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Saving For A House Deposit


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#31 New game mini

New game mini

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Posted 03 November 2017 - 07:46 PM

Look at all of the available schemes that are currently available, we bought our house with just a 5% deposit which was 7k 3 and a half years ago which made a massive difference to us! Interest rate for the first 2 years was astronomical but no worse than saving like a mad man then it dropped massively. Honestly, I only bought a house because my wife wanted too, I'd never before lived in a 'bought house' and No one in my family 'owns' a house. It's nice, and it does provide that bit of extra security with the equity after a while but I've never fully understood people's obsession with buying houses in the U.K. It's a great thing to work toward but dont forget to live life whilst your saving, you can't take it with you.

Edited by New game mini, 03 November 2017 - 07:47 PM.


#32 Homersimpson

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Posted 03 November 2017 - 08:52 PM

Look at all of the available schemes that are currently available, we bought our house with just a 5% deposit which was 7k 3 and a half years ago which made a massive difference to us! Interest rate for the first 2 years was astronomical but no worse than saving like a mad man then it dropped massively. Honestly, I only bought a house because my wife wanted too, I'd never before lived in a 'bought house' and No one in my family 'owns' a house. It's nice, and it does provide that bit of extra security with the equity after a while but I've never fully understood people's obsession with buying houses in the U.K. It's a great thing to work toward but dont forget to live life whilst your saving, you can't take it with you.

I agree about getting the balance right, having suffered some personal tragedies I can see both points of view but you need to make sure that you have paid for a house before you retire, around here monthly rent on a 3 bed semi is around £650 per month and I can see me being able to afford it as a pensioner.  

 

I think the best advice I can give is don't wait for houses to drop because they won't (certainly not massively anyway) despite all the house price crash dreamers and buy a place that you can improve.  You don't want to pay a fortune for someone else's idea of decoration.






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