I wouldn't even think about trying to buy a house without at least 15% of the houses value in my bank. You would want to put a 10% deposit down and have enough cash to get the house liveable, its amazing how quick and how much you spend once you've moved in. Just silly little things add up, new locks, curtain rails/poles, fridge, cooker, microwave, cutlery, plates/dishes, light shades..................(the list is endless)
Buying a house without a deposit?
- Thread starter PhillyDee
- Start date
- Status
That depends on what house you want, or more importantly your expectations.
Why bother.
Free, or dirt cheap. everyone starts out somewhere.
It can be as cheap or expensive as you want it to be.
Soldato
- Joined
- 15 Mar 2010
- Posts
- 11,549
- Location
- Bucks
In the south we were looking at 20k up front, probs lower up north but not by much
Agreed.
I'm in the process of buying my house for the first time. I saved up the minimum required which is 10%. My rates aren't the best BUT when I had 20k knocked off the asking price I wasn't complaining. Plus I'm paying less for my mortgage than loads of my friends who are renting.
I was only able to save for my deposit because I was living at home while saving.
You want to firstly find out how much the house will cost, then work out 10%-20% of that.
I already rent, good landlord, but the place is not big enough to move my lass in with me, plus, it wouldn't be hers. Its expensive to rent up here, the cheapest place being a pile is around £350/month, but the size we would require is no less than £500. Reasons are complicated, and no, its not the obvious 
.
The house we have seen which would be perfect is 110k, so we need a minimum of 11 grand really. Thats a lot to save up in a very short space of time.
I have lived away from home for a lot of years, so bills are not a surprise to me.
As for renting being dead money, its right, it is.
Looks like I will have to bung the overtime in!
. The house we have seen which would be perfect is 110k, so we need a minimum of 11 grand really. Thats a lot to save up in a very short space of time.
I have lived away from home for a lot of years, so bills are not a surprise to me.
As for renting being dead money, its right, it is.
Looks like I will have to bung the overtime in!
![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
Caporegime
- Joined
- 20 Oct 2002
- Posts
- 77,639
- Location
- Wish i was in a Ramen Shop Counter
[TW]Fox;18727552 said:£500 a month for rent - £250 each - sounds cheap to me not expensive
That is cheap, was paying £300p/m at uni back in 2005/6!
if renting gives you your required freedom and lifestyle then it's not dead money. it is a catch 22 though. continue having your freedom and you're going to have to put in a lot of overtime and save for .... 2 years for a 11k? or you could move back into your folks place and save a lot quicker but sacrifice your freedom short term for a long term gain, which is what i would do.
I'm guessing you both don't earn much if £250 each is too much?
Would overtime really get you the money you want in a short enough period for it to really count? I'd guess not if you've already found the property you want.
Gonna need to do lots of work! Any other way to raise money?
Would overtime really get you the money you want in a short enough period for it to really count? I'd guess not if you've already found the property you want.
Gonna need to do lots of work! Any other way to raise money?
No other way to currently raise the money short term. Thats why I was asking for options.
I earn more than enough, my GF doesn't however, and she will only ever go 50/50 on everything (to the penny!) so this is half the problem!
Its her fault for finding the ideal house, although all we can do is hope it remains unsold!
I earn more than enough, my GF doesn't however, and she will only ever go 50/50 on everything (to the penny!) so this is half the problem!
Its her fault for finding the ideal house, although all we can do is hope it remains unsold!
you're dreaming if you think you can get a house with no deposit. even if you could a 100% mortgage would have been at a very high rate (when they did give them out) sounds like you may be taking a trip to the bank of mum and dad if you have no other options. i respect your gf's stance in a way but it's not really practical and she needs to ease up on it and come to some arrangement with you.
without wanting to put a dampner on your relationship (which i know nothing about) there is also the risk of you getting the mortgage and then splitting up. this happens a lot more than you may think and leaves one person right in it!
There will be other houses. Trust me, it's not worth getting yourself stressed out over the first property you see. If it's a really nice example chances are it's already under offer as was the case I found when I was looking.
You've plenty of other things to be stressing about instead of rushing in to buying the first house you have/haven't seen that could well turn out to be about to fall down after you've had a survey done.
You've plenty of other things to be stressing about instead of rushing in to buying the first house you have/haven't seen that could well turn out to be about to fall down after you've had a survey done.
Soldato
- Joined
- 13 Jan 2004
- Posts
- 12,779
- Location
- Leicestershire
without a deposit very, very few if any banks give 100% mortgages coz of the crap with all the bnks a few years ago. so rent. 100% mortgages in part lead to the issues and hit us hard.
PhillyDee, you seem to be in quite a rush and looking at things in a very short-term way. Most people buying homes (especially now) would be looking at saving hard for a good few years to get the deposit required. I'm amazed you've actually looked at houses without even knowing the inside-out of how you pay for one (re. deposit required etc.)
I don't mean this in a nasty way, and maybe buying an 110k house up north is not as big a deal as buying a 250k flat in the south-east, but it seems to be you need to grow up a bit. You're in dream world. There is no magic solution with this. Buying a house is the biggest decision you will ever make in your life. Ever. So, you either live at home and save more, or rent together and save less. There is no other way. That's the real world. Just be thankful houses are a mere 110k where you live. I'll be saving for decades to afford a 2 bed flat in London.
On a sidenote; £250pm on rent is cheap. Where-ever you are in the country. I survived paying £450pm on minimum wage in London for over a year. I can't fathom people complaining that anything less isn't do-able, especially up north. If you don't think you can afford it you need to have a long hard look at what you're spending.
I don't mean this in a nasty way, and maybe buying an 110k house up north is not as big a deal as buying a 250k flat in the south-east, but it seems to be you need to grow up a bit. You're in dream world. There is no magic solution with this. Buying a house is the biggest decision you will ever make in your life. Ever. So, you either live at home and save more, or rent together and save less. There is no other way. That's the real world. Just be thankful houses are a mere 110k where you live. I'll be saving for decades to afford a 2 bed flat in London.
On a sidenote; £250pm on rent is cheap. Where-ever you are in the country. I survived paying £450pm on minimum wage in London for over a year. I can't fathom people complaining that anything less isn't do-able, especially up north. If you don't think you can afford it you need to have a long hard look at what you're spending.
Well said. Owning a house is NOT a right. It is a privilage for those who can afford it. It isn't something everyone will manage nor is it something everyone should manage.
Sometimes the brutal truth is that at the moment you might simply not earn enough money to buy property.
- Status