry louder. All the best

ashaput

If I were you I would keep saving the money. I think we all know that the cost of property will keep increasing from time to time. And may be for this reason, keep saving is the best way you could do. In the next three or four years you can then have two options; getting a mortgage or buying a home in cash.
It's just an "if" :T

glider3560

Move to Gosport ... much cheaper!

In all seriousness, a friend of mine sold his 3 bed house in Gosport for £120,000 last year. There must be some good priced houses available round there atm.

opinions4u

It's always been tough for first time buyers.

Today it's big deposits.

When I bought my first house the 15.4% interest rate with no choice to fix was a barrier for many.

Life doesn't hand the good things on a plate for most of us. Keep doing what you're doing and you will achieve what you want to achieve.

karmic

OMG you really are a saver.

I'd wait and get a house when you can get better interest rates - but to be honest the reason I looked at the thread is because the title made me giggle and I now HAVE to watch the Simpsons! :rotfl:

ViolaLass

deed02392 wrote: »

So what I am really looking for is some advice on what I SHOULD be doing with my money? Should I be looking to get out of living with my parents as soon as possible and get on the property ladder, or should I stay at home as long as possible and keep saving until I can afford a deposit on a nice house in the area?

You don't have to own a house in order to leave home. Standing on your own two feet, being independent and having your own space can be just as valuable as staying at home for years saving up.