I wish you could get a decent mortgage without the deposit. If I was able to pay £1000 a month on that I'd save £600 a month. The rent takes the Michael.
I wish you could get a decent mortgage without the deposit. If I was able to pay £1000 a month on that I'd save £600 a month. The rent takes the Michael.
Rent really is a piss take but it's a hard trap to escape. Can't you downsize for a year or 2 so you can save the savings? Failing that, would your/her parents not be willing to help you out with a loan against the equity of their gaff? Not strictly allowed, but I know a lot that have done so.Originally Posted by Kikó
Can you get away with that any more? I know here the bank looks back into account far enough to ensure it was steadily saved.
I'm glad I never rented. Staying with my dad for a year and a bit after qualifying allowed me to save a decent deposit, renting would have fucked that.
Our solicitors asked for proof of deposit, and we never gave it. They never asked again.
If we downsized we'd be moving into a studio. We'd have to sacrifice location which is why we pay the current premium. I think at the moment, I'm going to wait for the headwinds of Brexit to hit the London market before trying. Looking at shared ownership as well which makes it closer to affordability but even then it's annoying. The wife's parents are willing to put up £15k loan but we'd still be looking short when you start adding stamp and fees.
For example, I looked at a new development in East hackney. Help to buy scheme called Monohaus. Trendy and all that jazz. Sonos in the ceilings. Start up wanky space in the foyer. Kate Hudson's first gym there. 1 bed, 450-520sq ft. £540k. Stamp alone decimates any deposit.
See I have a car, which requires two tanks of fuel a month, plus maintenance, plus insurance/tax. And I also have a company car which I pay tax on.
Once I clear my student loan (£150pcm) and the two loans I'll be reet.
Also children are really expensive. Fucking children. Think it's dear with some bullshit formula and nappies? Just wait until the classes start. The clothes. The parties and presents. Fucking children.
I see that. It's really fucked me off you could easily get a 125% no deposit mortgage and now you can't get a 60% one unless you've got a fair wedge behind you and are a high earner. Bullshit. Cheeky fucking chancers.
It was 6 years ago but we got a credit union loan to help with our deposit and no questions were asked.
In addition to the usual monthly commitments we save about £1000 per month between us, with half of it put away for paying off most of the Help to Buy loan before it starts accruing interest. The other half is for stuff like getting ready for kids and also holidays, and because I just transfer money over as soon as I get paid I don't get the sense of saving for anything or even having to give it much thought, and it almost feels like I get to go on holiday for free.
After all expenses I must come out with about £500 disposable each month which I barely make a dent in without any bother, the annoying thing is realising how much money you burn through when you don't have it already . If I'd applied the same restraint the whole time I've been employed I'd have a Scrooge McDuck vault by now.
I've got a mate who bought in 2007 with a 100% mortgage, literally moved out his parents and into a house with no savings. Unreal.
You call it a 'gift' and neglect to mention paying it back.
Aye I should clarify, given I'm only back 2 days the holiday is the reason I don't have any cash savings at the moment.
I stick a couple of hundred a month into 2-3 funds and have a few other things going on too.
All this talk of mortgages is another world for me, even if I did have the savings. Mortgages are a minimum of 100 years here so you can almost never own your own home unless your loaded. I don't quite understand it.
Could still be the same. Here they near want blood. Plus the 20% saved over DD over a sustained period.
If anyone wants debt advice, I'm your man
Oh and 30 month 0% interest free credit cards are a no brainer.
Having zero debt.
Don't you live like a hippy though?
Between the wife and I we put away around 600 a month into an easily accessible saving account (that often goes on vacations/home repairs & upgrades/emergency expenses). On top of that I put about the same (+company match of 50%) into retirement.
After the regular bills and some 0% credit card debt we have about 1k PM for normal living expenses/enjoyment. Whatever is left at EOM gets snowballed into the debt.
Not really. Bought $45 worth of ice cream last weekend.
Bet it was organic. Hippy.
Two pints of vegan coconut milk chocolate fudge.
One pint of Maple bourbon with salted candies pecans.
Lol so panic over as my balance went up to £127. Now it's dropped to -£27.50 WTF. I've asked my dad to transfer me money to get out of my overdraft.
How much fun was it begging for money from someone you openly hate?
Imagine his dad was the kickboxer? What a heel turn.
He did it nae bather ken but he will laud it over me eventually. Or try and give me a lecture about money management. I just lol and say well you left us and look at you, with a massive house, mortgage free, retired at 55 and have your own business. So fuck you, DAD.
I echo Magic's sentiments about kids being fucking expensive. It's beyond a joke.
Have you started saving for the wedding yet?
Divorce Shirley?
Parents surely don't have to pay for kids weddings in this day and age do they?
Ours paid the majority. Thankfully.
When they get to 'school age' everything goes up. Bullshit.
Christ I wouldn't ask mine for a penny for it. If I couldn't afford the wedding then I wouldn't have had the wedding.
My sister's getting married in the autumn and the two families have gone halves on it. If the couple were paying you'd have a table for six in a car park somewhere and maybe, if they went all out, a bottle of supermarket cava passed around.
The wedding day was unbelievable but the unromantic me thought (then maybe less now that we've had it) we should have used it for a house.
But then the memory of the day overrides that.
You can still have the memory and pay for it yourself.
At least you get free daytime childcare, to an extent.
I'm on the cusp of getting a multi-child discount for dancing classes next year () and if the tradition of the bride's dad footing the bill for the wedding still exists in 20 years time (not that ours was paid for that way) then I'm 100% fucked.
At's nae a tradition up here pal.
Is the new way of typing replacing the stoic shit?
That's the way they speak up there, terrifying.
We should all type how they speak in our local area, it'll be propa reem prinnies.
I've been doing that for 15 years.
My written French n'est pas assez bon.
I had to Google that ffs.
I now have £300 in my bank (I put £200 in from various sources, plus I got £150 expenses back) and put it straight on the credit card. That left me with £100 in my account.
Now I've got this mysterious £200 more but there's no trace of an incoming credit on my live statement. WHAT.
Also my card is only £500 down now, I was expecting it to be around £1000. FUCKING HELL. Chaos.
Keep stoic mate.
Last week I watched a mate pay £75 for a plain white shirt from Ralph Lauren and realised what a fucking pauper I am. Wouldn't pay over a tenner for the same item.
More importantly, couldn't.
Even if I could, I wouldn't.
Fucking hate capitalism
£75? Was it on sale?
Giggles will be fucking seething.
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