The 'We're saving for a deposit' thread

[Deleted User]

I think a lot of people have been in despair with prices rising faster than they can save. Prices are falling now, but a lot of people are still looking at many more years of saving that they didn't expect.

nat21luv

This is me too. We were hoping to buy 2 years ago but prices rose and we were left with undesirable areas to chose from with our budget. Our rent was cheaper than a mortgage (still is by around £500pm like for like) 
So now we will have £80-90k for a deposit on a £300-350k house and still unable to buy until next April at the earliest. 

MissNinja

Same here, I've never had so much money and yet it's still not enough. Prices aren't really coming down, nor are mortgage rates. It's like an unwinnable race if you don't have parents to help with deposit.

PoppyVale

Am glad this thread is still alive. We have been saving for as long as I can remember. We were lucky to open our lifetime Isa before we turned 40. Planned to buy last year but with the way things are with rates etc, no chance. We were issued a section 21 and just got lucky finding a new rental. Will keep saving as we are hoping to buy next year. 

Sarah1Mitty2

nat21luv said:

This is me too. We were hoping to buy 2 years ago but prices rose and we were left with undesirable areas to chose from with our budget. Our rent was cheaper than a mortgage (still is by around £500pm like for like) 
So now we will have £80-90k for a deposit on a £300-350k house and still unable to buy until next April at the earliest. 

Good to hear, I am tired of posters saying that mortgage is always cheaper than rent, just not true in many cases.

[Deleted User]

Found one that was very small but might be workable if we put a decent shed in the garden.

Went to see it today and access to the garden is only via the second "bedroom". So really it's a one bedroom flat, because that room is totally unsuitable to sleep in.

Everything we can afford is a sick joke.

JacJac1

I had my 10% deposit saved a couple of years ago, but then the pandemic hit and with so much uncertainty in the world I put my buying plans on hold. I do want to buy at some point, and my family nags me about renting and 'paying someone elses mortgage' but to be honest I'm fine with that. I rent from a big company who are very efficient in maintaining and fixing things, and my rent is just over a quarter of my income. A mortgage is going to be considerably more expensive, and more stressful. But I'm in my mid-forties and am running out of time. Decisons decisions!

Sarah1Mitty2

JacJac1 said:

I had my 10% deposit saved a couple of years ago, but then the pandemic hit and with so much uncertainty in the world I put my buying plans on hold. I do want to buy at some point, and my family nags me about renting and 'paying someone elses mortgage' but to be honest I'm fine with that. I rent from a big company who are very efficient in maintaining and fixing things, and my rent is just over a quarter of my income. A mortgage is going to be considerably more expensive, and more stressful. But I'm in my mid-forties and am running out of time. Decisons decisions!

Yes, having the repairs done efficiently and quickly with the cheap rent is a bonus, I know a couple of people who are having to put off repairs now because their mortgage has gone up.

Sarah1Mitty2

MissNinja said:

Same here, I've never had so much money and yet it's still not enough. Prices aren't really coming down, nor are mortgage rates. It's like an unwinnable race if you don't have parents to help with deposit.

I think mortgage rates may have dipped slightly recently.

[Deleted User]

JacJac1 said:

I had my 10% deposit saved a couple of years ago, but then the pandemic hit and with so much uncertainty in the world I put my buying plans on hold. I do want to buy at some point, and my family nags me about renting and 'paying someone elses mortgage' but to be honest I'm fine with that. I rent from a big company who are very efficient in maintaining and fixing things, and my rent is just over a quarter of my income. A mortgage is going to be considerably more expensive, and more stressful. But I'm in my mid-forties and am running out of time. Decisons decisions!

The worry is that you reach retirement and are basically stuck because moving would mean a much higher, unaffordable rent. The government keeps talking about ending no-fault evictions, but if it ever happens it can always be undone.

I'm in a similar position, but with disability on top. Insane house prices rises mean that every time we get close, things seem to slip from our grasp. Now prices are falling a bit but mortgage rates are still relatively high. Ridiculous prices were just about achievable when rates were low.

Wondering if we can emigrate to a better country, but that's not exactly easy, especially with health issues and post-brexit.