9 Pays until Xmas...£10k to save.

missile

gothrockchic1 wrote: »

Just wondered what you need the 10k for? I assume its for a house deposit?

I thought it was for christmas :A

YoungBusinessman

Chin is up, im going to make it happen! "Only" 10 hours worked today, woke up with a cold So runny nose and then got soaked at work But i have a paid holiday to look forward too...Iv got Sunday and Monday off so bring it on. 2 no spend days away to be planned.

£10k by xmas, means i can save another £10k by April(same timescale)....That £20k will be my half the house deposit + fees etc.

So many people giving up already and away to rent places ( im trying to buy as first place i move into) which will be at the age of 21, i am quite happy with that!! Now, lets get that first £10k done by xmas :money:

Its October on Monday :eek: I will plan to have 25 out the 31 as complete NSD's and im going to try and fill tank right up on Sunday night and see if i can make it last the whole month! :cool:

candyandstripes

Just spotted this thread & I hope you get to your goal! I'm 23 without a penny to my name so I think you getting a place by 21 and being so budgeting is great!

Good Luck

YoungBusinessman

Budgeting....an unnattractive budget! Haha £800 a month on loan payments, trying to save £10k in under 5 months....

TOtal is down quite low but should *hopefully* have £1600 ish in tomorrow and £600 next week....with only expense being an mot + costs and phone bill. The rest into fund Behind the average i should be at...things will improve though, have faith

candyandstripes

Most people wouldn't go without things such as a car and nights out to save, made me think about what I can do to help my money issues

YoungBusinessman

Well iv got a van and motorbike. Not very expensive in general until now. £1,050 in repairs and another £200 to come on brakes. The more spent now = less in future though...? So easier to plan! Im hoping anyway!

Im at £3k mark again and dont plan on going below it! Should be at £4k by now but i will get there soon!! £100 max on nights out in October....used to spend more than that in 1 night nevermind a month of nights out!!!

YoungBusinessman

A sort of proposition has appeared. A flat at £70k. Been offered it at xmas time for £63k.

So 10% deposit being £6,300. Cheapest place to rent in the town is £500 a month. Mortgage would be £335 a month at 5%.

So even a financially good move, long term. Would be for living in for a year or two while save a 20% deposit on a bigger/better place then plan is to rent this one out.

Any tips/advice/warnings how to approach this/how to start off my property portfolio?

gothrockchic1

YoungBusinessman wrote: »

A sort of proposition has appeared. A flat at £70k. Been offered it at xmas time for £63k.

So 10% deposit being £6,300. Cheapest place to rent in the town is £500 a month. Mortgage would be £335 a month at 5%.

So even a financially good move, long term. Would be for living in for a year or two while save a 20% deposit on a bigger/better place then plan is to rent this one out.

Any tips/advice/warnings how to approach this/how to start off my property portfolio?

How much do you still need? Is the mortgage repayment or interest only?

Any

Have you seen it? Is it to move in straight away? Is it good area for renting?
One thing to bear in mind - you will need to notify mortgage company once you are letting it out. You will need different mortgage and different insurance etc... currently you will need to be at 20-25% deposit to be even able to get letting mortgage...

So do your research into that a little. But if the flat is good price (check prices around the area), even if you had to sell to buy bigger it could be a good move.

YoungBusinessman

I have the funds available now but its my emergency fund. So im going to leave it until iv saved up enough to buy it without touching the emergency pot. So looking around December/January time. Iv seen it a few times, its ready to move into, low matienance flat. Will be overpaying it as soon as i take it on. As much as possible without penaltys. So can get the 60% LTV letting out mortgage. Think its a good move, a big margin in place!