Move back in with parents to save deposit??

I was wondering if anybody has sucessfully moved back into their parents home with their wife/kids to save for a deposit??

How much did you save how quickly- we're paying £900pcm and after bills etc are barely able to save £200 per month on our low wages (£35000 a year between us)

Any experiences would be welcome positive or negative!!!!
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Replies

  • Dave_HamDave_Ham Forumite
    6K Posts
    Tenth Anniversary Combo Breaker
    When we bought our most recent home, it needed a couple of weeks work before I wanted to move my family in but the way the chain was and because I had a tenant for our current home we moved in with my OH parents..

    It was supposed to be 2 weeks, but given the work we were having done both planned and many unplanned it took 8 weeks with no thanks to Grand Designs, Renovation Man and all those TV shows..

    So cant really compare from a savings perspective as not our motivation, but we did eat out a load more to get some private time away from her folks, had a weekend away (same reasons) and generally paid when we all went out as felt bad staying there and putting them out...

    From a professional point of view, use the time wisely checking and double checking your credit files and making sure you are super marketable to the banks when you are ready and saved up to move out.

    All the best

    Additionally I lost ownership of the remote control - biggie!!
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • pmlindyloopmlindyloo Forumite
    13K Posts
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    I was wondering if anybody has sucessfully moved back into their parents home with their wife/kids to save for a deposit??

    How much did you save how quickly- we're paying £900pcm and after bills etc are barely able to save £200 per month on our low wages (£35000 a year between us)

    Any experiences would be welcome positive or negative!!!!


    I'm sorry but I had to have a quiet giggle about your use of the words 'low wages'.

    Living back with parents with children would not be my idea of fun unless they owned a really large house and you wouldn't be in each other's way.

    I suggest you go over to the DebtFreeWannabe forum and post up your SOA so the good people there can help you budget and save for your future.
  • Dave_Ham wrote: »

    Additionally I lost ownership of the remote control - biggie!!

    thats a deal breaker lol! On a serious note thanks for the advice about making sure credit is clean etc- we just feel by the time we have a serious enough deposit saved whilst living private rented, we'd have to save £200 for over 10 years before we would have a deposit worth approaching a bank with!

    Whereas a few years at my folks could see us saving the same amount in a fraction of the time- seems too good to be true (apart from living with my folks lol)
  • edited 15 March 2012 at 5:30PM
    CKhalvashiCKhalvashi Forumite
    11.2K Posts
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    edited 15 March 2012 at 5:30PM
    There may be some help available for you through your district council (borough council in London), I know that we’re running through Lloyds TSB.

    If you’re paying the equivalent of bills + leftover (say £400/mth) in rent, you’re looking at being able to put £750+ each month into savings. This will have you looking (again, in our area) at saving £750 for 10 months to have enough to buy on this scheme, provided you have a decent credit rating.

    I was one of the consultants on our scheme, and I know it’s going to be a nationwide thing, however another bit of advice is to move now, as we’re one of the pilots (meaning that it’s going elsewhere soon). Places are going reasonably quickly in EH.

    Here’s the post if you’re interested.

    CK
    💙💛 💔

    I can spell, my iPad can't.
  • pmlindyloo wrote: »
    I'm sorry but I had to have a quiet giggle about your use of the words 'low wages'.

    Living back with parents with children would not be my idea of fun unless they owned a really large house and you wouldn't be in each other's way.

    I suggest you go over to the DebtFreeWannabe forum and post up your SOA so the good people there can help you budget and save for your future.

    thanks for the advice- problem is we don't have any debts its just rent/c tax/gas/water/elec/phone/broadband and food! My mrs is also learning to drive so thats another expense but we feel moving could speed things up to a level simply unachievable when youre in private renting.

    Small example is not being allowed to replace the gas and electricity pre-payment metres due to the landlords request hence paying through the nose!

    I'm sure this is'nt the perfect solutuon hence why I'm looking for inspiration from others who have done this and suceeded :)
  • pmlindyloopmlindyloo Forumite
    13K Posts
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    The debt free board isn't just about debt though.

    It's about maximising your income and containing your expenditure. If you don't want to visit the forum you could just spend some time reading up on the articles by Martin about gas/electricit/phone/ etc and look at the forums re: frugal living.

    You might also like to think about posting on the Housing/Selling/Renting forum about your meter problem.

    Honestly, I don't get any brownie points for recommending this website and its contents (smiley face), just have used this site a lot when I had to make substantial savings because of loss of income. It was a godsend and changed my entire way of thinking.

    Well done for not having any debts.
  • I was wondering if anybody has sucessfully moved back into their parents home with their wife/kids to save for a deposit??

    How much did you save how quickly- we're paying £900pcm and after bills etc are barely able to save £200 per month on our low wages (£35000 a year between us)

    Any experiences would be welcome positive or negative!!!!


    Excuse me?

    £35kpa between you and unable to save more than £200/month??

    Give me strength...
  • pmlindyloo wrote: »
    The debt free board isn't just about debt though.

    It's about maximising your income and containing your expenditure. If you don't want to visit the forum you could just spend some time reading up on the articles by Martin about gas/electricit/phone/ etc and look at the forums re: frugal living.

    You might also like to think about posting on the Housing/Selling/Renting forum about your meter problem.

    Honestly, I don't get any brownie points for recommending this website and its contents (smiley face), just have used this site a lot when I had to make substantial savings because of loss of income. It was a godsend and changed my entire way of thinking.

    Well done for not having any debts.

    Thanks for the advice- it looks like I have a lot to take in but it will be worth it!
    Excuse me?

    £35kpa between you and unable to save more than £200/month??

    Give me strength...

    I get the feeling we're doing something very wrong......:D
  • jules888jules888 Forumite
    542 Posts
    Thanks for the advice- it looks like I have a lot to take in but it will be worth it!



    I get the feeling we're doing something very wrong......:D

    Think you must be overspending !
  • IdiophreakIdiophreak Forumite
    12K Posts
    I get the feeling we're doing something very wrong......:D

    I doubt you're doing anything *very* wrong. The holier-than-thou brigade will assure you you should be able to save £1000/month on that wage...but they're a way off. May be worth posting an SOA on the DFW board, though, and having them pick over your spending and see if they can identify areas to cut back.
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