Getting a deposit for a mortgage

Trollfever

Suarez wrote: »

Sometimes the easiest way to up your income is to cut bills and spending...

And the Debt Free Wannabee Board can give advice.

reihtec

Thanks everyone for your responses. There's a lot of good advice and I will be taking it

Mrs_Z wrote: »

I think in the current circumstances, renting IS the best option for you.

Agreed! My new goal is now to pay off my debt (though this has been my goal for the last 4 -5 years but something ALWAYS comes up and pushes me back). After that I will concentrate on the deposit. Maybe by the time we are 35 we'll have enough for the deposit and mortgage

Mrs_Z wrote: »

Your money management so far does not come across as responsible

That's partly true in that I've used credit card debt as a way to cover some large emergency purchases. But it's also partly unfair as you don't really know how I've been managing my finances.

Suarez wrote:

Sometimes the easiest way to up your income is to cut bills and spending

True, but I've already done all the obvious/easy cost cutting and money management.

• Budgetting and knowing where every penny is going
• Snowballing and moved all debts to 0% offers
• Spending hours on price comparison sites and getting the best deals on insurance and gas/electric
• Getting as many discounts as possible by paying by direct debit
• Cutting as much on groceries by buying cheaper/on offer stuff
• Got work to provide me with a mobile so cut that cost
• Got my wife a cheap SIM only deal
• Cancelled the BT line and use a PAYG VoIP line on my Virgin broadband
• Cut down gas and electric usage
• Recently started couponing
• Signed up for all eligible benefits
• Used savings to pay as much of the debt as possible

But thanks again for your responses. I've got enough to change my goals and make my plan. I just hope I don't get any more emergency expenses

Svenena

Also just a reminder that if you buy a property you will be responsible for all repairs and maintenance, so even if the mortgage is only £50 a month more than your rent now is, you will have other extra outgoings. There are some advantages to renting!

LittleMissAspie

Even if they still did 100% mortgages, you would still need a couple of grand for solicitor fees, mortgage fees, surveyor fees, moving costs, furniture and white goods (if you don't already have your own).

The good news is that house prices are going nowhere so you have time to save without them becoming out of reach.