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Deposit - how much to save?
jovichick123
Posts: 942 Forumite
Hi all,
OH and I are hoping to buy a house in a few years time (I'm currently a student and OH is starting his own business so now is not a good time). We are going to start saving for a deposit/fees etc now so that we have enough money when the time is finally right to buy a decent property. We have had a look at property prices in the area we want to live in and for the kind of home we would like, the price ranges between £175,000 and £200,000. We are going to first time buyers...
My question is, how much should we be aiming to save in the next 2/3 years? My starting salary as a teacher (when I finally qualify :rolleyes: ) will be just over £20,000 and we are hoping OH's income will at least equal that...
Thanks all, just want to start getting prepared now!
Sarah xx
OH and I are hoping to buy a house in a few years time (I'm currently a student and OH is starting his own business so now is not a good time). We are going to start saving for a deposit/fees etc now so that we have enough money when the time is finally right to buy a decent property. We have had a look at property prices in the area we want to live in and for the kind of home we would like, the price ranges between £175,000 and £200,000. We are going to first time buyers...
My question is, how much should we be aiming to save in the next 2/3 years? My starting salary as a teacher (when I finally qualify :rolleyes: ) will be just over £20,000 and we are hoping OH's income will at least equal that...
Thanks all, just want to start getting prepared now!
Sarah xx
0
Comments
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Well, you could get a mortgage with no deposit whatsover credit status permitting, but I think 5-10% of the mortgage balance would be a good starting point, remember to save for your 1% stamp duty and also possibly £1-1.5k for legal services.
Great that you are planning so far in advance - I would recommend viewing lots of properties in your price range a couple of months in advance of when you plan to purchase to get to know the local market, estate agents and what you can get for your money.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 -
As you are a teacher - you qualify for the new Government Loan scheme for Key Workers -If you search for 'Homebuy Agents' in your area you may get a very pleasant surprise! The Housing Corporation also has a website on this.If you don't get what you want - you'd better hope you want what you get
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 for the advice, I have been in touch with Homebuy - according to them, I need to get accepted onto the housing register for Mid Suffolk (want to move to Stowmarket), which should be no problem given I am originally from there and still have family in the area! I am then to apply for the homebuy scheme in the area...
Right, thats all sorted, am off over to the savings board to see how I can save £3500 between now and next year!!!
Thanks again,
Sarah xx0
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