My journey as a First Time Buyer

AdrianC

Cakeguts wrote: »

You earn £70k a year between you. There is only one car and I assume that car is a used one paid for by cash and not on finance since you are saving for a deposit? You only have around £12k in savings and your rent is £850pcm so what on earth are you spending your money on?

You need to start some serious saving for a deposit.

This, with bells on.

£35k before tax is around £2,250 after tax. Adding the £3k bonus on gives another £150+. That's £4,650/mo.

Take off the £850/mo rent, and that leaves £3,800/month discretionary spending.

Yet, between the two, there's only £7k savings, £3,400 + £2,400 in HTB ISAs, and £3k of debt. I make that a total of £9,800 in actual assets, not £12,800 by ignoring the debt.

At a 95% LTV, that won't even support a £200k purchase, even ignoring the money that's going to be needed for fees etc.

sharp910sh

You need to save more and wait longer. I would save a minimum of 1500 a month between you, try get 20k deposit which will include stamp duty and fees.

I assume your savings will not go into your wedding costs?

Also Sutton is a nice area.

tiredoflife

Ohh your local to me. I live in wallington, work in Epsom. We have just sold a two bed house and are moving out of the area completely, the only reason we are moving is because we can't afford anything decent in our next price bracket. We are moving to West Sussex to get what we want. We both really liked Epsom but houses go for silly money there!
Have you thought about stoneleigh, Worcester park?

We are using cuff and gough at Banstead for our Conveyancing, they have been excellent so far.

AdrianC

sharp910sh wrote: »

I assume your savings will not go into your wedding costs?

They're looking at a net gain from the wedding, remember?

Oxide wrote: »

We are hoping that money from the wedding in September will also assist and if it comes to it then money from parents but this is last resort.

Harryp_24

You don't have anywhere close to a deposit for a 300k house. On 70k a year I fail to see how you have saved so little. I had a 37.5k deposit in 3 years at 38k p.a on my own. Remember your survey/mortgage/conveyancer/ stamp duty/insurances/broker fees all have to be paid before you move in...

Lioness_Twinkletoes

Oxide wrote: »

We are hoping that money from the wedding in September will also assist

Ugh. So tasteless.

sparky130a

Lioness_Twinkletoes wrote: »

Ugh. So tasteless.

Indeed.

But at least it was honest. Not sure how i'd word the wedding invitations mind...

kelpie35

"Come to our wedding, deposit money into this bank account, to help us buy a house"

AdrianC

sparky130a wrote: »

Indeed.

But at least it was honest. Not sure how i'd word the wedding invitations mind...

"Please make cheques payable to" is a bit old-hat.

Perhaps a paypal address?

hutman

I add another suggestion to save money.

Live with your parents.