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Author Moving out - a realistic possibility?
Kyle T
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Registered: 11th Sep 04
Location: Selby, North Yorkshire
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2nd Oct 07 at 15:25   View Garage View User's Profile U2U Member Reply With Quote

I earn just under 20k

I've just finished off paying the finance on my car, I'm spending only 40 a month in Diesel, and 60 a month insurance. Mobile phone bill is barely 30 a month, and that's about it.

This is leaving me with plenty of free cash which i'm putting away each month, but want to know if saving up for a deposit and maybe moving out somewhere is a feasible possibility for me at the moment.

Houses round here start as low as 95k - they're cheap for a reason mind, but I'd take whatever I can to get on the market.

My best bet I assume would be to see a proper financial advisor - but where do I start in looking for that kind of advice?

I'm very serious about moving out, but If it's honestly not a financial possibility for me - I'm under no pressure to move out and will stay here until either

a) I save up 100,000 in cash

b) I'm settled down with someone to move into a house with.

Even if someone gave me a target figure for a deposit, at least i'd have something to work towards, and wouldn't have the temptation just to spend my money on shit




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Dean_W
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Registered: 13th Dec 05
Location: Downham Market, Norfolk
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2nd Oct 07 at 15:29   View User's Profile U2U Member Reply With Quote

Best advice I can offer is go and see an independant mortgage advisor.

Not a bank, not a building society and not one in an estate agents.

Explain that you are looking for a mortgage and see what you can do with varying deposits. Most independants offer free advice, as they get comission if you get a mortgage with their help.
Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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2nd Oct 07 at 15:46   View User's Profile U2U Member Reply With Quote

Stay at home, save 15k, buy a house for 100k, foot on ladder, meet someone, sell your house and take profits and use profits as deposit on bigger house
RichR
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Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
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2nd Oct 07 at 15:54   View Garage View User's Profile U2U Member Reply With Quote

look at buying the cheapest house, in the best area - my neighbours house was recently valued at 190k for insurance but 175k realistic retail price.

My house is essentially the same, but needs a few modern touches and re-working [see garage]

I paid 116,500 and will spend 20k-25k on it. Once finished it will be to a higher spec than my neighbours [bigger kitchen, bigger extension, bigger bathroom and my garden is bigger] so I'll own one of the more expensive houses on the street but it will have cost 140k ish

Worth looking at a renovation project

[Edited on 02-10-2007 by LiVe LeE]
BigSte
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Registered: 27th Aug 02
Location: Sheffield
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12th Oct 07 at 14:59   View User's Profile U2U Member Reply With Quote

Say you get 20k a year - which would equate to 1275 in your hand a month. Likely outgoings are gonna be:

40 - Diesel
60 - Car insurance
30 - mobile

25 - gas
25 - elec
100 - council tax
35 - water
25 - house insurance
20 - personal insurance (varies on what cover you have. I just have life cover and costs 13, if you ad critical illness it would prob be about 40)
150 - food
12 - TV licence

This comes to about 522 meaning out of your earnings you will have approx 750 left.
You will need to consider outher outgoings such as landline phone, broadband, Sky TV, etc

Out of the approximate 750 will be your mortgage which would vary considerably depending on how much you borrow. For comparison I borrowed 83k and I pay 500 a month (capital and interest repayments).

My house was cheap cos it needed totally renovating so if you are buying an old banger of a house you will need to consider that you will need to put in a lot of cash to get it nice (I have spent 14k and have still got the kitchen and living room to do)

As Dean said, get an advisor round for a chat, he will at least give you some idea on how much you can borrow and likely monthly repayments....

It is expensive moving out but I wouldn't move back in with parents ever....

