Deposit dilemma

bhoy1976

Not really sure what the best choice is for my wife and I. We're aiming to get on the housing ladder albeit a little late to the party.

My wife is late 30's and I'm in my early 40's. Got one child and another on the way.

House prices are very high where we live so Help to Buy Shared Ownership appears to be the only realistic option. For the size of property we need, deposits required and mortgage amount this way is affordable.

So, how do we get that deposit? We can't move in with our parents, have any inheritance or the like so it will just be save, save, save.

What are the best choices open to us?

00ec25

sorry but why do you "need" to own?

you are "old" yet you apparently have no savings as a result of your passage through life to date. You have a child which does of course explain why you have no savings as they are "expensive"

how do you expect to save a deposit when you apparently have no surplus income from which to do so and no magic/windfall to bail you out?
- get a second job so you have more income?
- do what 20 something's do who want to "get ahead" and go without so you can save more?
- buy cheaper "things" and buy less "things" so you reduce expenditure where ever possible?

marliepanda

Its going to have to come from somewhere, so yeah, save.

With help to buy you only need to save 5%, so focus on that and make sure your affordability works with the loan from HTB also.

Grenage

If you cannot save the required deposit, then you cannot purchase a property; that is the long and the short of the situation.

So you can 'save, save, save', or 'rent, rent, rent'.

Moving to a less expensive area is another option.

bhoy1976

Er thanks, 00ec25.

I was really looking for which savings plans i.e. ISA, savings account etc but thanks for the moral input anyway.

Yes the 5% is a realistic target, marliepanda.

Just need to choose the correct option of where to save for it to get the best interest.

bhoy1976

Wow there's some real slap downs here.

We're looking to save for a deposit. We just wanted to know where would be best to put that money for interests sake.

Comms69

bhoy1976 wrote: »

Er thanks, 00ec25.

I was really looking for which savings plans i.e. ISA, savings account etc but thanks for the moral input anyway.

Yes the 5% is a realistic target, marliepanda.

Just need to choose the correct option of where to save for it to get the best interest.

savings plans? Really? Interest is pitiful at the minute, lucky if you keep up with inflation!


What is your surplus income every month?

bhoy1976

Why is everyone so negative?

Did I come to the wrong place?

Surplus income varies from month to month

Lolly88

bhoy1976 wrote: »

Why is everyone so negative?

Did I come to the wrong place?

Surplus income varies from month to month

Ignore the negative comments whilst most people on here are helpful, some people are incredibly rude.

Rambosmum

It matters little where you save at the moment, interest rates are awful.


I would however consider moving to a cheaper area if that is possible?


Realistically, how long is it going to take you to save up a deposit? You'll also need moving costs, solicitor fees etc. Interest rates are set to rise but that likely won't be reflected in savings rates for a while yet.

Comms69

bhoy1976 wrote: »

Why is everyone so negative?

Did I come to the wrong place?

Surplus income varies from month to month

Because you aren't providing any information.


If it's £5 a month you may aswell stick it on black every month down the casino.


If it's £500 a month, find an isa and do £250 each


If it's not a set amount, but a minimum, you could consider a decent current account (does Santander do 123 anymore?)