How on earth can two FTBs raise 20% deposits?

globetraveller

jmd4eva wrote: »

We need to move out of our rented flat next May and don't really want to rent somewhere else, because we'd like a bigger place (two, instead of one bedrooms). And we don't want our money paying someone else's mortgage when it could be going into ours.

But we've had a look at mortgages and looks like we need a minimum of 10% but the best ones want 20%.

How can anyone on earth afford this, especially for young people?

We're both male, 22 and 25, earning £20k each with proper jobs and good prospects. Good credit histories. I know £20k each isn't much, but we pay £600 rent a month plus all the extra bills and we know we can handle a mortgage.

Bleh. It's like we can't do anything except rent: we rent, pay someone else's mortgage. The gov want us to look at nasty, box-like homes with tiny windows, tiny rooms and no garden - no thanks. All we want is just somewhere to call our own, decorate, and live comfortably in.

I remember ( just about!) being your age. Mind full of daydreams and weeks full of socialising and just having a good, if expensive, time. It took a horrible trip to our bank manager who couldn't believe we had the money coming in that we had, but weren't saving. I was livid for ages afterwards and then I sat down and wrote down all our outgoings. We decided that we didn't want to carry on living in our flat for evermore. Very soon we were saving £700 a month- and that was almost 25 years ago. We just had to give up a few things( whilst still going out a couple of times a month). We didn't go on holidays.
When we bought our house it was in an area which we had vowed we would never move to. Nothing wrong with the area, it just wasn't what we "aspired to." We are still there and absolutely love our home. We got more value in this area than where we had actually wanted to go. Don't turn your nose up at the tiny box-like houses. Don't close your mind to things. We can't always get what we think we want- but we can end up loving what we can afford to buy.Keep an open mind.
So perhaps folks aren't patting on the back and saying "there, there." Perhaps you don't like the advice you are getting. But sit down and work out how you are going to get your house. Or dont bother and keep renting- which may not be a bad thing either.
Nobody is going to throw money or mortgages at you- its up to you. How much do you really want it- or is it just a pleasant daydream?
You've come to the right site if you need advice on how to save.
Good luck with your house hunting.

DirtyDick

skater_kat wrote: »

'choice' 'lifestyle' - yes lets all be 'tolerated' by heterosexuals. call that equality, right.

Not being a gay, (which I must add for some reason), I did get into an interesting chat in a pub years back with a guy who objected to gay marriage/equal age of consent (whatever the issue was at the time) on grounds of squeamishness. I suggested the idea of him and his wife doing it (both were somewhat large and ugly) made me feel ill if I thought about it, but I'd tolerate it.

They probably had feature walls in their house.

bristol_pilot

If you can face up to no holidays, no new cars and going out no more than one a month (max) for 2 years, you will have the deposit for a house. At least you have two incomes - I had to save 50% of my take-home pay for 10 years to buy a home.

Alternatively - don't bother for a couple of years; find a better landlord, continue to rent and live it up - you are both young and house prices aren't rocketing out of your reach.

Southend1

PinkKiwi wrote: »

I didn't say all gay people like dramatic feature walls etc I just got that impression from the OP's post! Jeez people really need to get a life seriously.

Calm down, it was just a joke- I was trying to poke a bit of fun at the traditional gay stereotype. Some gay people like feature walls, some don't. Such is life. And I'm quite happy with mine, thanks very much

Southend1

Oldernotwiser wrote: »

You'll probably find you're banned from gay bars!

Maybe my mum was right all along and it was "just a phase". LOL

skater_kat

i'm not into feature walls either.

PinkKiwi

Eton_Rifle wrote: »

This is what you say to a five year old girl in a pink frock who asks if she can be a ballerina when she grows up.

This is not the "advice" you give to a sensible fully grown man living in the real world and planning his financial future with his partner.

Did I start my post with 'here is my advice......' no I didn't. I was telling him to ignore all the stupid comments and negativity and carry on with whatever plans he has regardless of everyones 'advice'.

I also didn't imply that every gay person likes feature walls and over the top decor! I said 'they may'. You people really need to grow up. Your lives must be so bloody dull!

Old_Git

there is no easy quick fix solution .You either get help from family or save .My first rented place was a bedsit with a shared toilet and bathroom .I paid half my gross wages on the rent .
My first bought house was a two bedroom house .We had two kids and actually needed three bedrooms but couldnt afford it so we used bed settee in the livingroom .At the time we paid 11% interest .
Now I live in a three bed semi but I had to work and save to get it .

Unless you win the lottery you will have to be like the rest of us .You did get a 2.1 in your degree so surely your income will go up .

tonycottee

PinkKiwi wrote: »

You people really need to grow up. Your lives must be so bloody dull!

Whereas according to your sig your life sounds like a Roller Coaster.
Did you really win a keyring in September?

RobertoMoir

skater_kat wrote: »

gay people have children too. please don't just assume they won't!

Fair point but from the point of view of housing issues I'd suggest its a bit more difficult to have an unplanned child that forces you to change your housing plans because the balloon burst at the wrong moment, so to speak.