PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

FIRST TIME BUYERS - What did you save?

Options
24

Comments

  • SG27
    SG27 Posts: 2,773 Forumite
    Options
    Saved £115,000 over 8 years. Used £105,000 for.the deposit on a £210,000 house. Kept the rest for fees and emergency fund.

    My advice would.be save as much as you possible can.
  • FIRSTTIMER
    FIRSTTIMER Posts: 637 Forumite
    Options
    wow £115k! how old were you
  • SG27
    SG27 Posts: 2,773 Forumite
    Options
    FIRSTTIMER wrote: »
    wow £115k! how old were you

    Moved out just after my 30th birthday, wife (then girlfriend) was 28.we couldn't borrow more than about £120k so didn't really have a choice but to save that much. Can't get much for under £200k around here
  • FIRSTTIMER
    FIRSTTIMER Posts: 637 Forumite
    Options
    well played....I am saving £1k a month and have £35k so far
  • SG27
    SG27 Posts: 2,773 Forumite
    Options
    FIRSTTIMER wrote: »
    well played....I am saving £1k a month and have £35k so far

    That's around what I was saving I think. Keep up for 8 years that's £96,000 :)
  • kilby_007
    kilby_007 Posts: 738 Forumite
    Options
    ashp wrote: »
    2.4% interest fixed for 2 years. I bet many are paying more. I am not providing advice im just stating a fact. There is 2 highstreet lenders who quite clearly state in there lending criteria that they accept deposits sourced from a loan. I'm not quite sure on the acceptance rate using this method but it worked for us, Had mortgage offer in 7 days.

    I'm glad about that! They're pretty poor financial decisions. 2.4% isn't that good for a 2 year term. I'm looking at less than that for a 5 year fix (80%LTV). Anyway, the comment wasn't aimed at your mortgage but you choice of taking out a cash loan to pay down a deposit. What rate are you paying on that? Presumably quite a hefty %APR? I can only see that making good financial sense if you earn a heck of a lot of money and can pay off the loan very quickly, but then I don't see why you wouldn't just save for a few months instead.

    I'm surprised that you were loaned the money after having to take out a loan to pay the deposit as it shows a) You can't save and b) You're unlikely to be able to afford the monthly installments on both your cash loan and mortgage loan without a change of lifestyle or an income boost.
  • Kalamazoo
    Kalamazoo Posts: 56 Forumite
    Options
    Don't sweat it kilby_007, no one is suggesting you or anyone else do it, it just a choice made by some stranger on the internet. Really not worth the hand wringing admonishment.
  • ashp_2
    ashp_2 Posts: 416 Forumite
    First Anniversary Combo Breaker
    edited 5 February 2017 at 10:04PM
    Options
    Kalamazoo wrote: »
    Don't sweat it kilby_007, no one is suggesting you or anyone else do it, it just a choice made by some stranger on the internet. Really not worth the hand wringing admonishment.

    I am certainly not suggesting anyone do the same without taking proper financial advice.

    kilby_007 Your are in no position to make any judgement on my financial decisions as you have no idea about my situation. I never said my loan was from a financial institution and I never said I was paying any interest on the loan.
  • Harryp_24
    Harryp_24 Posts: 172 Forumite
    First Anniversary
    Options
    It's just me buying but I have saved 45k over 2 years and am putting 37,400 down with a 149,600 mortgage. Working all the overtime now to build up a emergency fund.
  • kilby_007
    kilby_007 Posts: 738 Forumite
    Options
    ashp wrote: »
    never said my loan was from a financial institution and I never said I was paying any interest on the loan.

    It was a gift then, not a loan. Totally different thing in the eyes of a lender and not what you lead us to believe.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.3K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards