How much of a deposit are you planning to put on a house? Watch

Emma:-)
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#1
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Depending on house prices in your ares, how much savings you have etc, ow much of a deposit are you planning to put on a house? And when in the future are you thinking of buying one?
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Sternumator
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100k between two of us in 3-4 years.
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NX172
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Moved to London a year ago, started a new job. Currently in the process of selling current home in Bristol. Looking to put down around 150k towards a flat in Chiswick which is where I'm currently renting.
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Emma:-)
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That makes my 30k deposit for a house seem small, lol.
Then again i dont live anywhere near london. I live in the midlands where houses are cheaper.
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Reality Check
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(Original post by Emma:-))
That makes my 30k deposit for a house seem small, lol.
Then again i dont live anywhere near london. I live in the midlands where houses are cheaper.
I wouldn't worry yourself about comparing with these 100/150+ figures. It's not relevant for the majority of people and particularly not those on essentially a student forum.

£30,000 is still a very decent deposit for the overwhelming majority of people looking to get on the housing market. You must have saved very hard for it.
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Emma:-)
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(Original post by Reality Check)
I wouldn't worry yourself about comparing with these 100/150+ figures. It's not relevant for the majority of people.

£30,000 is still a very decent deposit for the overwhelming majority of people looking to get on the housing market. You must have saved very hard for it.
Thats true.
I can be a tightwad when i want to be. I suppose thats a good thing though.
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Reality Check
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(Original post by Emma:-))
Thats true.
I can be a tightwad when i want to be. I suppose thats a good thing though.
Well, if being a tightwad leads to a deposit like that for a house, then it's definitely worth it . Congratulations, anyway. Must be an exciting time now.
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Emma:-)
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(Original post by Reality Check)
Well, if being a tightwad leads to a deposit like that for a house, then it's definitely worth it . Congratulations, anyway. Must be an exciting time now.
Thanks.
I wont be getting a house just yet. I am on the verge of getting a better job (something more stable/permanent) and then getting a house. But hopefully within the next 2 years.
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roflcakes1
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(Original post by Emma:-))
That makes my 30k deposit for a house seem small, lol.
Then again i dont live anywhere near london. I live in the midlands where houses are cheaper.
30k can be out of reach for many people even those living and working in London!

Personally I plan to have around 30k saved within the next 2 years. I work in London so this won't be enough for a deposit, but I'm very open to buying in other places that have a reasonable commute into London, or moving entirely depending on where my friends end up. And I'll only be 23 by then and never expected to buy my first home at that age - not in the current climate anyway! I don't work in a sector traditionally known for high pay but I've worked hard to get a recent promotion and pay rise and am making a lot of sacrifices to save - although often I consider changing sectors to somewhere more lucrative (although I'm sure that comes with its own disadvantages)!

But hopefully by then I will have saved enough to justify moving out of my parent's house and can save more gradually when renting. I'm not entirely sure what my future salary progression looks like but hopefully I will also earn a bit more by then.

And remember that if you get into a stable relationship buying with a partner can double your deposit and combined salary!
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claireestelle
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we're aiming for 11-12k (before including the bonuses as it's in help to buy isas), for a 10% deposit on a 110-120k house, aim to buy around 18 months from now
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roflcakes1
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(Original post by claireestelle)
we're aiming for 11-12k (before including the bonuses as it's in help to buy isas), for a 10% deposit on a 110-120k house, aim to buy around 18 months from now
What location is this if you don't mind me asking?
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claireestelle
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(Original post by roflcakes1)
What location is this if you don't mind me asking?
Lancashire, will just about stretch to a 3 bed in the less posh areas.
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Rakas21
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#13
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Right now i am single and working in Leeds and would want a 2 bedroom city center apartment so taking the average right now we get £157-190k.

Since i don't want to be mortgaged for more than a decade, it's not happening anytime soon (the deposit to save is substantial).
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