J da Silva
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Registered: 10th Apr 03
Location: The FACTory
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quote:
Originally posted by Ojc
Ok 90% I can deal with but house prices won't come down will they?
Who honestly can save £20,000 as a deposit and another £5k for fees and still lead a fairly decent lifestyle?
I'm not a good saver at the best of time and when I look at the savings pot and know my goal is 20k and it seems to never get any closer I just feel that to save that amount of money is unrealistic in this day and age.
If a 90% mortgage is avaliable that is more realistic but these seem to still be very few and fair between.
I'm looking at rental property and I see the houses in areas I would like to live, the houses we could afford to buy are in areas that we wouldn't be happy with living in and have off road parking and are generally SHIT.
Depends how good you are with money, what job you have and what you demand from your hobbies and interests.
I won't use me and my house as an example, as I get enough criticism as it is but a friend of mine saved for two years whilst living the same way as he always has, he had his 15% deposit for his £105,500 3 bedroom town house on a new building site, he is a weekend drinker and usually puts a gallon down his neck every friday/saturday, he is a joiner/shopfitter on £24k a year.
[Edited on 06-10-2009 by J da Silva]
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Colin
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Registered: 4th Apr 02
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To give you an idea when I bought my 1st flat it was a small rundown 1 bed with a garden like a field, no garage, no off street parking. I had to sell my car as it had pound coins dropping out the exhaust (not literally) & get something smaller.
It was deffo worth it though, I wouldnt have it any other way.
No one I know has walked into a nice big house with drive/garage as a 1st time buy, unless in a 50k+ a year job, which isnt many.
Its down to what you want most I guess, if renting makes it look ike your getting more for less then go for it. I just dont see it as a long term plan. The only people I know who rent are students & short term contract workers in the local industry that move from job to job.
To me thats what renting is all about, maybe its because im british 
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Sam
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Registered: 24th Dec 99
Location: West Midlands
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We rent at the moment, for us saving up to get married is a more achievable/realistic goal than saving up £20k or so for a house deposit!
We looked into those shared equity things as well but IMO that's probably worse than renting.
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Colin
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Registered: 4th Apr 02
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quote:
Originally posted by J da Silva
quote:
Originally posted by Ojc
Ok 90% I can deal with but house prices won't come down will they?
Who honestly can save £20,000 as a deposit and another £5k for fees and still lead a fairly decent lifestyle?
I'm not a good saver at the best of time and when I look at the savings pot and know my goal is 20k and it seems to never get any closer I just feel that to save that amount of money is unrealistic in this day and age.
If a 90% mortgage is avaliable that is more realistic but these seem to still be very few and fair between.
I'm looking at rental property and I see the houses in areas I would like to live, the houses we could afford to buy are in areas that we wouldn't be happy with living in and have off road parking and are generally SHIT.
Depends how good you are with money, what job you have and what you demand from your hobbies and interests.
I won't use me and my house as an example, as I get enough criticism as it is but a friend of mine saved for two years whilst living the same way as he always has, he had his 15% deposit for his £105,500 3 bedroom town house on a new building site, he is a weekend drinker and usually puts a gallon down his neck every friday/saturday, he is a joiner/shopfitter on £24k a year.
[Edited on 06-10-2009 by J da Silva]
Exactly....it is possible!!
Jade & I are saving up £1500 a month just now to put towards our new place when we move in, We have several months without paying mortgage/council tax/bills until our new place is built, we have no social life & dont eat out very often any more also
A mans home is his castle though so im very committed to doing it this way.
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Cavey
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Registered: 11th Nov 02
Location: Derby
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We were renting, but with the econimical downturn etc, we decided that we could afford to get on the housing ladder now, and buy a house.
Found a homebuy direct scheme, meaning if we wanted we could of bought with no deposit, but fortunately my parents, and my gf's gran have given us a fair chunk of money, (17k) towards a deposit and getting the house setup for us.
We considered renting dead money, why spend £500 a month to pay someone elses mortgage, when for £580ish we could be owning our own place?
With parents lending us money, we're very lucky, but in 30 odd years when we've got kids of our own etc, we'll do the same with them, and the circle will continue etc...
We're walking into a 190k house, which we're paying £133k towards as our first time buying thanks to the homebuy scheme, which is maybe keeping prices higher than they should, but it's the only way we could get on the ladder at the moment, and we'll be set for 15-20 years in this property now, a 3 bed, 3 storey house with decent sized garden on a new estate with primary and secondary schools within walking distance.
