The "oh my god I need 100k deposit" thread

J0hnb0y

J0hnb0y

J0hnb0y

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Don't you just love being forced to live in London... I've been looking a lot at houses lately and it seems I'm going to need something in the order of 100k just to get a 25% deposit together. This is for a 2/3 bedroom terraced house in North London.

The government scheme won't help me out because the only houses I can find are upwards of 300k and at this price they need a lot of work. This thread is more of a moan than anything!

I'm right in thinking 25% is more or less a minimum deposit? Which will leave me with a mortgage of about 250k and about £1200 per month repayment for 25 years. I think I do ok on 75k per year before tax, but this is ridiculous. It seems my options are to leave my girlfriend and move out of London, buy a 1 bedroom flat or carry on renting.

Apologies for the rant. On the odd chance I get a deposit together in the next year I'll make a post about how much everything is costing!
 
Expect those interest rates to more than double over the course of 25 years, but do little to nothing in the next three to five years, or until labour start NO things up again
 
J0hnb0y said:
I'm right in thinking 25% is more or less a minimum deposit?
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Nope plenty of mortgages around with lower deposit requirements.

You'll have slightly higher rates but its all a trade off, you either wait and save longer or go in earlier and take the hit for a couple of years on the higher rate.

In time your ltv will come down anyway most likely which will open up the better rates in future.
 
I wasn't intending to brag. I was having a moan about the fact that I earn a pretty decent wage in the grand scheme of things but need an enormous deposit to buy a pretty small house.

My girlfriend is struggling to even pay herself a wage at the moment. She owns a coffee shop but it isn't exactly turning a profit. It just about covers the rates...

Seemingly I can get a mortgage on 350k with a 50k deposit, though I end up paying the best part of 1800 pcm for the mortgage alone.

Thanks for throwing some options out there. The camper is looking more and more appealing!
 
J0hnb0y said:
Don't you just love being forced to live in London... I've been looking a lot at houses lately and it seems I'm going to need something in the order of 100k just to get a 25% deposit together. This is for a 2/3 bedroom terraced house in North London.

The government scheme won't help me out because the only houses I can find are upwards of 300k and at this price they need a lot of work. This thread is more of a moan than anything!

I'm right in thinking 25% is more or less a minimum deposit? Which will leave me with a mortgage of about 250k and about £1200 per month repayment for 25 years. I think I do ok on 75k per year before tax, but this is ridiculous. It seems my options are to leave my girlfriend and move out of London, buy a 1 bedroom flat or carry on renting.

Apologies for the rant. On the odd chance I get a deposit together in the next year I'll make a post about how much everything is costing!
Click to expand...

are you 'forced' to live in london? do you 'have' to have a 2/3 bedroom terrace?

You have to lower your expectations cos by and large you wont be able to get what you want in terms of location and size.
 
Derek W said:
are you 'forced' to live in london? do you 'have' to have a 2/3 bedroom terrace?

You have to lower your expectations cos by and large you wont be able to get what you want in terms of location and size.
Click to expand...

It's a bitter pill to swallow. What I want would require footballers wages to afford in London. What I thought would be affordable is on the edge. The annoying this is I work my ass off to try to afford the best I can, which at the moment is an old council house in need of renovating. Makes me wonder why I bother but that's another story. It's a very sad state of affairs made worse by the way things are in the housing market. People are hardly going to stop relying on the state when you need 4 years wages (on 30k like most of my friends) just to get a deposit together for a house that many people are given for nothing
 
I'm not sure how anyone could afford (or want to for that fact) to live in London. I work in London and commute in, it suits me just fine. The only circumstances I could see where it would make sense is if you are from out of the county and all your friends were based win London.

Unless you can afford the nicer areas I find London a bit of a dump.
 
I currently live in Tottenham (bit of a dump) and am looking in North London, Southgate / bounds green way. If I can find somewhere for 300k that doesn't have the north Circular for a front garden I'll be mostly happy. The one thing to be said for london is owning a property here can be seen as an investment
 
London salaries, always look at them and thing wow thats great but then I bought detached house with a big garden in a nice area on little over half that.

Unless you are on serious money you are much poorer in London.
 
Hang in there until they finish building HS2... Then you can live in glorious Yorkshire for a lot cheaper and nicer views.

Joking aside, when I was offered jobs in London, it looked so good on paper but the living standards is just out of wack. Until you are given 2x the average salary for the same job else where in the UK, it's better living outside of London and commute in or go else where.

What's your job anyway? I understand your girlfriend owns a shop but couples with no commitments should make it easier to move out and start a life and work easier than child and committed parents. Food for thought.
 
J0hnb0y said:
This is for a 2/3 bedroom terraced house in North London.
Click to expand...

Which you don't need because there is just the two of you :confused:

If a whole bunch of Romanians manage to live there, then I don't see the problem. If you were moaning about having to live with Londoners, then I could sympathise.

Have an Internet cookie to go with your Frappe.
 
I don't need a 2/3 bedroom terrace just like I don't need your sarcasm written from your bedroom in your parents house.

The fact is I'm not complaining about not being able to afford a 6 bedroom mansion in Hampstead. Want I want is really very modest.

I work offshore so really I could live anywhere. The stereotypical thing would be to live in a palace in Thailand with a collection of mail order brides to go with my frappe. No thanks I'll just keep saving for a house for my girlfriend and I and pretend we won't ever need another bedroom... For a family and all that.

In a more educated note in liking the government plans for interest free loans though will await more details on just how interest free they really are...
 
But in your original post you claim you are forced to live in London? I don't get it, the obvious answer is to buy somewhere nice in Surrey/Hertfordshire and commute in? No way would I want my little boy to go to school in London, hence why my next move has been completely focused around him rather than our needs.
 
Your attitudes stinks and your post are riddled for a thread of self-entitlement.

Live frugal, move somewhere less inflated. Don't rely on government funded 0% loans - do you ever wonder, who's actually paying for this cheap debt?

As someone looking to buy a house you should be hoping the government ditch any idea of cheap loans that keep house prices artificially inflated.

Don't hate the environment you find yourself in, rise above it, adapt and realise you are not the centre of the universe.
 
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