Using all of savings for house deposit

moneyistooshorttomention

OP (who I assumed was female to start with) and you're assuming is male (courtesy of working offshore? working on cars?) - but they could be either sex and it aint relevant anyway.....

I get you re the huge deposit. The FTB that bought my starter house (many years after I was due to sell it:cool:) had been given a huge deposit by family. But - once family have given you that "huge deposit" - it may well be a one-off and you're going to have to "stand on own 2 feet" from here on in - and if the job/career goes wrong subsequently (tell me about it:cool::(:cool:) - but it does happen to some of us. Those of us who are forward-thinking plan The Future - and then sometimes The Future comes up and "whacks us in the face" with things going wrong that we honestly couldnt have avoided (try as we might...)....

Sh*t happens....

Red-Squirrel_2

moneyistooshorttomention wrote: »

OP (who I assumed was female to start with) and you're assuming is male (courtesy of working offshore? working on cars?) - but they could be either sex and it aint relevant anyway.....

He signed his first post with his name. :cool:


If your argument is that you should buy the most expensive house possible because you might end up worse off down the line, I'm afraid that doesn't sound like very good advice.

moneyistooshorttomention

Red-Squirrel wrote: »

He signed his first post with his name. :cool:


If your argument is that you should buy the most expensive house possible because you might end up worse off down the line, I'm afraid that doesn't sound like very good advice.

Yep...saw the name - and it didnt mean anything to me. It's not an English name and so I didnt know what sex it meant the person is - and several other posters also thought it sounded like a female name.....

EDIT; just done quick google on it - and Google says "Gaelic male name". I wouldnt have had the foggiest - dont know owt about Gaelic names....

2nd EDIT: Google says it's occasionally used as female name.

Red-Squirrel_2

moneyistooshorttomention wrote: »

Yep...saw the name - and it didnt mean anything to me. It's not an English name and so I didnt know what sex it meant the person is - and several other posters also thought it sounded like a female name.....

EDIT; just done quick google on it - and Google says "Gaelic male name". I wouldnt have had the foggiest - dont know owt about Gaelic names....

2nd EDIT: Google says it's occasionally used as female name.

Ciaran? Its a fairly common name in all parts of the UK, sometimes spelled differently. You've really never heard that name before and had no idea? Are you sure you didn't just miss it there at the bottom of the post?

It'd be easy enough to do, although I can't see where any other posters have assumed the OP was female...

moneyistooshorttomention

Implied in posts 5 and 6 - and yep...did see the name on post 1 @ sighs

...and we still dont know actually (though its not relevant anyway).

badger09

OP

I'm pretty sure you're male, and also probably looking to buy in Scotland.

What is the property market like where you are looking to buy? Is it stable, falling, rising etc? How much property of the type you want is available in your preferred area?

If there is plenty around and the market is stable or falling, then you could wait until you have saved a bit more for a contingency fund. If it is rising, then delaying might see you in the same position next year.

You should also know that the property buying & selling process is different in Scotland.

I don't know much about the legal process, but I do know that in Scotland, 'offers over' usually means pretty much that. Whereas in England it could mean 'I'm trying it at this price but I know people will probably offer 5% - 10% below, which is fine by me because that's what I'll do on my next house'.

You could do some research on sold prices in the area to give you an idea of what it might go for.

Good luck

Red-Squirrel_2

moneyistooshorttomention wrote: »

Implied in posts 5 and 6

Uh, what? Where?

keyring1

I am male for all those wondering hahaha

I need to look into house prices in the area if they are going up, down or staying steady, where is the best place to check these sort of stats?

It is in Scotland where I plan to buy, unfortunately the FTB stamp duty has not been removed north of the border either. The area the property is in, wasn’t an area I had considered or thought about buying in (Still looking into the area to check I’d be happy living there)

With regards to saving more, my original sort of plan was to save until April 2019 (turn 25 that month) and then get on to the property, which if sticking to my plan would allow me to have around 60k saved, meaning I could use around half for a deposit, and then half for a safety fund/ some money for items in the house. But with interest rates being so poor, below the rate of inflation, and with mortgage rates going up(I think) I wondered if it would be better to try and get on the property ladder ASAP, and then just save what I can once I have a house


Thanks for all the help so far, have been some really good points and opinions raised :beer::)

ProDave

Narrow it down a bit to what part of Scotland?

Much of Scotland has been in property stagnation since 2009, we have not had the boom that some parts of SE England has. Some parts, notably Edinburgh do now seem to be seeing rising prices.

JoJo1978

https://www.gov.uk/government/publications/uk-house-price-index-scotland-april-2017/uk-house-price-index-scotland-april-2017 Goes to authority level.

Zoopla also allows you to get quite localised sold prices

Happy research!

I'm so glad the "issue" of your gender has been resolved lol!