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A little help for a FTB?
Comments
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I think if you want to do this comfortably you should have 6k saved, that way you will have a bit of spare cash when you move in, Its amazing the things you have to buy that you dont bank on!I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks again everyone for the quick replies.
I think after looking at everyone’s comments we will aim to save between 5-6k, this should cover everything previously listed (and anything else that pops up!)
5k Mortgage fee :eek:
To be honest I am not willing to pay over £125,000 for a one bedroom flat. The blinking government has had enough money out of me :mad:
Cheers
Mike and LeaClassically it is said that money acts as a unit of account, a store of value, and a medium of exchange.
In fact, other goods are often better than money at being intertemporal stores of value, since most monies degrade in value over time through inflation or the overthrow of governments.
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Good luck!
MMI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
OK, so best case scenario:
No stamp duty - 0
Homebuyers, not full structural - 600
Moving costs - 250 (with help from mum and dad)
Conveyancing etc- 800
Mortgage fees - if added to mortgage 0 upfront. But not moneysaving, so let's say £600
I make that around £2,200
Anyone see where I've scrimped?
Oh, and furniture, insurance and other stuff.
Another 1000?0 -
£1,000 for furniture? where do you get your furniture from argos clearance or something?
They would be better opting for something quality, that will last many years
Also, it would be unwise to buy a house without at least 3 months earnings in the bank as an emergency fundDiabolus fecit, ut id facerem! :male: :female:0 -
Fallen_Angel wrote: »Also, it would be unwise to buy a house without at least 3 months earnings in the bank as an emergency fund
What like about 99% of the house buying population??!?"You've been reading SOS when it's just your clock reading 5:05 "0
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