100% mortgage?

BranstonPickle92

hcb42 wrote: »

what are household bills £330?
As per prev post, food is very expensive also, you could get that down to nearer £200.

I realise you are young and might want to live well etc, and that's fine, but it's got to be one or the other.

wages will go up in time, so you can save more also.

Second job?
Of course if your partner doesnt want to save this excess money, then perhaps the timing isn't right yet.

Renting is frustrating, I know I just did it for 9 months after 25 years of home ownership. However, it isnt really dead money, it is still a roof over your head, somewhere safe hopefully..

Yeh, i feel like all i do is sit down working out money, i know my boyf spends way too much but im so careful, iv stopped going out with friends when it costs money, i dont go away for weekends like they do or go out for food. when i said we use the spending money as food with family - thats maybe once every 2 months, if that.

all the money that goes out from what i can see is needed and what isnt needed is so rare, i dont just go out every weekend drinking or go on holidays then wonder where my money is. i am making sacrifices and saving, but needing the money at the end of the month to cover food... i dont understand why food costs so much but sometimes it can cost us more than the estimate i put down. i just dont get it.



We are kinda getting off the point anyways haha, i just wanted to know if anyone knew whether a 100% mortgage was possible or available anywhere haha. Guess ill just rent forever or until i win the lottery haha

hcb42

no, not possible. Fill in the statement of expenditure in detail and get advice on the debt free wannabe boards, start reducing those outgoings! There is a good excel budget calculator somewhere on this site too, which I have used for years.

opinions4u

BranstonPickle92 wrote: »

... i dont understand why food costs so much but sometimes it can cost us more than the estimate i put down. i just dont get it.

Work it out. What are you buying? What didn't you need? How could you make it cheaper?

We are kinda getting off the point anyways haha, i just wanted to know if anyone knew whether a 100% mortgage was possible or available anywhere haha. Guess ill just rent forever or until i win the lottery haha

Make an effort to save / repay debt, or don't.

It's up to you.

catflapuk

I dont think £350 for food for two people per month is as much as it sounds. I take out about £50 a week for food and household products plus things like shower gel etc. These things weren't listed in the OP breakdown. They are in fact spending less per head than me, and while I live a comfortable life I am not throwing away money and do not buy everything I want, otherwise £50 would not be enough. I take my own sandwich into work, cook my own meals most of the time and go to the market for fruit and veg. So no, to spend about £40 for food and household products and toiletries per week is not excessive. Things add up quickly if you want to eat fruit and veg every day and meat/fish once a week. I mean fresh meat/fish not fish fingers and stuff.

Your household bills are high however. I think you can cut these at least by £100 per month.

ACG

I do our weekly shop as my mrs is a nightmare in sainsburys, if i go shopping with her our shopping can easily double. I know what im buying for the week and the only way i veer from the track is if i see something that is on offer - in which case something else on the menu gets substituted.

When i first went self employed things were pretty tight, i had our weekly shopping down to about £50 a week (usually closer to£45) for the 2 of us - that wasnt living on rice and carrots - we ate steak or chicken pretty much every night.

FloppyDisk

Thrugelmir wrote: »

You've years ahead of you .Focus on your careers. Over time your earnings will then increase. Allowing you to build your savings. While a family maybe appealing. Owning your home will provide you with long term security. So you need to decide personally which is the most important.

I think this is the key point, £17k and £13k are starting salaries, it's no surprise that it's hard to save on them, and a house is a lot to take on for what isn't much above minimum wage. I'd also question the need for a 2 bedroom flat for a couple, is it possible to downsize?

OP you have the right mindset for homeownership if you are making sacrifices, but make sure your OH is on board too. Just be patient and do the hard work now so that you have a house you can happily afford instead of struggling all the way.

LittleMissAspie

BranstonPickle92 wrote: »

I understand that we would be getting more money per month, but that is my partners money not mine, i can tell him to save it but i cant rely on that or at least dont want to.
...
my boyfriend lives in his overdraft at the moment

You're either in it together or you're not. I don't like to rely on others either so I insist on keeping mine and my boyfriend's money separate, but when we were saving for a house we both committed to saving a set amount each month and we worked together to save on outgoings and put more into the house fund. If your boyfriend isn't prepared to do that then he's not ready for home ownership.

You can save on rent by moving to the cheapest 1-bed you can find. You can save on food - no need to spend more than £150 on two people. That's £200 a month instant saving, do that for 5 years and you have a £12k or 10% deposit. Yes, 5 years, that's how long it takes for many people. Cut your rent, get a cheaper car, get a pay rise etc and you can get there quicker.

nakiwala123

As others have said, you need to be honest with yuorself and complete the SOA of every single thing that you pay for. Account for every penny that comes in and out of your funds. You will be surprised at what you see! You will then need to have a budget and any funds that are left over from your budget save them on the day you get paid. I will insist that you should save your mobey on the day you get paid, not whatever is left over at the end of the month. I know myself that even if I got paid £10k per month I would not have any left over in my current account at the end of the month; it has to leave my account on the day I get paid.

You will have to share your SOA with your BF. You need him to be supportive and take part or else you will get demotivated easily.

Don't panic, you are still young and you can turn things around. I was in your situation at age 27 when I panicked that I should have savings. I had to change my whole approach to saving and 3.5yrs later we have just moved into our 1st home. Good luck and it's good to see someone addressing it at such an early stage.

leunger

without telling you how to live your live there are a few area you can reduce cost and increase your saving.

1) downside to a 1 bedroom flat? - this will reduce your rent and bills
2) put money in a saving account which you cannot withdraw until a year time? - this will help you in line with the saving mentality and really force you to spend on stuff that you really need.
3) reduce your target for a flat to below £100k? - the main thing is to get on the ladder, specially you both are young the main target should be get on the ladder instead of having that property you will live there for a long time. (forever home, some might called it)

rent is dead money and paying for someone else money but at the same time, if you manage to get a mortgage for a property but can't keep up the payment, all your saving toward the property will be gone for good, so never push too close to your limit.

good luck

SandC

You should really be able to save quite easily on that combined wage with that sort of rent - and not necessarily live like a pair of hermits either! You just need to be realistic about how long it might take. Advice above has been sound.

Don't know if this will help but I have always managed to save and I do it by setting up standing orders into separate accounts (ISA probably best bet). I see this money coming out as a bill, just like any other and once it's gone, it's gone. When it comes directly out of your account rather than you putting money deliberately aside from what you have left over it's a lot easier to do.

I do this even with small things, for example I have an account that never really gets much money saved in it but it's for having my hair done once every few months and for incidentals like an unexpected invitation somewhere when I hadn't budgeted for another night out or a bit of spends towards a holiday.

So I basically count my savings as 'monthly outgoings'.