The 'We're saving for a deposit' thread

lostinrates

purplevamp wrote: »

. I think if we went to get a mortgage with a £15-20K deposit they'd laugh us out of the bank!

What is everyone wanting? We need a 4-bed house. :rolleyes:

The bigger deposit one can sve the better: but as you say: our aims will all be dfferent. The fact people are saving nything rther then expection a 100% (or more) mortgage has go to be better for us as individuals and as a society. Well done us, eh?

We'll be not just buying a home, we'll be buying a business. We are after an agricultural property. In fact, our perference would be to buy land for our business and build what we really want. Whether planners will share our vision worries me a lot though. We're quite hardy and prepared to live in a portacabin or something while we get the business up and running (DH will still rent/ lodge in London for work, so his suits etc will be clean and crumple free.):o

However, we have alternative plans. I the economy doesn't improve we are concerned that this might not be our future. We can afford a better standard of living with just income from DH's job in some other countries that are happy to have us and DH has been contcted by some overseas offices in advance to let him know they'd be interested when his contract finishes here. We are both in England by choice, being Anglophiles and British passport holders, but DH nd I both have ''complicated'' nationality and could live elsewhere in EU with no/limited klanguage barrier, and beyond as we are eligable for other places. We want to stay in UK more than anything: because we have a lot of animals leaving UK, particularly leaving EU, is a massive undertaking and its likely we wouldn't want the hassle of quarantine etc to reenter from furher afield. We have a March deadling: D's contract is up then, if we have found in UK before we settle here, if not we look again at our options.

EagerLearner

pavlovs_dog wrote: »

I've constantly got one eye on rightmove. OH has dubbed it 'that property !!!!!! site'

we have a respectable amount together (deposit, furniture and decorating fund, fee fund and 6 months wages as an emergency fund). I'm due to finish my teacher training course in 3 weeks which will lead to a HUGE jump in our income. However until i'm in a permanent job and can show 3 months worth of pay slips we don't stand a snowball's chance in hell of getting a mortgage. There are properties out there that we like that would give us a LTV of 90% or less, which we could add some value to by bringing up to 21st century standards over time. However without that mortgage, it won't happen.

our options at present are

1) to ask the in laws if they'd loan us the money so that we could purchase as cash buyers, and then pay them back by means of a remortgage once i'd been in my job for 3 months. They've indicated in the past that this is something they'd do for us as they did the same for OH's brother. This would enable us to start looking at properties seriously as soon as I found a job (which will hopefully happen this side of July).

2) move out of in laws and rent privately for 6-12 months to give us the experience of living alone, together. OH is really not keen on this idea as he sees it as a waste of money. We'd still be able to save several £k over the year which would go towards our wedding or renovating the house.

it's so hard to know what to do for the best. What makes it worse for me is that I am life's definition of a list person, but I can't make any kind of plans until I get a job and know where I will be teaching!

I know what you mean - we look at rightmove alot as well... and in terms of being a 'list person' - I'm the same as you! :j Also like to plan ahead alot and have started adding more to the emergency fund we have in place, not to be touched for deposit etc, which itself is building up each month.

I guess your inlaws may loan you the money if you can pay them more than the banks would, plus I am sure they'd like to know they're helping you do something good with the cash.
On the rental side I can see what your OH means about 'wasted' rent but at the same time, if you have never lived together, it could be a worthwhile experience, before going straight into a mortgage?

I also agree with MrDT and all here that the more deposit the better. We have agreed a reduction in rent but we're in a small 1 bed flat and I feel I may go mad if we are there for much longer. Feels as if our life won't 'start' until we have a decent sized flat to call our own.
In the interim, we have a 2nd viewing booked on one we like, if we can get a price that 'fits' it could be worth it... means the rent will be going to us rather than a landlord at least and we know we'd settle there for at least 3-5 years.

pavlovs_dog

head_in_clouds wrote: »

I know its tempting to get out there on your own and experience living together but to be honest you might be better off staying where you are and saving the money for the future or a bigger deposit?!

we've been with them for almost 5 years now so I think we would both benefit from having our own space. it's just a question of whether we pay a mortgage or rent on that space :think:

Orlando_Virgin

We're just saving for 10% + fees for our first house. We're totally different to most on here as we live in the North West, Lancs area so we're looking in the 125k-130k bracket which is realistically a nice terraced house in a decent area or a decent semi in a not so nice area!! Can't really win!!

We've both had enough of living with the rents though so we don't really have time to save for anymore than 10 plus fees.

I thought the saving would be the easy part though, now we're nearly there and starting to look I've really realised that finding the right house for both of you is easier said than done!! Why is there always something wrong with each house?!

Orlando_Virgin

pavlovs_dog wrote: »

we've been with them for almost 5 years now so I think we would both benefit from having our own space. it's just a question of whether we pay a mortgage or rent on that space :think:

I'm in the exact same boat, I'd love to wait that bit longer and get a good sized deposit down but I wanna get out and my parents want me out, in a nice way!

In hindsight I'd have started saving at a younger age as I'm 25 as it is but too much partying leaves this predicament! Never mind, better late than never.

lostinrates

pavlovs_dog wrote: »

we've been with them for almost 5 years now so I think we would both benefit from having our own space. it's just a question of whether we pay a mortgage or rent on that space :think:

wow.....thats pretty impressive of you all! I've been at home for, gulp, two years in all (though admitedly first year I was away quite a lot) and my parents are away a lot, and dh is only here weekends, but even so, its tough sometimes It sems to me its equally tough on us all but my parents have asked us to look out for something we can make into a granny annexe, so they obviously don't hate the situation, rofl.

pavlovs_dog

lostinrates wrote: »

wow.....thats pretty impressive of you all! I've been at home for, gulp, two years in all (though admitedly first year I was away quite a lot) and my parents are away a lot, and dh is only here weekends, but even so, its tough sometimes It sems to me its equally tough on us all but my parents have asked us to look out for something we can make into a granny annexe, so they obviously don't hate the situation, rofl.

lol, the in laws are considering moving themselves in the next two years and have also joked about getting us a granny annexe! I guess we can't be that awful to live with

[Deleted User]

Pay day for me!! :j:j:j

Another £406 into my savings fund and nearly at the £2000 mark saved.

JimLad

Palema wrote: »

Pay day for me!! :j:j:j

Another £406 into my savings fund and nearly at the £2000 mark saved.

Woo, thats a great acheivement!

butterfly72

EagerLearner wrote: »

Also like to plan ahead alot and have started adding more to the emergency fund we have in place, not to be touched for deposit etc, which itself is building up each month.

We have also reached our deposit target and are now adding to the 'moving costs' fund which is at 7K (target 15K) and the emergency fund. I guess once we feel this is adequate we can start putting into the deposit again. Or maybe a really expensive holiday would be nice!!

I do keep an eye on the property pages but we want to move up north and until that chance comes I'm not spending too much energy on searching for properties... I always see one I really like and get disappointed that we can't move in now! However, on the otherhand, I think prices have a bit further to fall so our timings might work out ok. I'll like to say we'd be up north by the middle of next year at the latest.