I'd suggest not going down renting route as you will find it almost impossible to save for a despit in future but many people do rent! Depends on how much you wanna leave home

[Edited on 12-10-2007 by BigSte]
BigSte
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12th Oct 07 at 15:01   View User's Profile U2U Member Reply With Quote

PS - target figure for a deposit should be at least 5% of the house price so 5k if you are looking at houses around 100k
Wrighty
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Registered: 28th Feb 04
Location: Howden
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14th Oct 07 at 16:45   View User's Profile U2U Member Reply With Quote

Save the fcuk up and get an interest only mortgage kylie
nik
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Registered: 19th Jun 00
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15th Oct 07 at 12:14   View User's Profile U2U Member Reply With Quote

Interest only sucks IMO May as well rent if your only going to pay off interest.
Kyle T
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Registered: 11th Sep 04
Location: Selby, North Yorkshire
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15th Oct 07 at 12:18   View Garage View User's Profile U2U Member Reply With Quote

Cheers BigSte - lots of numbers, me likey.

I realise if I ever get moved out i'm going to have fuck all money for anything else, but I honestly think it would be worth it for a bit of space.

Either I start saving up now, properly or i'll never get out I spose.

3rd option would be to get a 20k raise next pay review, can't see that happening though




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Colin
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Registered: 4th Apr 02
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15th Oct 07 at 12:25   View User's Profile U2U Member Reply With Quote

Just do it min.....longer you put it off the more expensive & harder it will become...imo.

I bought my 1st place when I was on a pittience of a wage....less than 15k!! It was a bombsite but I done it up ove the 1st year & its worth double now.

750 'spare' each month should be plenty to get your 1st place. Even if its not much you'll be on the 'ladder' & will move with it...not against it!
Kyle T
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Registered: 11th Sep 04
Location: Selby, North Yorkshire
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15th Oct 07 at 12:46   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Colin
Just do it min.....longer you put it off the more expensive & harder it will become...imo.

I bought my 1st place when I was on a pittience of a wage....less than 15k!! It was a bombsite but I done it up ove the 1st year & its worth double now.

750 'spare' each month should be plenty to get your 1st place. Even if its not much you'll be on the 'ladder' & will move with it...not against it!


Thats the kind of attitude I need to get the wheels in motion, its too easy to just keep putting it off though, too many excuses


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Colin
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15th Oct 07 at 13:01   View User's Profile U2U Member Reply With Quote

Dispite what folk say about market crash/prices coming down etc vomit etc its a load of pish!! Well where your looking to enter at least.

Couple facts:

1. You'll never get a better 'risk free' return for your money than sticking it into property!

2.House prices rise on average 15% a year, in a decade the UK average has went up 187% to 170k.

3. Even if you save up over the next 2-3 years you'll make what 5%APR interest max on your savings. All very good but the house's your looking at as being afordable just now could go up 30%+ in value.

4. Prices wont come down.....maybe just at the top end where people have stretched to borrow to get a big posh house & are now struggling & default/reposed...if anything this will push bottom end value up as demand will increase.

5. Its fucking great hovering in the buff!!

Just get it done son

[Edited on 15-10-2007 by Colin]
Kyle T
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Registered: 11th Sep 04
Location: Selby, North Yorkshire
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15th Oct 07 at 13:10   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Colin
5. Its fucking great hovering in the buff!!

Just get it done son

[Edited on 15-10-2007 by Colin]


SOLD!


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AndyKent
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15th Oct 07 at 14:01   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Colin
Dispite what folk say about market crash/prices coming down etc vomit etc its a load of pish!! Well where your looking to enter at least.

Couple facts:

1. You'll never get a better 'risk free' return for your money than sticking it into property!

2.House prices rise on average 15% a year, in a decade the UK average has went up 187% to 170k.

3. Even if you save up over the next 2-3 years you'll make what 5%APR interest max on your savings. All very good but the house's your looking at as being afordable just now could go up 30%+ in value.

4. Prices wont come down.....maybe just at the top end where people have stretched to borrow to get a big posh house & are now struggling & default/reposed...if anything this will push bottom end value up as demand will increase.

5. Its fucking great hovering in the buff!!

Just get it done son

[Edited on 15-10-2007 by Colin]


Can't say I agree with bits of that. There are already signs the housing market is slowing down. Whether thats a temporary blip due to HIPs or start of something bigger is to be seen. Bigger houses down here are already chucking 40/50k off prices as they've got no interest at all. Smaller semis are having around 25k off their prices too.

