Starting again at 30. Advice?

MmmMeat

I'm 30, and after several issues over the last few years, I'm back living at home with my parents and unemployed (I left my last job due to health reasons). I have no savings left.

I will be returning to work (hopefully) in the next couple of months, and earning around £22k. My main goal is to own my own home again. I used to own my own home in my early-twenties so I'm not eligible for first time buyer schemes.

Realistically, I'll be able to put away £900-£1000 a month whilst living with parents.

Bearing in mind my end goal is to put a deposit down on a two bed flat (property prices around here for a two-bed flat are around £110,000), how much should I be looking to save deposit wise and taking affordability into account? I want to buy on the assumption that I will still be single and not relying on anyone else.

Obviously this is all at least 4/5 years away, but what should I be doing with my savings/income to give myself the best chance of achieving my goal?

Thanks.

DomRavioli

At least 10% for the deposit, plus fees, duties and moving costs. Looking around 15k.

Save as much as you can, especially whilst you live with your parents - the more you save now, the less you pay on your mortgage. Every spare penny goes towards saving for now, so take a pack up to work, walk or bike if its close (saves on the gym), and get yourself at least 6 months emergency fund on top of the £15k.

I started again at 30, last year. I've been in my home just over a year, the money I had saved for our wedding was put towards a house deposit (we found a deal too good to pass up on our house).

G_M

If you are considering a 4+ years timeframe, then it's reasonable to consider investments, as well as some savings for security. Yes, investments are more risky, but 4 years is enough to flatten out peaks and troughs and (hopefully!) allow you to liquify the assets at an opportune time.

Especially as savings rates are virtually non-existant at present.

I suggest you hang out for a while on the savings & investments forum.

GDB2222

DomRavioli wrote: »

At least 10% for the deposit, plus fees, duties and moving costs. Looking around 15k.

Save as much as you can, especially whilst you live with your parents - the more you save now, the less you pay on your mortgage. Every spare penny goes towards saving for now, so take a pack up to work, walk or bike if its close (saves on the gym), and get yourself at least 6 months emergency fund on top of the £15k.

I started again at 30, last year. I've been in my home just over a year, the money I had saved for our wedding was put towards a house deposit (we found a deal too good to pass up on our house).

We got married for next to nothing. I wore my work suit and my wife wore a smart dress, not a wedding dress. Afterwards, tea and sandwiches in the hall behind where we got married. The money saved went on our home. Not the most romantic, but we are still married!