How on earth can two FTBs raise 20% deposits?

jimjames

poppysarah wrote: »

But they have longer tenancy security there don't they?

I think most landlords would be fairly happy with tenants that wanted to stay long term. I know I would be, no void periods and no hassle to keep getting new tenants.

Back to the original question, I'm afraid saving is the only option. It won't be quick or easy but worthwhile in the end. Have a look on the dealing with debt boards here for tips on saving money and also the Living Below Means board on fool.co.uk

rs65

jmd4eva wrote: »

The toilet was a limited edition

:silenced:

myhouse_2

jmd4eva wrote: »

Just checking back in.

Thanks for the advice, we're definately looking to save money, we just need to streamline stuff like entertainment - we don't go out and drink much, we'd rather go out to eat at nice places, etc.

I think what many posters are missing is that :
a) If young people look at what their parents could afford compared to what they can afford at the same age, there is a big disparity.
b) Even if you saved 1000s of pounds per year over the last decade, that still left you way behind as house prices were going up by a greater amount.

It's been a big transfer of wealth from one generation to another, and you are right to question it.

suki1001

rhodesRocks wrote: »

this thread has had me :rotfl::rotfl::rotfl::rotfl:

Yes, this is a very funny thread, but then according to PinkKiwi I must be thoroughly boring with no life whatsoever.

Going by her answers I was either thinking she was about 10, or plays the fairy Godmother in pantomime and uses method acting at all times.

Anyhow back on topic. I think the advice given on here, has been very good. I think it's possible when you've had a good look at your spending habits as well as your dependency on stuff that you will be able to cut down.

If the rent in a studio flat is a lot cheaper and you don't want to loose the furniture, you could put it into storage. We did that at £80 a month, but it was worth it. Even better if you could store it at a parents.

Good luck.

g_attrill

jmd4eva wrote: »

Thanks for the advice, we're definately looking to save money, we just need to streamline stuff like entertainment - we don't go out and drink much, we'd rather go out to eat at nice places, etc.

There's savings right there. Eat out only when you are away from home, and never just as an alternative to cooking at home. Oh, and when buying to cook at home start with the value/basics range and "upgrade" only if it is genuinely bad tasting.

You might benefit from getting 3 months of bank and credit card statements and totting up what you spend on different things, and then see what that could have been if you put it in a savings account (or fill in a proper "SOA"). I suspect it will shock you - it's quite possible you could have saved your 10% already.

skater_kat

they would work wonders with a studio flat!

serious_saver

It's tough and have to really want to save! We have given up so much to save what we have now and the only thing that keeps our spirits up is thinking about what we will have. I agree that it's very difficult. As a couple, we earn slightly less than you and pay £675 on rent. If we weren't together there is no way we could even think about buying a place.

I keep a very detailed spread sheet of our savings. It enables us to set savings targets and to see that we are heading in the right direction. We also transfer most of our money each month out of our current accounts and into savings and try to live on as little as possible. It's tough but we've managed to save enough for a 25% deposit and by saving that much we'll get a much better deal compared to 20% (honestly I couldn't believe the difference that 5% makes!)

EDIT

We also spent a month meticulously collecting receipts. When we sorted through them one evening it gave us a very clear idea of where we were wasting money. It was a slightly better indication than if we'd relied on bank statements because it took into account any cash we had spent.

We do still go out for nice food occasionally. I would rather buy a nice meal and have a glass of wine with it then spend all night out drinking so we almost never go out on a Friday or Saturday night. Our meals out have also become less frequent but then I am a great cook lol!

If you just start by cutting back a little bit on everything you might find you catch the savings bug. I remember when I started saving I wanted to buy a new pair of jeans, before I knew it I had the money and thought to myself "that's only a small amount away from the mp3 player I want, then it was only a small amount away from a new TV . . . then a car. Eventually it got to saving for the sake of saving and pride at how well I had done. At some point, I'm not exactly sure when, I realised that we could be close to a deposit on a house and my OH caught the savings bug too.

gld73

When I bought my first house, I'd been saving up by living in a cheap, rented studio flat. I used every penny to then pay the mortgage deposit, and had nothing left for furniture. My first 2 months in my lovely new house, I was sleeping on a lilo borrowed from a friend (a proper cheap holiday lilo, not these new fangled comfy airbeds!!), had 2 deckchairs borrowed from my sister as my living room furniture, and my portable TV was sitting on an upside down cardboard box.

Seriously!!! That was it. Bought a second hand single bed the next month, some second hand wardrobes the month after, then finally a brand new double bed from Argos!

That was about 12 years ago. When did it become necessary to have your first home look like a showhome from Day 1..??!! :rotfl:

Running_Horse

myhouse wrote: »

I think what many posters are missing is that :
a) If young people look at what their parents could afford compared to what they can afford at the same age, there is a big disparity.
b) Even if you saved 1000s of pounds per year over the last decade, that still left you way behind as house prices were going up by a greater amount.

It's been a big transfer of wealth from one generation to another, and you are right to question it.

We left behind the "it's not fair" argument on page one. As a society we are where we are, and you can whine about it or get on with saving up. Getting the money together to buy a house has always been hard (except for a brief window of opportunity in the mid 90s). Telling someone how hard done by they are is not going to get them a house.

Rahven

Come and join us at the 'Saving for Deposit' thread - https://forums.moneysavingexpert.com/discussion/789675
Lots of people in lots of different situations with a common goal. Many inspiring posts and good ideas too