Mortgage Deposit in Southeast

zarf2007

ManicRower wrote: »

Just thought I'd add my 2p's worth, largely so that people from outside of London don't think all of us Londoner's are like the troll in this thread.


My g/f and I purchased a flat in Jan '14 in SE London after saving for approximately 18 months. Over those 18 months, saving was our primary focus and we managed to:


- Saved enough for a 10% deposit (£335k purchase price), all associated fees/stamp duty & a small contingency fund to get the flat rewired/replastered/painted.
- Earned approximately £80-£85k per annum between us, certainly not banker territory but still an excellent income and more than 'liveable' in London.
- Rented a small 1-bed flat in an unfashionable part of London, on the proviso that this sacrifice would help us get on the ladder quicker. We could have afforded a 2-bed in a nicer part of town, but we would not have our own flat now.
- Had zero holidays, no cable/sky TV, cycled/ran to work instead of tube/train, very few takeaways/meals out etc.


I for one am fed up of people (regardless of where they live) moaning about not being able to get onto the ladder, but not being prepared to cut out the fancy new car, the yearly holiday or even one Sat night in the pub a month. Saving for a property is HARD WORK regardless of your salary/budget/area and owning your own property is (sadly) not a divine right. I wish more people could see how a year or two of relative sacrifice (i.e. no holiday, no new car) can have such a positive effect on the rate at which a deposit is accrued.


Sorry, rant over.

Whose trolling? That would insinuate that I'm lying which I'm not. Bully for you...I bought a property and had a good lifestyle.....get a better paid job and stop whining.....

southoftheriver

I live in London (for the moment at least). I live fairly close to central London and have a car. But I also get the bus to work, shop at Lidl, make my lunch everyday, buy secondhand clothes etc. I make a good wage but not enough to buy in London. If I stayed in London and moved in with my partner perhaps in 2/3 years we could buy a generic one bedroom flat somewhere. For some people thats fine. But i'll be in my mid thirties in a few years and am keen to have a family. So for now i'll be as frugal as I feel comfortable with whilst I try to save a deposit.

zarf2007

bsms1147 wrote: »

Or you're spending £15,000 every 3 years with no assets to show for it.

After 3 years it's practically worthless so I trade it in as a deposit on the next car.....I win.

sulphate

I think you'll find that most people on this board don't buy cars outright, especially not for 15 grand :rotfl:

Manic isn't whining about his job, he/she is saying that it's possible to buy a house in London even if you're not a millionaire, and sounds happy with his/her wage.

Not everyone can earn into triple figures :rotfl:

Foxy-Stoat_3

zarf2007 wrote: »

As opposed to buying a car outright and losing 50% of its value after a couple of months....no thanks and there are more places to drive than Central London when you live in herts you muppet. And this way I get a brand new car every 3 years with zero maintenance costs

Oh pleeeease

Noone buys a new car then sells it after a couple of months so that whole its worth 50% less is meaningless....its worth less than you pay for it but only when you sell it, hopefully after at least 5+ years before the big bills come in.

[Deleted User]

zarf2007 wrote: »

Whose trolling? That would insinuate that I'm lying which I'm not. Bully for you...I bought a property and had a good lifestyle.....get a better paid job and stop whining.....

But you were whining in the first place .. !