How to start saving for a mortgage

L

lori

Guest
Hi,
I would like to start saving for a morgage, can you recommend how i would go about it how much i would need to save a week and how long it would take me
 
Re: Morgages

try start by working out how much you spend a week, then look at how much you can earn and stick the difference away, my local credit union gave about 3% last year
 
See the best buys list for details of the best demand deposit rates on offer. Some first time buyers can get 100% mortgages but the lender will normally still look for evidence of some savings history and accumulated lump sum. What are your earnings and what sort of price range and timeframe are you looking at?
 
lori said:
Hi,
I would like to start saving for a morgage, can you recommend how i would go about it how much i would need to save a week and how long it would take me
Click to expand...

Well it all depends on how much you need, how much you earn and what timeframe your looking at. When I started saving I sat down and looked at where I was spending my disposable income and identified areas I could cut back in. Some of the things I cut back on were taxis,magazines,lunches (brought my own), took the car & didn't drink on the odd night out, rented a DVD instead of going to the cinema...you'll be amazed how much disposable income disappears into thin air .
 
yep, your wealth is based on what you SAVE, not what you make (considering all the bills, expenses)

how much can you save a week?

E.g if you save 100$ a week, thats 400 bucks a month

you need to save for more like 100 months (about 8 years) to reach a decent amount of 40k that you can put down on the house...

make an excel chart with your daily revenues and expenses, and see how much you can save a month, that should be a start!
 
texasgamer said:
E.g if you save 100$ a week, thats 400 bucks a month

you need to save for more like 100 months (about 8 years) to reach a decent amount of 40k that you can put down on the house...
Click to expand...

you forgot about stamp duty......am in this position myself, need to save to pay deposit on house in Dublin and have stamp duty. Figured I could do it in 3 years if I saved E2100 a month. Alas, 8 years is more likely.
 
If you could get your parents to put their name with you for new house, ie bank of scotland would give you mortgage now on the basic of your parents home, you could pay only interest only for 5 years which you could get lodgers in to help pay, this would mean not paying more in years to come for house , my friend this last year, he really owns property just has parents name on forms just a thought


lori said:
Hi,
I would like to start saving for a morgage, can you recommend how i would go about it how much i would need to save a week and how long it would take me
Click to expand...
 
What do you mean by this "he really owns property just has parents name on forms"? What forms? What are the tax implications of this? To be honest this doesn't sound like very comprehensive feedback/advice on the matter in hand.
 
bank of Scotland would take into account that if his dad applied with him for mortgage , they do take in both earnings, and also he might only need his name on the house deeds, this would mean no stamp duty as he is a first timer
 
Just a thought but have you tired looking at the 100% Mortgages in the banks now. Also if your a member of the credit union you could take out a loan with them and use that as your deposit (Just dont put that on the bank form, you could say it was a gift from someone!)
 
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