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  • FIRST POST
    • atrixa
    • By atrixa 25th Sep 17, 7:59 PM
    • 49Posts
    • 44Thanks
    atrixa
    Atrixa's First Step to the Property Ladder
    • #1
    • 25th Sep 17, 7:59 PM
    Atrixa's First Step to the Property Ladder 25th Sep 17 at 7:59 PM
    Hello everyone! I'm 26 years old and currently renting a 1 bed flat in the North East of England. Due to not having a great income, I always thought I'd be renting forever but luckily, the North East has some of the most affordable (If you can call anything over 50k "affordable") properties in the country that aren't complete hovels. I've decided that I'll attempt to be buying my own home by the age of 30.

    After doing a bit of long term financial planning, I'll need to be rent and mortgage free by retirement to be able to retire at all with my company's not-so-great pension, and who knows where SPA will be by then? Better to start now and not fritter my money away.

    My current outgoings currently include:
    A credit card with a balance of 57 and some change. It was a few hundred quid, but I've been working at it for the past few months and I'll have this paid off on payday. I'll try not to touch it ever again.
    A Hitachi Finance loan. It's interest free at just over 2000. I've made 8 out of 15 payments of 129.
    A Barclays Partner Finance loan. Also interest free. It's 16.60 per month for 30 months and I started paying in March, I think.
    Student loans. These only ever get paid when my overtime tips me over the repayment threshold and it's not much.

    I'm not too concerned about the debt at the moment. I can make the minimums easily and none of them are accruing interest. I'd much rather put money in savings where it can earn me interest instead.

    So, my goals:

    1) Save 500 for a starter emergency fund.
    2) Save into a Help to Buy ISA once Hitachi Finance paid off. I need approx 5,650 saved to get 25% bonus for 70,000 house. (around a 10% deposit)
    3) Save into a high interest savings account for other mortgage/home costs (fees, decorating, removal etc.) I reckon around 3,500 should do it. I had a look at the article on here and that should account for all the basic costs.

    I've worked out that based on my current income, which will hopefully increase soon, it'll take 3-4 years to get the money together. Looking at the figures people in other parts of the country are quoting, I'm thinking myself lucky. Hopefully somewhere in there I'll be able to knock my pension contributions up to at least 10% (currently at 6%) and I'll be on my way to a secure future.

    Wish me luck!
    I work in Pensions and I'm currently saving for my first house deposit
Page 3
    • atrixa
    • By atrixa 6th May 18, 11:23 AM
    • 49 Posts
    • 44 Thanks
    atrixa
    Passport interview was fine. I went on the bus to save a few quid as I don't have a railcard anymore. Took ages but I made a running playlist on my phone. I've decided I'm going to do couch to 5k. I was going to order some new walking shoes next month as my current ones are leaking water in, so I've just ordered some running shoes instead along with a few accessories.

    I've put on a bit of weight recently and I haven't done any exercise other than walking in ages, so I was thinking of joining a gym, but taking up running will be cheaper overall.
    I work in Pensions and I'm currently saving for my first house deposit
    • savingwannabe
    • By savingwannabe 6th May 18, 11:33 AM
    • 13,292 Posts
    • 46,809 Thanks
    savingwannabe
    Well done that is great. Running is great to release endorphins. I used to years ago. Now I'm just a lump. I hope you can enjoy the nice weather.
    Chiistmas Fund 80 (Dec 1st 2018)
    Reminder: I HAVE EVERYTHING I COULD WANT so SAVE!!!!
    • atrixa
    • By atrixa 10th May 18, 6:03 PM
    • 49 Posts
    • 44 Thanks
    atrixa
    I did, thanks! It's cooled down a bit now but it's still sunny. I did my first run on Tues morning and now I can't sit down or stand up without making noises. So sore... My passport arrived fine, so that's one less thing to worry about I also have an interview next week for an internal job, so fingers crossed!
    I work in Pensions and I'm currently saving for my first house deposit
    • Skint yet Again
    • By Skint yet Again 14th May 18, 8:51 PM
    • 3,184 Posts
    • 18,773 Thanks
    Skint yet Again
    Good luck for the interview next week. Is it more money ?
    Balance 0% credit card to pay 768.73. 600 649.37
    • savingwannabe
    • By savingwannabe 15th May 18, 7:28 PM
    • 13,292 Posts
    • 46,809 Thanks
    savingwannabe
    I can barely walk in this weather and you are running. You deserve a medal. Good luck with job interview.
    Chiistmas Fund 80 (Dec 1st 2018)
    Reminder: I HAVE EVERYTHING I COULD WANT so SAVE!!!!
    • atrixa
    • By atrixa 15th May 18, 9:08 PM
    • 49 Posts
    • 44 Thanks
    atrixa
    Good luck for the interview next week. Is it more money ?
    Originally posted by Skint yet Again
    Thanks all Not sure about money yet- they seem to be allergic to posting salaries where I work, but I've asked for just over 10% more.
    I work in Pensions and I'm currently saving for my first house deposit
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