Saving for my deposit

Bipolar_debt

removed......

pinkfluffybabe

Bipolar_debt wrote: »

After finally becoming debt free with the help of my mums inheritance now is time to start saving, this is all very new to me (always been crap with money). I can start putting £200 a month away from the end of January, I am going to open a first time buyer ISA to get the bonus.

I hope it's ok to start a saving thread here and I'm looking forward to buying the house I'm in (housing association) time to be an adult and start saving for mine and DD's life.

Good luck

pollyannaL

Congrats on being debt free!

ap1985

Congratulations on becoming debt free and good luck with savings. The Help to buy ISA is definitely a good option and I would recommend opening one of these. Also if the Help to Buy Equity Loan scheme is still available when you come to buy you may want to consider that if you don't have a 10% deposit saved as a first time buyer.

Cakeguts

Why do you want to buy the house? Buying houses isn't always the best answer. If you are in a housing association property as long as you obey the rules of the tenancy you have somewhere to live for life. Even if you eventually move to a smaller property the housing association will be responsible for not making you homeless. .

If you buy the house with the aid of a mortgage and you can't pay the mortgage you cannot claim housing benefit to help pay off the mortgage. The most they will do is pay your interest but the capital sum remains. What this means is that by buying the house you put yourself and DD at risk of being homeless whereas if you continue to rent you don't.

goodwithsaving

Good luck with it all.
I don't intend to be a killjoy, but £100 month isn't a lot for repairs. If you get a big bill e.g. roof, windows, even just needing an electrician or plumber.......that £100/month won't go far.

Cakeguts

It isn't that we know better than you how much you can save it is more that we are worried about you becoming homeless because of something that seemed like a good idea. People who are in privately rented homes don't have any security of tenure and can by asked to move at any time. You are not in this situation so there is no benefit to you in owning your house since you won't be asked to move out even if you don't own it. However if something goes wrong and you can't pay the mortgage you could end up homeless. This won't happen if you carry on renting from a housing association. Also you can claim housing benefit if you lose your job and that will pay most of the rent. It doesn't pay a mortgage.

Bipolar_debt

I have been paying £1000 a month to debts and managing fine I thought I was doing a good thing by buying but now I feel !!!!, I worked hard to pay the half off I did and then the rest came from my mum and I wasn't jumping into it I was going to save a deposit and plenty as a cushion but I guess I'm wrong for wanting that so I will not bother with this thread anymore

glasgowdan

You really shouldn't react so childishly when people offer their opinions to help you.