The 'We're saving for a deposit' thread

ferox666

rictus123 wrote: »

Where about in Scotland?

Will be buying in outer Glasgow

rictus123

£88k is plenty for there...im north of Aberdeen, looking at more £150k....

rictus123

How much deposit, fees, "living costs" for 2, ememrgency fund and income will i need for a £150k house...

Vixstar

Rictus Deposit depends on your mortgage but probably 20-25% of the price - around 35k.
Stamp duty will be 1% of the asking price - £1500
Not sure about fees but I'd guess just under £2k taking into account sols, mortgage fees and valuation.
Income - you'd be best talking to a mortgage expert, the only figures i have are possibly a bit skewed as I've been with the company a while and have a safe job, the multiple of your income they'll give you depends on the deposit you have.
And I have no idea on the living costs as again mine are skewed, so i don't even know my own realistically.

rictus123

Well thats £40k there. So at least £20k just for my share. Cant see gf raising £20k(Shes got about £6k but low paid job) Her dad will probs help her out though, he helped out her sister, hes pretty well off. Dont think it would be more than £10k though. Iv got a long way to go yet then! Might even end up buying on my own(i pay deposit) and gf can give me rent if she wants to live with me lol. Then maybe change it if we ever get married. So i need to save £40k! £8k a year for 5 years seems really do able if i can get by living at home on £6k a year....5 years time il be 23 going on 24! Long time but if i act now i can make things happen! House price £150k now, wonder what itl be by the time i buy?! Il be on this thread for years to come then.

Dinah93

Today we find out if we've been approved for the morgage for our house. We've managed a £23,400 deposit (15%) for a purchase at £156,000. We've applied for a AIP with A & L on their FTB rate which is about 5.79% I think it was, no fees, and means paying £833 a month fixed for 4 years. I'm very nervous as my fiance only moved to England from Ireland just over a year ago, so he has no credit history in the country and our IFA has raised a concern that he'll be refused a morgage on the grounds of having no credit history, so lets see.

Squish_21

rictus123 wrote: »

How much deposit, fees, "living costs" for 2, ememrgency fund and income will i need for a £150k house...

Minimum of 10% deposit (Nationwide do 90% mortgages), generally higher the deposit better the interest rate.

[FONT=&quot]Moving Costs:[/FONT]
[FONT=&quot][/FONT] [FONT=&quot]Mortgage arrangement fee = Free - upto £1000[/FONT]
[FONT=&quot]Valuation fee & Survey = £500[/FONT]
[FONT=&quot]Solicitor = £1,000 approx[/FONT]
[FONT=&quot][/FONT][FONT=&quot]Stamp duty[/FONT] = 1% of purchase price.

It depends what emergency fund you feel comfortable with and how safe your jobs are. Some people aim for 3-6months living costs.

Vixstar

However the amount of money any lender will give you depends on what you earn and the multiple of your earning they'll offer you - think its around 3x your wage now.. So unless you're earning around £40000 a year its unlikely you'll get a 90% mortgae for a £150k place

black_taxi_2

is it ever possible to save at a quicker rate than house price inflation?

rictus123

Vixstar wrote: »

However the amount of money any lender will give you depends on what you earn and the multiple of your earning they'll offer you - think its around 3x your wage now.. So unless you're earning around £40000 a year its unlikely you'll get a 90% mortgae for a £150k place

Well if we end up getting a £150k place i think we will have a £30k deposit at least. Emergency fund will be at least 6 months living expenses id think.