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First-timers buyers learn to sacrifice
GeorgeHowell
Posts: 2,739 Forumite
Young people are increasingly realising the need for frugality in order to get on the property ladder.
It is often hard being frugal when their friends are not looking to save for a deposit, but the number willing to sacrifice luxuries, such as nights out and foreign holidays, is growing.
A Savills spokesman says that many are beginning to realise that however unfair it may feel compared to the property environment their parents experienced, they may actually have to give something up.
Parents are increasingly reluctant to contribute unless they see their children take the first step themselves, and to see stability and commitment before they hand over cash. Some agree to match the amount that their children can save themselves.
http://www.telegraph.co.uk/property/buyingsellingandmoving/9811510/First-timers-buyers-learn-to-sacrifice.html
Perhaps those extravagant gap years, 'celebrity' style weddings, and exotic holidays will start going by the board in the interests of obtaining something more important and permanent ?
It is often hard being frugal when their friends are not looking to save for a deposit, but the number willing to sacrifice luxuries, such as nights out and foreign holidays, is growing.
A Savills spokesman says that many are beginning to realise that however unfair it may feel compared to the property environment their parents experienced, they may actually have to give something up.
Parents are increasingly reluctant to contribute unless they see their children take the first step themselves, and to see stability and commitment before they hand over cash. Some agree to match the amount that their children can save themselves.
http://www.telegraph.co.uk/property/buyingsellingandmoving/9811510/First-timers-buyers-learn-to-sacrifice.html
Perhaps those extravagant gap years, 'celebrity' style weddings, and exotic holidays will start going by the board in the interests of obtaining something more important and permanent ?
No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher
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This post has just described my life
I don't spend money on gap years, designer clothes, drunken nights out etc but according to a calculator on this site, its still still going to take me at least 5 years to save a deposit :eek: #84 Make £2020 in 2020 challenge
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thrifty-hayley wrote: »This post has just described my life I don't spend money on gap years, designer clothes, drunken nights out etc but according to a calculator on this site, its still still going to take me at least 5 years to save a deposit :eek:
Without help I'm afraid it probably will. But by not wasting money on all that rubbish you are on the right track.No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0 -
I think 100% mortgages will help so many people when they return to mainstream.We love Sarah O Grady0
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Well, at least 95% LTV mortgages are available again. That should ease things off a bit. The charges are higher of course though.Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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I did read somewhere that a couple of places are doing 100% mortgages... On the condition that you put your parents house up as collateral :eek: I'll give that one a miss lol#84 Make £2020 in 2020 challenge
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My first mortgage was 104%, ah great days.0
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100% mortgages will be fantastic once back - will help no end of yoof onto the ladder.0
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None of this is good for the economy. We have loads of disposable income in our household yet we spend very little of it as we're saving up the vary large sum of money required to move to a bigger house. Mean while businesses are going down the pan all over the place - presumably they'd be having an easier time if people didn't have to pump so much money into housing.0
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thrifty-hayley wrote: »This post has just described my life I don't spend money on gap years, designer clothes, drunken nights out etc but according to a calculator on this site, its still still going to take me at least 5 years to save a deposit :eek:
That's not unusual!
Historically everyone has had to save for a few years to be able to buy a house. Having a bigger deposit will help you in the long run. Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
eBay sales - £4,559.89 Cashback - £2,309.730 -
Right in theory, but depends where you live.
Here in the south-east where house prices are astronomical, a 100% mortgage would mean astronomical repayments!0
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