New Year... New Start - onwards and downwards.
- Thread starter Caz
- Start date
Caz
Repeat Offender
I have about £1500 and would need a £7000 deposit, so that's a big amount to come down really.
I would want to look at others too, I wouldn't rush and buy this one if I could but it's just really nice - perfect location for where me and Aaron work, decent flooring, nice layout, it's just nice!
I would want to look at others too, I wouldn't rush and buy this one if I could but it's just really nice - perfect location for where me and Aaron work, decent flooring, nice layout, it's just nice!
trisha
likes to post
There is plenty of time Caz, and it is good to get a feel of the area before you buy, maybe rent somewhere a little cheaper than you can afford so that you can put more away to save for your deposit. Does Aaron still live at home? if so could you not move in for a little while. that way you'd be able to save more?
Caz
Repeat Offender
He does live at home but there's absolutely no chance of me moving in there. Firstly, in terms of space, it wouldn't work. Secondly, there's no way I'm taking a step back and living with his parents! I like them but that doesn't mean I'd want to live with them lol Unfortunately renting is actually more expensive than a mortgage would be, which was a major part of the appeal. We could get a mortgage for around £380-400 a month but we're looking at £500-550 a month in rent, plus all the bills. It's going to take us a pretty long time to save once we move I think.
Caz
Repeat Offender
It really is. There's no chance of having a deposit by Christmas. What I've saved so far will be allowed by rent, deposit etc mostly. If we're paying 400 a month each, which is roughly what it'll be, then Aaron is unlikely to be able to save anything and I may be able to save around 200-250 a month if I just put ny pay rise straight in the bank and lice on the same as I have now. By Christmas that'll be maybe 1250 that'll have been saved. So at 250 a month it'll take me err... 28 months so basically 2 and a half years to save for a 7 grand deposit. Depressing!
Don't understand why you would be paying 400 a month each in rent if you were living together -- are you saying it costs 800 a month to rent a flat in Manchester?
You'll get there with the saving, sooner than you think if you really make it a priority. It's got to be more cost efficient when you are living together --spending less petrol for a start!
You'll get there with the saving, sooner than you think if you really make it a priority. It's got to be more cost efficient when you are living together --spending less petrol for a start!
Caz
Repeat Offender
Well 2 bed places are 500-550 in rent, plus bills which we've calculated to bring it up to 750-800. I can't imagine that we'll be able to save more than about 250 a month realistically. Once my car insurance is up we may go down to one car, which would save a bit, maybe 650-700 a year. It'll still take us a good couple of years I should think.
Saddlebag
Silver Member
Hiya Caz,
don't despair about the house. I bought straight away as I got an excellent mortgage deal- if you can see a mortgage advisor most of them will give you a free consultation and help you work out what you can truly afford. The independent ones are better than the banks because a) they don't sell you what you can't afford and b) they have a wider range of products. Once you know how much you can really afford to spend on a house you can set a goal and work towards it.
As for the deposit, that is the hardest bit as you have discovered- it really is a case of scrimping. All your current monthly bills like phone, car insurance etc., shop around, get a cheaper deal, ring them up and tell them you're paying too much. Owning a house is hard and money is always an issue for most people- I ring up my utility providers fairly regularly and push for a better price. This month I've had my landline bill lowered from £50 to £30 a month, and my mobile from £36 a month to £15.50. See what discounts you can get as a teacher, through your union or whatever. They are out there- sometimes to get a discount all you have to do it ask.
My friends are moving to a bigger house. They have had to save save save. One has taken a second job- he works Monday to Friday in his normal job then works every night in a pub behind the bar, and it earns them hundreds more per month. Even a few shifts a month could earn you another £50. Offer to babysit for people- you are a teacher so clearly responsible and experienced with children. What about private tuition? I know you are busy and have long days but at the weekends you could do a few hours private tuition for a little extra cash. This goes for Aaron too, I don't know what he does for a living but can he take a second job?
I scrimp and buy the cheapest I can find so that I can afford to do things, pay my bills etc. You won't find any brand names in my house
Sorry if this is teaching you to suck eggs, but I have been there and if you look at every option it is sometimes more achievable than you think.
don't despair about the house. I bought straight away as I got an excellent mortgage deal- if you can see a mortgage advisor most of them will give you a free consultation and help you work out what you can truly afford. The independent ones are better than the banks because a) they don't sell you what you can't afford and b) they have a wider range of products. Once you know how much you can really afford to spend on a house you can set a goal and work towards it.
As for the deposit, that is the hardest bit as you have discovered- it really is a case of scrimping. All your current monthly bills like phone, car insurance etc., shop around, get a cheaper deal, ring them up and tell them you're paying too much. Owning a house is hard and money is always an issue for most people- I ring up my utility providers fairly regularly and push for a better price. This month I've had my landline bill lowered from £50 to £30 a month, and my mobile from £36 a month to £15.50. See what discounts you can get as a teacher, through your union or whatever. They are out there- sometimes to get a discount all you have to do it ask.
My friends are moving to a bigger house. They have had to save save save. One has taken a second job- he works Monday to Friday in his normal job then works every night in a pub behind the bar, and it earns them hundreds more per month. Even a few shifts a month could earn you another £50. Offer to babysit for people- you are a teacher so clearly responsible and experienced with children. What about private tuition? I know you are busy and have long days but at the weekends you could do a few hours private tuition for a little extra cash. This goes for Aaron too, I don't know what he does for a living but can he take a second job?
I scrimp and buy the cheapest I can find so that I can afford to do things, pay my bills etc. You won't find any brand names in my house
Sorry if this is teaching you to suck eggs, but I have been there and if you look at every option it is sometimes more achievable than you think.
xsarahx
Gold Member
Hey Caz.
Me and dave are looking at renting too and he is also looking into buying (obviously I can't!). Why do you need a two bed? Can't you get a one bed for a lot cheaper?
I remember last year seeing something about the Teacher's Building Society which can give some loan for the deposit or something - might be worth looking at? Just for us teachers! Xx
Me and dave are looking at renting too and he is also looking into buying (obviously I can't!). Why do you need a two bed? Can't you get a one bed for a lot cheaper?
I remember last year seeing something about the Teacher's Building Society which can give some loan for the deposit or something - might be worth looking at? Just for us teachers! Xx
Caz
Repeat Offender
I'm not sure we'd be able to get a loan and a mortgage, I have contacted one estate agent about what Kate suggested where if we were to negotiate a price reduction they could give it towards the deposit.
Thanks SB, appreciate the reply. We'll be looking to save money wherever we can really, get saving whatever we can.
Share a room with who Frances?
Hi Amy I'll check out the Teacher's Building Society, thanks. We need a two bed for the space, one bed wouldn't be big enough and considering there's not that much of a price increase for the extra bedroom, it's worth having two.
Thanks SB, appreciate the reply. We'll be looking to save money wherever we can really, get saving whatever we can.
Share a room with who Frances?
Hi Amy
I'll check out the Teacher's Building Society, thanks. We need a two bed for the space, one bed wouldn't be big enough and considering there's not that much of a price increase for the extra bedroom, it's worth having two.
Caz
Repeat Offender
Having thought about it, I'm just getting a little carried away with the idea of buying a house now. Best way forward is to just rent a place for the next couple of years and save as much to put down as a deposit as we can, it'll give us time to know exactly where we want to settle and stuff like that, it's for the best really. So buying is still an option, just not yet, which is ok really.
On the plus side, bought some nice bits for our new home this summer in a sale today!
On the plus side, bought some nice bits for our new home this summer in a sale today!
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