Getting onto the Property Ladder

Dead_Eye_Jones

you prob want to get some savings together first, its strange to me that people would think its OK to buy something like a house even though they have no money!

Not only will a deposit help you get a nicer place but it will protect from the negative equity trap.

Saving doesnt have to be hard, but tbh its something you should have been doing from a young age, its too late now of course but the earlier you start the easier it is - perhaps a message you can drum into ya kids !

Affordability is the key, dont push yourself into something you cant afford, times are likely to get harder in the near future, so make sure you have contingency plans. Start thinking about rainy day funds, pensions, insurance, etc if you havent already. As above, an IFA will help you or just read around this site, fool.co.uk, etc, all the info is out there !

GL!

lucy_w86

Dead_Eye_Jones wrote: »

you prob want to get some savings together first, its strange to me that people would think its OK to buy something like a house even though they have no money!

Not only will a deposit help you get a nicer place but it will protect from the negative equity trap.

Saving doesnt have to be hard, but tbh its something you should have been doing from a young age, its too late now of course but the earlier you start the easier it is - perhaps a message you can drum into ya kids !

Affordability is the key, dont push yourself into something you cant afford, times are likely to get harder in the near future, so make sure you have contingency plans. Start thinking about rainy day funds, pensions, insurance, etc if you havent already. As above, an IFA will help you or just read around this site, fool.co.uk, etc, all the info is out there !

GL!

I grew up in a council house where my family just about got by. I am 21, have only been working ft for 18months as I was studying.

When could I have saved?

CB1979_2

you can save now, how much rent do & your boyf pay now?

then work out how much you renting would cost you now (let's not forget the deposit needed & credit check fees, etc)

to me it's a no brainer, live "in hell" for the next 3-6 months (as you have been living for a while) save save save

there's no way (unless you've got loads of other debts) why you couldn't have been saving with £43k between you and how much "rent" you pay your parents?

come to see what position you're in in 3-6 months time with at least some money to put down on a place/pay all the fees/have some funds for furniture, etc.

also would've thought you could get more than 3x your multiple, unless it's different with a 100% mortgage.

lynzpower

lucy_w86 wrote: »

I grew up in a council house where my family just about got by. I am 21, have only been working ft for 18months as I was studying.

When could I have saved?

save now! and do it in earnest!

take on a second job, do mystery shopping, do anything, you have youth on your side, so a 2nd job should be a cinch for you right now.

bank as much as you can,. it will mean your mortgage from here on in would be way cheaper.

Be aware tho, buying a place is getting much more expensive - with the rising interest rates.

chelseablue

lynzpower wrote: »

save now! and do it in earnest!

take on a second job, do mystery shopping, do anything, you have youth on your side, so a 2nd job should be a cinch for you right now.

bank as much as you can,. it will mean your mortgage from here on in would be way cheaper.

Be aware tho, buying a place is getting much more expensive - with the rising interest rates.

Lynzpower; what great advice!

To the OP: I too grew up in a council house (still live there too but mum & dad bought it using right to buy scheme)

Me and my bf are saving up for our first place and we should hit nearly £20K this month. We started 2007 with £6k so it can be done if you work hard. I have two jobs and work 7 days a week. Im sure people will think Im mad but hey ho!
Basically Im saying saying there are a lot of people in the same boat as me and you and if you start saving now you'll be surprised how quick it mounts up.
Good luck with whatever you decide!
x

lucy_w86

chelseablue wrote: »

Lynzpower; what great advice!

To the OP: I too grew up in a council house (still live there too but mum & dad bought it using right to buy scheme)

Me and my bf are saving up for our first place and we should hit nearly £20K this month. We started 2007 with £6k so it can be done if you work hard. I have two jobs and work 7 days a week. Im sure people will think Im mad but hey ho!
Basically Im saying saying there are a lot of people in the same boat as me and you and if you start saving now you'll be surprised how quick it mounts up.
Good luck with whatever you decide!
x

What jobs do you do and what your monthly income after tax from them?

scrummy_mummy_2

When I bought (I was 19 in 1986) RIGHT at the start of the last property madness...I COULD afford it...easily.
3 years later, with a divorce in processs, loans arranged secured on (the) property by my husband I knew nothing about and interest rates rising by the day whilst my 'equity fell faster than stone..........you get the picture.
I lost 2 stone, weighed 6 and a half stone, my salary was £200 a month short of my mortgage payment ALONE!!
All my 19 year old mates were shooping it up in Ibiza with not a care in the World and I was saddled.
It took me 11 years to pay of 'my' debts......time I won't ever get back
I try to teach my children that life is not about money, or success or pwer or greed...it is about options.
WHATEVER you choose to do in life, make good choices that provide you with options.
Renting gives you options, especially when young and life can flux daily.

I didn't buy my own home again until 1997 when I was 30.....because I made some good choices, I now have options I never thought I would ever have.

lynzpower

lucy_w86 wrote: »

What jobs do you do and what your monthly income after tax from them?

I work in property and make 24 before tax- but on top of this I do mystery shopping as and when ( negligible amount less than 50 quid, but I get free meals and you cant grumble at that) I do focus groups that pay quite well ( 40= upwards) again as and when I can - obviously they are popular.

I also do freelance work doing inventories on rented properties, again as and when and Ive just started this really, reckon on this taking about 250 a month.

Of copurse on top of this I do all the freebie sites, quidco, pigsback, yougov etc which again varies but I guess on about 50pcm on a slack month, some months its more depending on quidco payouts.

I also get every freebie going that i any use to me.

Ive toyed with the idea of bar work too as I do love it, but I expect Id be knackered after doing a 40 hour week plus extras and besides I dont need all this to live on, Im just banking the money cos Im a committed moneysavingexpert :cool:

chelseablue

lucy_w86 wrote: »

What jobs do you do and what your monthly income after tax from them?

My main job is as a PA and my 2nd job is working in a supermarket. From doing both I take home about £1,700 per month

My boyfriend is an electrician. If he works every saturday (which he normally does) he gets about £2,000 take home a month.

x

Phirefly

chelseablue wrote: »

we should hit nearly £20K this month. We started 2007 with £6k so it can be done if you work hard. I have two jobs and work 7 days a week

Wow thats really commendable. Well done you