So you don't NEED a deposit if you can find schemes like we did, it just helps a lot!
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dannymccann
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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
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quote:
Originally posted by Sam
We rent at the moment, for us saving up to get married is a more achievable/realistic goal than saving up £20k or so for a house deposit!
We looked into those shared equity things as well but IMO that's probably worse than renting.
+1
We've been lucky enough to get a genuinely nice landlord/lady team here
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Colin
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Registered: 4th Apr 02
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quote:
Originally posted by Cavey
fortunately my parents, and my gf's gran have given us a fair chunk of money, (17k) towards a deposit and getting the house setup for us.
!
 Jackpot!!!
Thats very kind of them.
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Cavey
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Registered: 11th Nov 02
Location: Derby
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Yeah, it is very kind of them, her gran made a lot of cash from property in the past, and my mum and dad split, made my dad mortgage free, and now my mum's off to South Africa to live, so have helped out a hell of a lot.
Like I said, the way I see it is they're doing this for me now, i'll do this for my kids when I can, so i'll pass on the kindness etc. eventually! Just might take a few decades
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Colin
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Registered: 4th Apr 02
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Wish my parents had this outlook instead there tighter than 2 coats of paint!!
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Colin
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Registered: 4th Apr 02
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Fuckit, all this talk about houses has got me excited!! Im away up to site to see if they've done any more to my gaff. 
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Conway563
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Registered: 7th Jun 06
Location: Yate, Bristol
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quote:
Originally posted by Cavey
So you don't NEED a deposit if you can find schemes like we did, it just helps a lot!
Every scheme I've looked into where it states you don't need a deposit has been bull.
The shared equity schemes which are advertised as needing no deposit you still need 10% of your share to put down
Any more information on the one you're talking about?
[Edited on 06-10-2009 by Conway563]
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J da Silva
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Registered: 10th Apr 03
Location: The FACTory
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quote:
Originally posted by Cavey
Yeah, it is very kind of them, her gran made a lot of cash from property in the past, and my mum and dad split, made my dad mortgage free, and now my mum's off to South Africa to live, so have helped out a hell of a lot.
Like I said, the way I see it is they're doing this for me now, i'll do this for my kids when I can, so i'll pass on the kindness etc. eventually! Just might take a few decades
Good for you my friend! 
I do everything for my kids now and I'm only 26, every decision is based on what will happen for them when they're grown up, first car, first house, weddings, babies, holidays etc...
I brought them here, so it's my role as their Dad to set them up in their life, but at the same time, make them learn the value of money and ensure they know what they're doing with it.
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pow
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Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
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Just my two pence, I really don't think that just because your given a "helping hand" with money (from parents, grandparents whatever) doesn't mean you can't learn the value of money. My family has always helped me with money but at the same time I don't go out and rinse everything I earn.
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J da Silva
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Registered: 10th Apr 03
Location: The FACTory
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quote:
Originally posted by pow
Just my two pence, I really don't think that just because your given a "helping hand" with money (from parents, grandparents whatever) doesn't mean you can't learn the value of money. My family has always helped me with money but at the same time I don't go out and rinse everything I earn.
Who has said otherwise? 
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Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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quote:
Originally posted by Conway563
quote:
Originally posted by Cavey
So you don't NEED a deposit if you can find schemes like we did, it just helps a lot!
Every scheme I've looked into where it states you don't need a deposit has been bull.
The shared equity schemes which are advertised as needing no deposit you still need 10% of your share to put down
Any more information on the one you're talking about?
[Edited on 06-10-2009 by Conway563]
Yeah this is the exact issue we had when we went through with the shared equity scheme at the start of the year, to start with it was sold on the premise that we wouldn't require a deposit, "excellent" we thought we can use our savings to furnish the house and tie up a few loose ends.
Then as we got started it became aware that we would need 10% of the 75k mortgage for the 30% ownership, fair enough we had that, then because we had to use their solicitors and surveyors they were asking a lot of money for things that aren't generally that expensive when going down the 100% ownership route and in the end it would have cost us the same as just getting a normal mortgage and offered us no benefit what-so-ever and then we pulled out and bought a new car and went on holiday
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Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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I think the stigma attached to renting is bad, I see no negative sides to it, if we loose our job you can normally pull out with a months notice and walk away, if the house is in need of repairs it's the landlords problem.
Obviously the only issue is, is that you don't own the home.
I don't plan to rent forever and who knows what the future holds, inheritance, redundancy pay off? All avenues to buying the right home.
