House deposit help!!!

kirstymichekle1993

Me and my boyfriend want to buy a house in the next year or so, we currently live at home with our parents and pay rent! We both work full time, he is great at saving...I am not! 

Is it realistic to be able to save £7500 in a year or so? I need to get out of my parents house 🙈 Any hints/tips would be greatly appreciated. 

Thrugelmir

kirstymichekle1993 said:

 he is great at saving...I am not! 

The answer is in your own hands. Home ownership comes with it's responsibilities. If there's not already sufficient incentive. Then perhaps you'd be better off renting first. 

MovingForwards

Depends on what your income is and fixed out goings.
If you cut spending on clothes, going out, takeaway, coffee, haircuts, nails, make-up, shoes, accessories then yes £625 per month is possible in 12 months and keeping your focus is getting out your parents and into your own home.

Don't forget you need solicitors fees etc as well as the deposit.

MrMorgan

Some basic maths... £7500 divided into 12 = £625
So £312.50 each per month - depends on what you earn, what you spend and what you pay rent? without this info or a range its hard to answer.. should be achievable thogh! 
Appreciate your frustrations though i KNOW how this feeling is "i need to get out of my parents house" and its HELL - welcome to our generation!
Good luck

eskbanker

kirstymichekle1993 said:

Is it realistic to be able to save £7500 in a year or so? I need to get out of my parents house 🙈 Any hints/tips would be greatly appreciated. 

If you haven't already, open a Lifetime ISA each, and then you only need to save £6,000 and the government will top it up to £7,500 for you (as long as you can wait a year between opening these and buying).

Leah04x

As others have said, it does depend on your income and monthly commitments. 

My advice would be to draw up a spreadsheet to find out how much disposal income you have first. Once you have this figure, make sure you pay yourself (I.e save ‘x’ amount) on payday. Open a lifetime ISA, which gives you a 25% bonus on any money you pay in (max bonus £1k per year). 

Cut back on nights out / takeaways / beauty appointments and anything unnecessary and it’ll soon mount up! 

Good luck 

steampowered

The important thing is to understand what you earn, and where you are spending it. Try tracking all of your spending and doing a budget.

You can still have treats while saving, but you should budget for them, and assess "is it worth it" and "how will that impact my savings goals?"

You don't have to buy straight away. You could rent first. 

Renting your first property has a number of big advantages:

- You start learning about what you and your boyfriend like and don't like in property. That will help you make better choices when you come to buy.
- Renting is more flexible. If you decide you don't like the area; or you want to move into a bigger property; or you want to move to get a better job - it's much easier to do that if you are renting. 
- Renting gives you more time to save a larger deposit, allowing you to afford a larger property and get a cheaper mortgage.
- Renting gives you time to make the most out of first time buyer benefits provided by the government. For example, each year you can put £4,000 into a Lifetime ISA, and the government will add 25% on top when you use that to buy your first property. That's worth £1,000 a year which you can't get after you have bought.
- If you were to break up with the boyfriend, that will be much cheaper and simpler if you are renting than if you have bought together.