The 'We're saving for a deposit' thread

rictus123

VickyA wrote: »

No upper or lower age limit. At the moment, the better rates of interest kick in for a mortgage at about 25% deposit - so you'd be looking at £30k - plus fees, of course!

Alright brilliant:D Well thats easier said than done lol im determinded to do it though and be a success. Saver Rob are you the second youngest on this thread then at 22? With my OH 30k shouldnt be too hard over the next 4 or 5 years. If i was buying myself however id be happy and fall in love with the idea of just having my own place so id be looking at a price of(right now)around 70-80k for a 2 bed flat.

Can i get a advice from someone for getting a flat for 80k, How much of a deposit, fees and how much my payments would be. If i did get a 2 bed, id probs lease out the other room to help with payments.

slowlyfading

I'm 22 as well

JimLad

rictus123 wrote: »

Alright brilliant:D Well thats easier said than done lol im determinded to do it though and be a success. Saver Rob are you the second youngest on this thread then at 22? With my OH 30k shouldnt be too hard over the next 4 or 5 years. If i was buying myself however id be happy and fall in love with the idea of just having my own place so id be looking at a price of(right now)around 70-80k for a 2 bed flat.

Can i get a advice from someone for getting a flat for 80k, How much of a deposit, fees and how much my payments would be. If i did get a 2 bed, id probs lease out the other room to help with payments.

Im 22 as well.

For an 80k house i would advise a deposit of about 20k to get the best rates I shud imagine monthly payments wud be around £400 to £450? No idea about fee's. Maybe a couple of grand? you can add them to the mortgage though

Remember with a flat though you have the extra cost of maintenance/ground rent, that could be around £100 per month

Nichelette

I'm another 22 year old, though I've just finished uni which has obviously impacted upon my ability to save. I'm only at £2,500 at the moment, but am also trying trying to pay off student debt so when that is gone my total will be a bit healthier. I wish I was as sensible as you at 17 Rictus, to be fair I was a saver til I went to uni but then it all went wrong lol. Anyway, good luck .

JimLad

Nichelette wrote: »

I'm another 22 year old, though I've just finished uni which has obviously impacted upon my ability to save. I'm only at £2,500 at the moment, but am also trying trying to pay off student debt so when that is gone my total will be a bit healthier. I wish I was as sensible as you at 17 Rictus, to be fair I was a saver til I went to uni but then it all went wrong lol. Anyway, good luck .

Is that just none student loan debt you are clearing? Like overdrafts / cards? Because it really is not a good idea to pay off a normal student loan any faster than you need to. The interest is only 1.5%

losthour

I'm 24. Have saved up £4100 in my ISA and my parents have chipped in £6750 so far which come to £10850.

Probably looking at 3 bedroom £130-140k properties in Bristol with 15% deposit so need a bit more yet!

Can only afford to put £200 aside each month so might be a few months yet even if parents help again!

Nichelette

Yep, I'm just clearing overdrafts at the moment whilst still at 0%. I don't plan on paying more of the loan back than I have to

slowlyfading

losthour, I can't save too much either at the moment, but anything is better than nothing!

GrammarGirl

Hello there! My OH and I have just decided we need to get serious about this deposit malarky, so I'm joining this thread!

We currently have zero in savings and a small amount of debt between us. Not great! We're both 23 though, so plenty of time to get saving. We also have quite a bit of money set aside for us from my OH's parents, which will be a big help.

At the moment we're living apart (him with parents, me renting) but are planning to rent together in two months. I'm sure lots of you are paying out for rent as well as saving - how do you find it? Rent is necessary for us but I can see us beginning to resent the fact that we're paying out £500+ in rent every month when we could be saving that amount!

Bone_Idle

I'm an ancient 29! I spent the first 6 years after I graduated living in London, so never even bothered to look at how much flats/houses were to buy, as I knew I'd never afford them!

Our deposit is still growing very slowly, should be a bit of a jump up in the next week or two when the interest gets paid from last year - won't be as much as it might have been, of course! We're viewing a house for the second time on Saturday, mulling over whether to put in an offer.