Using all of savings for house deposit

keyring1

It’s West Lothian I want to buy in ideally, as that’s where I currently stay, and like the area along with being close to both Edinburgh and Glasgow, along with all family being local
With the stagnation playing a part, I assume that would mean unless a sudden boom happens out with Edinburgh, I could save for a few more months without prices going up much if at all?

Thanks for the link jojo, yeah the gender issue was getting as much response as the deposit question:rotfl::rotfl:

moneyistooshorttomention

Don't worry - some of us have made different mistakes.

Being 2017 - I won't go into detail on that one just in case.....

Red-Squirrel_2

keyring1 wrote: »

Thanks for the link jojo, yeah the gender issue was getting as much response as the deposit question:rotfl::rotfl:

Sorry OP, was just a bit annoyed at the suggestion that I assumed you were male because you like cars! :rotfl:

keyring1

:rotfl::rotfl: no harm done hahaha

juniordoc

Yeah interest rates will only go up from here and yet savings rates are still cr*p.
Also you have no idea how long the purchase process takes until you've been through it, you have to see it to believe it!
Have you got a viewing booked for this perfect house?

keyring1

That was another thought in my mind, if the whole buying process took a month or two, then that could be another few thousand saved before I start paying the mortgage

I have a viewing booked for Saturday morning

Slithery

Average process is 12 weeks in the UK, not sure about Scotland though I believe it's slightly quicker.

zagubov

You should have a couple of months while you could save some money. I'd say go for it.

As regards the suggestions that you take a lodger, you might want to check if your absence from the house for work offshore might make him more like a tenant, putting more duties and responsbilities on you that you might like. Maybe there's no risk of that, but check anyway.

keyring1

Knowing that I'd be able to save up a bit more while the process goes through, makes me feel a bit better about using all my savings if I do go for it...

I'm still unsure if I'd like a lodger living with me, but it's certainly something to look into

I can only see how the viewing goes and take it from there, I might decide the house isn't for me, although I do like what I've seen from the photos, but the house could be 100 times different in real life