That said, property is totally safe. Even if there was a massive crash, property values always go up again - they have to. Just takes a little while, thats all.
Colin
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Registered: 4th Apr 02
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15th Oct 07 at 14:13   View User's Profile U2U Member Reply With Quote

Bigger houses are struggling to sell UK wide, I think that has an adverse affect on the bottom from what I see around me. People are scrambling for 'affordable' housing, ive seen signs taken down in less than a week with silly offers being made.

Theres a house in my parents street up for 1/4M which is a fair bit for around here...its been for sale for 3 months with no signs of selling!!
Colin
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15th Oct 07 at 14:16   View User's Profile U2U Member Reply With Quote

Look at whats happening with materials too, timber & steel costs esspecially have rocketed. Prices will keep climbing as its costing builders more to produce new builds & that has a huge knock on affect on prices in general.
AndyKent
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15th Oct 07 at 14:22   View User's Profile U2U Member Reply With Quote

Indeed. You only need to look at the prices of tarmac lately - more expensive oil has rocketed the prices of some of our jobs.

Just remains to be seen if people can find the cash to still buy into the larger properties (which still has a major impact on the prices of smaller stuff)
AdZ9
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Registered: 14th Apr 06
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15th Oct 07 at 14:27   View User's Profile U2U Member Reply With Quote

Im moving back to my parents in January after a year renting a house with 2 mates. I decided i need to live on my own as i cant stand the shit they do in the house and how untidy/lazy they can be!

I'm moving back to the rents and going to save for 5/6 months, go travelling for a bit and then come back and look at getting my own place! Or i may skip the travelling and look at just getting my own place if it goes tits up at my parents
Colin
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Registered: 4th Apr 02
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15th Oct 07 at 14:45   View User's Profile U2U Member Reply With Quote

I could never live with mates, I have visions of fisty cuffs at 3am
Gregor
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Registered: 28th Nov 03
Location: Paisley, Renfrewshire
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15th Oct 07 at 16:43   View User's Profile U2U Member Reply With Quote

Colin , out of interest how much did your place cost and what was it , if you don't mind ?
Colin
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15th Oct 07 at 17:08   View User's Profile U2U Member Reply With Quote

Bank repo - 36k - 1 bed flat in the good side of town, its worth 75kish now.
Gregor
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Location: Paisley, Renfrewshire
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15th Oct 07 at 18:31   View User's Profile U2U Member Reply With Quote

Is that quite a rare purchase at that price etc ?
whitter45
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Registered: 15th Nov 02
Location: Norton
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16th Oct 07 at 13:07   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Colin
Just do it min.....longer you put it off the more expensive & harder it will become...imo.

I bought my 1st place when I was on a pittience of a wage....less than 15k!! It was a bombsite but I done it up ove the 1st year & its worth double now.

750 'spare' each month should be plenty to get your 1st place. Even if its not much you'll be on the 'ladder' & will move with it...not against it!


750 spare without a mortgage - with a mortagage does not leave much incase something happens i.e new boiler etc or holidays nights ou t weekedn away

I persoanlly do not think you on wage to get a house on your own at the price your want or that may just be me

If i was in your position i would save for a big deposit. i put 30k down on my house plus solicitor bills etc its alot of money

[Edited on 16-10-2007 by whitter45]
neoquip
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Registered: 12th Aug 02
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16th Oct 07 at 15:39   View User's Profile U2U Member Reply With Quote

have a look on www.rightmove.co.uk to see whats on offer.

try get a deposit togther 10%+ if possible.


where in yorkshire are you. you can get stuff cheap up there to get your foot on the ladder.


[Edited on 16-10-2007 by neoquip]
Colin
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16th Oct 07 at 17:13   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by whitter45

750 spare without a mortgage - with a mortagage does not leave much incase something happens i.e new boiler etc or holidays nights ou t weekedn away

I persoanlly do not think you on wage to get a house on your own at the price your want or that may just be me

If i was in your position i would save for a big deposit. i put 30k down on my house plus solicitor bills etc its alot of money

[Edited on 16-10-2007 by whitter45]


Its plenty if you can learn to spend your money wisely & sacrifice holidays & other luxurys for a while!!

While your saving your 30k house prices will go up center fold....double!!

 
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