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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quote:
Originally posted by J da Silva
quote:
Originally posted by pow
Just my two pence, I really don't think that just because your given a "helping hand" with money (from parents, grandparents whatever) doesn't mean you can't learn the value of money. My family has always helped me with money but at the same time I don't go out and rinse everything I earn.
Who has said otherwise?
I was waiting for the warriors - it's not right to give you kids anything
You sir have a good outlook on your kids life
I can't see anything wrong with renting as a short term solution 
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Conway563
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Registered: 7th Jun 06
Location: Yate, Bristol
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quote:
Originally posted by Ojc
then we pulled out and bought a new car and went on holiday
We were looking at doing it as well until the costs mounted up so now we're renting. It has it's benefits and it's drawbacks
Benefits: Mrs has decided she doesn't like where we are so it's fairly easy to get that sorted.
Boiler has just broken and the landlord's cover is sorting that at no cost to us
Drawbacks: There's only so much we can do to the place so can't make it feel like our own
Could potentially be asked to leave anytime if he decides he wants to sell
[Edited on 06-10-2009 by Conway563]
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J da Silva
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Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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quote:
Originally posted by pow
quote:
Originally posted by J da Silva
quote:
Originally posted by pow
Just my two pence, I really don't think that just because your given a "helping hand" with money (from parents, grandparents whatever) doesn't mean you can't learn the value of money. My family has always helped me with money but at the same time I don't go out and rinse everything I earn.
Who has said otherwise?
I was waiting for the warriors - it's not right to give you kids anything
You sir have a good outlook on your kids life
I can't see anything wrong with renting as a short term solution
I don't think any warriors will dive in here, the sensible members in mass and their replies will put them off I think, but yeah, I'd sooner my kids enjoy my money than me enjoy it, I don't want much, just a settee, a tele, a laptop and a bed and I'm pretty much sorted.
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Fad
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Registered: 1st Feb 01
Location: Dartford Kent Drives: 330cd
User status: Offline
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quote:
Originally posted by Ojc
I think the stigma attached to renting is bad, I see no negative sides to it, if we loose our job you can normally pull out with a months notice and walk away, if the house is in need of repairs it's the landlords problem.
Obviously the only issue is, is that you don't own the home.
I don't plan to rent forever and who knows what the future holds, inheritance, redundancy pay off? All avenues to buying the right home.
I agree all our rental properties are now not covering the mortgages as the market is flooded with properties so potential tenants always haggle it down. Also if you rent for say 3 years you'll still save money whilst having your own place and quality time with the missus all the same.
If you have a mortgage on a 200k house and you are highly geared in your borrowing its a recipie for disater you will need to protect it incase of anything that could happen in life. Life insurance, buildings insurance, boiler maintainence, the odd visit from the plumber all adds up especially when you are borrowing a lot of money. Most people also have that bug to make a place their own by carrying out home improvements.
For a lot less you could move in somewhere nice and just live there for three years save save save and then reaccess the situation. Its also a good way to learn how to live by yourselves. Also I can tell you renting is easier to get out of if you are made redundant than if you have a huge mortgage which is essential at a time like this I can tell you!
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Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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I'm sold on it I really am.
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Fad
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Registered: 1st Feb 01
Location: Dartford Kent Drives: 330cd
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Just make sure the tenancy agreement suits you and you and always check out your landlord has the means to sort out any issues that may arise. Just ask lots of questions and come accross as someone genuinely interested.
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Colin
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Registered: 4th Apr 02
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The thing that would worry me is not being able to raise the equity in a reasonable amount of time to be in a position to buy. If you think you cant save just now then just wait until you have a house & all the attached bills.
Just nows a great time to buy, if you can through whatever means you can....do so!!! Forget having a nice car & holidays for a few years, once the house is ticking over you'll be able to buy a better one!!
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Demo
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Registered: 27th Sep 01
Location: south wales Drives: astra sri ecoflex
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quote:
Originally posted by Colin
Just nows a great time to buy, if you can through whatever means you can....do so!!! Forget having a nice car & holidays for a few years,
words of wisdom colin and exactly whats made us buy instead of renting
like cavey we were fortunate enough to be given 20k for a deposit and have found a 3 bed semi with a garage and loft conversion for just £123k in a cracking area
definitely glad we have taken the plunge now even if it does mean i cant change my car as soon as i wouldve liked or not have fancy holidays for a while
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Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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See that is the issue here, the ones I know are either living up north where house prices are more realistic or have come into decent money in one way or other.
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