Your chances of owning your own home?
- Thread starter PiKe
- Start date
Soldato
Except when both your parents get made redundant at the same time
Me, my missus and our son have all moved in to my parents house for a few months to both save money and help my parents out, albeit the saving money isn't going too well. Both my parents got made redundant at the same time from the same company so we're paying most of their bills at the moment
My mums found herself 2 part time jobs but my dads not having any luck
Soldato
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- 6 Jun 2011
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Hey, I understand where you are coming from 100%. For me I am only 19 but I am a huge saver and extremely lucky. I am currently at university but live at home because its only local. This means that as well as the weekend job I currently have I am alsso saving all of the grants that I can get from university. My parents will also help towards my deposit. As I said I am very lucky and will be able to own my own home.
But from what you have said I would be doing exactly the same thing. Definitely don't start renting, once you get on that ladder its hard to get off. By the sounds of it you will be able to move out soon?
But from what you have said I would be doing exactly the same thing. Definitely don't start renting, once you get on that ladder its hard to get off. By the sounds of it you will be able to move out soon?
I would suggest that you shouldn't be placing quite so much emphasis on saving quite so much in this scenario!
What you are saving now under a part time weekend job will be a drop in the ocean compared to what you will save when you are employed full time. I would be spending my time getting to know as many people as possible and spending as much time as possible with them.
Edit: Just try to avoid racking up too much debt
Last edited:
Soldato
I aim to buy my first home when I'm 30, giving me another 4 years to save up a deposit of ~£30,000
In the mean time I will continue to rent quite happily - at least I get stuff repaired for free!
In the mean time I will continue to rent quite happily - at least I get stuff repaired for free!
Paying off £895 less the £200 mortgage interest is still a far superior option to paying £750 on somebody elses.
Depending on how property prices fall/rise etc.
Haha, whoops - I should have read the post correctly. Ignore this
I'm not sure if this has been mentioned but governmental employees e.g. teachers, nurses ("key workers") are entitled to schemes where the government will lend upto a certain % towards the house, this being your deposit.
Our house was £160k, but because my g/f is a teacher we took a mortgage of £104k + 56k from the government.
We only have to pay the government interest after 5 years (I think it's 1%).
Our house was £160k, but because my g/f is a teacher we took a mortgage of £104k + 56k from the government.
We only have to pay the government interest after 5 years (I think it's 1%).
Soldato
I got a 100% mortgage a few years ago current repayment is £420 a month + bills That leaves us around £2000 a month spare cash, once my partners student load is paid up and shes dept free we will probably buy a bigger 4 bed house and rent out our current house for £550 a month, then when the kids are old enough we will sell it and hopefully give them enough to afford a house of their own without too much of a mortgage.
Soldato
Yeh I used to ***** my money on beer, cars, and computers... then I was out of work 9 months, it puts life into focus.
Now when Bf3 is out I won't spend £600 on a graphics card, I will simply turn down the settings
Soldato
I don't think there is a better investment than bricks and mortar and just as soon as prices fall to at least half their current value I shall buy another.
Soldato
jesus....75%? You're either on a stupid high wage or just poor due to your savings
I go to work, I come home, I play World of Tanks ande once a month visit the building society
Soldato
![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
If that happened would it not make bricks and mortar a pretty terrible investment*?
*My point here is that won't happen, but I can't help but be amused that in one breath you say its the best investment you can make and then in the other you explain how you think they'll lose HALF the current value!
Investing tip: If something devalues by 50% it's not exactly a great investment.
Soldato
[TW]Fox;20078324 said:
PRO TIP
The economy doesn't appear to be getting any better and it's a buyer's market. I can't see house prices going any other way than down, although I think 50% is a bit dramatic. I'd guess a 1-2% fall each year for the next few years until the economy stabalises.
Soldato
[TW]Fox;20078324 said:
ah, I see, thanks for explaining it.
Soldato
needs a job as financial advisor asap
Cutting sarcasm can't hide the fact you in one post said something was both:
a) The best form of investment ever
b) Likely to devalue 50%
Only one of those can be true really, right? If it will devalue by 50% it isn't the best form of investment. If it is the best best form of investment then it won't be devaluing by 50%?