Balance after Deposit Payment 11 December 2019 at 9:12AM edited 12 December 2019 at 10:59AM in Mortgage-free wannabe 4 replies 443 views

confusedftb

Hi All,

Got my mortgage approved and towards the exchange I paid all of the deposit.

We save for years and years for a deposit and then it just goes away. For e.g. in my case, I felt financially very vulnerable after paying all the deposit and I am still coming into terms with seeing my account so low. But on a positive note, all the saved money has got me my own house (on a mortgage).

So, I was just wondering if you all would like to share your own stories of how you felt after transferring all the deposit and how did you manage to work things such as buying furniture or any other expenses.

Below is my situation, I suggest we follow the following format:

Deposit paid: £££££
Balance after deposit: ££££

Cannot believe I got the mortgage, but now very vulnerable and thinking, how to get back to £££££ :rotfl:

Thanks all in advance :T

kaycastle

Had the same feeling 2 years ago with a similar amount of money. It was so sad to suddenly see that big number disappear but the way I got through it is to not see it as disappeared but actually in the home because that's the truth.

Also as soon as deposit was paid I started mad saving immediately. Particularly as there can be unexpected repairs and cost to a house in the first couple of months.

Good luck and enjoy having your home

ian1246

Had the exact same feeling 4 & a bit years ago on our first house. Spent the first year popping into the British Heart Foundation frequently looking for 2nd hand furniture at a bargain price - found some fantastic gems! Also hit the main stream retailers in the January Sales (got a lovely set of pine Nest tables for the living room at £25!) looking for other furniture - all of which meant we didn't spend big bucks kitting our house out, yet still made it feel homely.

The one area I did invest in was getting some basic, but good quality, tools, allowing me to do various DIY bits around the house - I was never good at DIY (still aren't!), but as with everything, the more you do, the easier it becomes/the more of a knack you pick up. Between myself, my dad & partner's dad, the only time we ve paid for DIY work to be done was fitting a new boiler (Qualified Gas Engineer) & getting new double-glazed doors fitted (again: which needs to be done by a qualified professional due to building regs). The DIY has probably saved £1000's vs. if we paid tradesmen.

Quidco is worth getting if you haven't already (Free Cashback!). I would also suggest looking at a Natwest Reward Account or Santander Lite to get some cashback on your everyday household bills - adds up to around £10 a month in cashback, which can buy you a nice meal out every few months (or other treat!).

The other thing I did was budget like mad - do a shopping list, shop at Aldi or Lidl and religiously saving a chunk of my pay check every month to build up a emergency fund as quickly as possible.

confusedftb

kaycastle wrote: »

Had the same feeling 2 years ago with a similar amount of money. It was so sad to suddenly see that big number disappear but the way I got through it is to not see it as disappeared but actually in the home because that's the truth.

Also as soon as deposit was paid I started mad saving immediately. Particularly as there can be unexpected repairs and cost to a house in the first couple of months.

Good luck and enjoy having your home

That is what i have started to think and believe that i have got a home for that money, and the value of the home is only going to appreciate. I have always been okay in saving, but now i will save more and i hope there are no unexpected repairs, even if there are, i intend to do them myself.
thank you for your wishes

ian1246 wrote: »

Had the exact same feeling 4 & a bit years ago on our first house. Spent the first year popping into the British Heart Foundation frequently looking for 2nd hand furniture at a bargain price - found some fantastic gems! Also hit the main stream retailers in the January Sales (got a lovely set of pine Nest tables for the living room at £25!) looking for other furniture - all of which meant we didn't spend big bucks kitting our house out, yet still made it feel homely.

The one area I did invest in was getting some basic, but good quality, tools, allowing me to do various DIY bits around the house - I was never good at DIY (still aren't!), but as with everything, the more you do, the easier it becomes/the more of a knack you pick up. Between myself, my dad & partner's dad, the only time we ve paid for DIY work to be done was fitting a new boiler (Qualified Gas Engineer) & getting new double-glazed doors fitted (again: which needs to be done by a qualified professional due to building regs). The DIY has probably saved £1000's vs. if we paid tradesmen.

Quidco is worth getting if you haven't already (Free Cashback!). I would also suggest looking at a Natwest Reward Account or Santander Lite to get some cashback on your everyday household bills - adds up to around £10 a month in cashback, which can buy you a nice meal out every few months (or other treat!).

The other thing I did was budget like mad - do a shopping list, shop at Aldi or Lidl and religiously saving a chunk of my pay check every month to build up a emergency fund as quickly as possible.

i have also been looking at sites where i could get off good furniture from. not in favour of buying expensive new furniture. DIY is the key and i will be doing a lot of DIY.

signed up to topcashback and planning to buy everything using the links.
Next thing is to build an emergency fund of 6-8 months.

Cornish_mum

This was me 15 years ago; when I bought my first flat - horrendous buyer remorse on my first day. It was just awful when I got the keys and walked in (I was single so it was just me buying back then).

That flat went up 10%/ year the when I owned it (in a booming Scottish house market pre 2008 crash). I walked away 50k up after 4 years... I was lucky but I thank my 24 year old self for being brave and prudent (instead of spending the money on nights out and clothes like my friends were doing).