FIRST TIME BUYERS - What did you save?

KeremyKyle

We saved about £22k. This was using gifts from our wedding, personal savings and then opening a help to buy ISA each just over a year ago and putting in the maximum every month.

We've been able to put down a 15% deposit and have just enough left over to pay the fees, buy the essentials (we're thinking just the main things like a bed and a sofa straight away - white goods are already in the house and everything else can come later) and have some left over for the emergencies. We've been able to save due to lodging in a friend's house. We've been quite lucky.

BishBashBosh86

I saved about £38k over 6 years or so. Living with your parents does have its benefits! Im putting down 17k on a deposit. That leaves me with 20K ish to pay for fees, do some work on the house and furnish it. I'm obviously not going to blow all 20k on the house as I want to keep some money aside for emergencies etc but its nice to know that there is money there to use.

ap1985

We saved £23k - £14k was for deposit the rest for additional funds...we also took our old furniture over from our rental property and are buying things slowly as we go along...better that way...take your time in doing up your house and get it right.

kingstreet

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.

Didn't do mortgage and loan with same lender though, eh?

Harryp_24

FIRSTTIMER wrote: »

Hi,


Just out of curiosity, I am looking to buy a property up to max 175k with 10% deposit over the next 6 months, hopefully complete end of summer...


How much did you save before buying to account for things such as deposit/emergencyfund/whitegoods/furniture/costs etc.


Thanks

17 - 22 = 33k then blew 16k of it on a car being a dumbass.

22 - 25 = 29k + the original 17k so 46k. my house cost me 187,000.

cashbackproblems

I am buying a place now on 75% LTV but 5x my income! I had saved 50k for the deposit.


After the deposit, refurb and fees I will have left about 5k in cash to pay for furniture. However I do have 35k in investments which can be easily sold off so that is my emergency fund.

PrettyFlower90

We're in the process of buying a house as FTB. We have 5% deposit, but didn't start looking for a house until we had saved:
- 5% deposit of our max budget
- Stamp duty (£1860 for 238K house)
- Solicitor fees (budgeted around 1500)
- Mortgage fee etc (budgeted around 1000)
- House survey (budgeted 400)
- van hire for removal
- land registry fee (£480)
- Broker fee (£300, but ended up with free one)
- £2k savings left for unexpected costs when moving in
- payments for when we overlap our new house with current rental house


We still continued to save each pay cheque while looking for a house, but I was adamant with my husband that we were not to look until we had the money for all associated fees as well as deposit money.