Is £14,500 a solid amount to have saved in order to purchase a house?

As I was given assurance from my parents that I could save substantial money whilst living with them I am starting to plan before I finally move out.

I want to move to Manchester or Greater Manchester and purchase a 3 bedroom property for about £90,000 - £100,000 and put down an £11,500 deposit and the rest going to all Solicitor fees etc etc.

I want a 15 year Mortgage at £700 a month.

Would that be enough?

first off

1. post in the correct topic (money & finance)
2. it depends, what type of income will you have?
3. google "mortgage calculator" to see how much you can afford
4. Best mortgage rates are available with a 20 to 40% deposit. So for 100k best to have 20/40k
5. You can look into the help to buy scheme which would suit you.


How old are you?

I am 24 years old.

I tried to find the right section lol no I don't want help to buy or shared ownership.

I just want to own outright.

But I did the calculator thing. Would be about £750 a month for 13 years............for a £96,000 home.

Depends on your job( if permanent or temporary or casual) , and earnings. Don't forget solicitor fees, surveyor fees etc...

It's enough for Greater Manchester, yes. But, bear in mind you'd get a better deal on your mortgage if you managed to save say 20k or more.

Posted from TSR Mobile

As others have said before me, it all depends on your situation. I have just put down about £250,000 on my house that I had been saving for the last couple of years, and I'm still going to have taxes, utilities and maintenance to worry about. But on the upside, waiting a few years before buying my house meant I was able to get it without a mortgage, so I don't have to worry about keeping up payments with the bank in case things take a turn for the worst.

As others have said before me, it all depends on your situation. I have just put down about £250,000 on my house that I had been saving for the last couple of years, and I'm still going to have taxes, utilities and maintenance to worry about. But on the upside, waiting a few years before buying my house meant I was able to get it without a mortgage, so I don't have to worry about keeping up payments with the bank in case things take a turn for the worst.

250k? What as a deposit?

You live in a mansion? ^_^ lol

Yes that £14,000 includes Lawyer Fees.

£11,500 would go towards deposit.

The rest on all the fun costs.

http://www.thisismoney.co.uk/money/mortgageshome/article-2271992/First-time-buyers-fees-checklist--costs-need-think-buying-property.html

250k? What as a deposit?

You live in a mansion? ^_^ lol

You mean you bought a £250,000 house with cash? How in the world did you manage to save up that much money?

Not necessarily if it was a property in London lol!

Living with my parents and making a decent wage meant I had some solid income, and half of that was tax free since I lived in Dubai for the first year I did it professionally. Then recently I've had some good successes with my books.

And no it's not a deposit, the property was $400,000 in full. I laid down a $20,000 deposit a little while back, then as soon as all my visas got sorted I put the rest in.

It's not a mansion, but I did get quite a good deal on it as it was a foreclosure. I suppose it probably should have been just over double that otherwise. At least I'm not going to have to worry about defaulting!

Am I missing something? Why don't you just go and buy the house?

Are you too poor or something? I thought only poor people got them mortgage things? Isn't that like where the bank gives you money and you pay them back over a long period of time because you can't afford it?

If you can't afford it, don't buy it. Simple.