Deposit of £150k, what would you do in my situation?

Flashmanchop

Tancred wrote: »

I am sure the OP 'saved' in the broadest possible sense, i.e. parents, grandparents and uncles/aunts 'saved' on his behalf! :rotfl:

Bit Harsh.

saving that kind of money is not completely unobtainable.

Good Luck to the guy.

Tancred

Flashmanchop wrote: »

Bit Harsh.

saving that kind of money is not completely unobtainable.

Good Luck to the guy.

Not at age 25. Or has he been working since birth?

Tirian

Flashmanchop wrote: »

Bit Harsh.

saving that kind of money is not completely unobtainable.

Good Luck to the guy.

He says he's saving £1500 about month. That equates to 100 months to save £150,000, so he'd need to have been doing that for 8-9 years. So yeah, unless he's been in a £30k job since age 16 then assistance seems likely!

On the other hand, who cares? He's got that - and he's interested in doing something vaguely sensible with it rather than spaffing it all up the wall.

Reue

dave_100 wrote: »

I am quite confident on where is nice in Reading, just as an example, there is a 2 bed place that is certainly not a dump in a nice area of Reading, for £172k (can't post link, check out 2 bedroom houses in Calcot on Rightmove, if interested )

There's a nice area of Calcot?

Paully232000

We are in a similar position now to you when you include the equity we have in our house when we purchase our next house in the next 6 or so months.
As, now I have children, partner and happily settled down we are going to use the money and buy a bigger house than we would otherwise have been able to afford based on salary multipliers. Then we have room to grow and do not have to move again in the foreseeable future. We will of course leave ourselves with 6 or so months salary in savings just in case the worst happens.

Looking back to when I was single I would have bought the smaller house, as two bedrooms still large enough for one person, two people, or two people and a child at a push, but also gives you the freedom to spend some money on that which single people do, enjoy life.
If you buy in a reasonable area with no concerns about selling in the future then you should be fine.

Reue

Tancred wrote: »

Retiring at 40 is impossible unless you become a very successful entrepreneur or win the lottery jackpot. The earliest you can claim a pension pot is now 55 and the vast majority of people the same age as the OP will be retiring at 70.

Rubbish. I know of people who have retired when they were 35 and certianly wernt millionaires! Just because you cant access a pension doesnt mean you cant retire.

Tancred

Tirian wrote: »

He says he's saving £1500 about month. That equates to 100 months to save £150,000, so he'd need to have been doing that for 8-9 years. So yeah, unless he's been in a £30k job since age 16 then assistance seems likely!

On the other hand, who cares? He's got that - and he's interested in doing something vaguely sensible with it rather than spaffing it all up the wall.

And that's assuming that he has been taking home £1,900 a month for the last 8.5 years or so. Not bl**dy likely.

Tancred

Reue wrote: »

Rubbish. I know of people who have retired when they were 35 and certianly wernt millionaires! Just because you cant access a pension doesnt mean you cant retire.

Read what I said - I didn't say you can't retire before 55, but you would need to be a very successful entrepreneur to do so. Normal salary earners cannot retire before 55 because the law doesn't allow you to do so through accessing a pension fund. I am well aware that if you are an entrepreneur then you can potentially retire as soon as you can afford it, however from what the OP has said about himself I don't believe he is the next Alan Sugar or Richard Branson.

Flashmanchop

Tancred wrote: »

Not at age 25. Or has he been working since birth?

but if he has been earmning good money since 16 or 17 and is now thirty, living at home, possibly board free with very little costs.

perhaps he doesnt drive or have a iphone 5, maybe he doesnt have a 50" plasma, or a DFS 4 years 0% interest free sofa.

i vote we should make him a MSE ambassador.

Reue

Tancred wrote: »

, but you would need to be a very successful entrepreneur to do so. Normal salary earners cannot retire before 55 because the law doesn't allow you to do so through accessing a pension fund.

Why would you need to access a pension fund to retire? As long as you have enough invested to make your living expenses back you can retire at any age.