Saving to Buy 2020

Djamilla_Puckio

Hi my name is Djamy and I'm on the process to save money 💵 to buy a house nex year (2020). I'm so anxious and excited for it. I would like to know if is anyone else saving up to buy a house next year, any tips for saving? Anyone else anxious about it? We would like to save about 25 000 and find in West midlands a semi detached house. And we would probably ask for home improvement loan to do a nwe kitchen and bathroom anyone nows anything about home owner improvement loan, is it easy for banks to accept?
Anyone who had a Home improvement loan can advice me please, is it easy to get?

G_M

Can I suggest you change your username?


Assuming that's your real name of course.


Anon is the way to go on the forum.

Davesnave

Djamilla_Puckio wrote: »

Anyone who had a Home improvement loan can advice me please, is it easy to get?

We obtained a loan from our bank/ building society for home improvement.

Getting the loan was easy and involved no more than applying over the internet for it, but that doesn't mean it would be easy for everyone. In our case, the bank has access to a long history of our accounts, spending patterns and credit rating, so they know how likely we are to repay the money without problems.

For some people without a clean credit history, getting a loan would be harder, or it would come with a higher interest rate than 3%. It might even be impossible, especially if commitments were high after buying a house.

It's not always necessary to replace a kitchen and bathroom in many first houses. They might not be exactly what you'd choose, but saddling yourself with more debt when starting out as home-owner isn't sensible.

You might be under the impression that if you buy a house in poor condition and improve it, that will cost less than buying an up-together house straight away, but unless you have special skills in building, or can call upon those who have, that's rarely the case.

AdrianC

Djamilla_Puckio wrote: »

Hi my name is Djamy and I'm on the process to save money 💵 to buy a house nex year (2020). I'm so anxious and excited for it. I would like to know if is anyone else saving up to buy a house next year, any tips for saving? Anyone else anxious about it? We would like to save about 25 000 and find in West midlands a semi detached house. And we would probably ask for home improvement loan to do a nwe kitchen and bathroom anyone nows anything about home owner improvement loan, is it easy for banks to accept?
Anyone who had a Home improvement loan can advice me please, is it easy to get?

Honestly, you're far better borrowing a bit more on the mortgage and retaining some of your savings for the work needed.

What sort of price do you think you're going to have to pay for the property you want in the area you want? That'll tell you what you're going to need to borrow, and whether a higher LtV mortgage is going to be possible.

If you're up against your mortgage affordability, I doubt a loan on top would be particularly straightforward.

The house does not have to be perfect immediately you move in.

george4064

Welcome to the forum Djamy!

1. As others suggest, change your username if its your real name.

2. Best place to get ideas and inspiration around saving for a deposit is this dedicated thread on exactly that! Link: https://forums.moneysavingexpert.com/discussion/789675/the-were-saving-for-a-deposit-thread