Jump to content
House Price Crash Forum
Sign in to follow this  
beerhunter

What Deposit Do You *currently* Have Towards Buying

Recommended Posts

For FTBer's only please... (perhaps an STR'er would like to do similar poll)

One of the bullish "taunts" is that as soon as prices drop, FTB'ers will pile in.

I'm not sure this is true for a number of reasons, but as a gauge as to when, I'd like to ask a question:

As a FTB, how much of a deposit do you have?

Since we all earn different amounts, I think replies as a percentage of your regular income (ie before tax but excluding bonuses/overtime) is a fairer measure.

ie if you earn £20,000 (excluding overtime/bonuses) before tax, have £6k in savings towards a deposit then x = 6/20 = 30%, so your answer is "30% <= x < 35%"

Thanks.

[i hope I've got this new poll thing right... so much more hassle than before!]

Share this post


Link to post
Share on other sites

0! Im in debt! As a graduate without a silver spoon in the cuttlery draw, It'll be at least 3 years before I can muster a decent deposit (by that I mean 15k +). The only other young profs I know who can afford a house these days are either prodigeous entreprenours, or have a lot of help off mummy and daddy, or who are extreme misers.

At the age of 25, perhaps I should be in credit, but economic awareness has been tempered by enjoying the world in my my initial post-grad days...woe is me!

Share this post


Link to post
Share on other sites

Earn 32k. Assets and savings of about 20k. How? Living with parent B4, now renting a room (not a house) for 300pcm. Shared house renting is cool if your flatmates are good - better than living alone. I believe in living well within your means today to have a better lifestyle tomorrow.

If HPC happens i'll buy a house. If not i'll emmigrate and take my valuable skills to another country. I know someone who did this during the last bubble - for the reason of house prices.

Share this post


Link to post
Share on other sites
For STR's...

100% plus ?

I would hope so B)

However I suspect there are probably more FTB'ers "in the wings" than STR'ers in the country (however I suspect there are more STR'ers here as a percentage of the posters), so please don't skew the poll. Thanks.

If a STR'er would like to post a similar poll..

Percentages are meaningless - I have x in deposit.

That is y% of a £100K property, or y/10% on a

£!,000,000 property.

ABB

But there is a constraint on how much a bank will loan you... based on salary.

Therefore comparing deposit with salary makes sense.. ok the multiple maybe x5 today.. and x3 tomorrow... and hence affect the price you can buy at, but deposit stays the same relative to salary.

Share this post


Link to post
Share on other sites

Still too many variables, I could and wouldlelect to front more

deposit on a cheaper place, rather than borrow the most I can.

Not everbody will buy at the same time or on the same multiple.

Maybe a more useful poll would be:

'How many year's salary do you have saved for a deposit?'

ABB

(just over one for me, so 20% at 5x, or 33% at 3x...)

Share this post


Link to post
Share on other sites

A miserable 6K :( , of which 2.7K belongs to the lovely Student Loans Co. :angry:

Still, a year ago I was -5K, so I suppose I should be happy about being +3K now - no football for me last year :(

When I compare myself to other people around me, 5-10K SL debt, and (d'oh!) huge credit card bills - mustn't grumble...10K will be a 15% deposit on a terrace in Swinedon next year, right Bears??? :unsure:

Share this post


Link to post
Share on other sites

0% and in debt. The life of a totally self supporting student :(

When I graduate (1.5 years) I'll be on $50k + AUS. Tge "average" wage (but median wage is sub $30k) Not enough to buy a semi-respectable house in todays market :angry: What a F#$king joke.

Share this post


Link to post
Share on other sites

10 years salary in savings (I'm a tight git, but aim is when it hits 25 times I am retiring)

Obviously wouldn't use all for a deposit, but have earmarked 160-170,000GPB for property, and would go for 50% mortgage, 50% equity.

But most likely in Vancouver or Perth, OZ...

Share this post


Link to post
Share on other sites
Guest KingCharles1st

Will have a measly, but significant, 50K to invest in property in Jan if I so desire. But would rather use it for 1 year to double its value in my business, and then use it, along with the fact that the prices will have crashed another 15%, OR can get a 15% more expensive house for the same money.

I might wait longer. At the moment, the "quality of life" available from my money in rented for say 900-1000 per month, far outstrips that which I could afford by mortgage, going in cold and new in the South East over 20 years. I was only going to live once last time I checked...

I actually think now that we never really got out of the last crash totally, and will watch with glee as desperate sellers chase the market down too late with the desirable properties, slowly slowly catchee monkey etc.

If I was STUPID enough to buy at the this present worrying time- I would have to lie about income and do a self cert 15% down, ie Immediate negative equity 5 year millstone city.

Unless of course I bu something really cheap n nasty "one bed flat over chip shop" style monstrosity- but then go back to the previous statement, except double the time in neg equity and no quality of life...

Share this post


Link to post
Share on other sites

I'm a FTB in waiting and have almost 2 years gross salary saved.

Wish I knew where to put it to protect it from inflation and/or crashing pound.

Any suggestions welcome.

James.

Share this post


Link to post
Share on other sites
Will have a measly, but significant, 50K to invest in property in Jan if I so desire.

I wouldn't say 50K was measly. It's where I wish I was at right now. I'm on just over 30K at the moment, which has took a long time to save.

Share this post


Link to post
Share on other sites

Well I'm not a STRer - I sold cos I split with my ex-girlfriend. What do I get classed as?

I'll have approximately 25-30% deposit if I stop saving assuming the houses I'm looking at fall 15-20%

Edited by OzzMosiz

Share this post


Link to post
Share on other sites

I have up to 150% of our combined salary, or 200% of mine (but it's in the shape of a Keyworker equity loan, so it doesn't count. In actual cash, it's 8k, or 5% of the 160k I'd be prepared to spend on a slightly scabby 3 bed terrace in a slightly scabby outlying area of SE London (current price 190k and up)

Share this post


Link to post
Share on other sites

I'm on £20K and my partner is on £23K, we have £18K saved...

However my contract ends in december and my girlfriend will be on maternity leave in March 06... Trying to save as much as possible over the next 3 months!

Share this post


Link to post
Share on other sites

I have 92.5k deposit at the moment.

combined salary of 75k

looking to spend no more than 250K in SW London.

i.e. 2x combined salary.

Share this post


Link to post
Share on other sites

26 and I earn 21, I have 3.4k in savings but about the same in debt! Hopefully though if I stick to my guns over the next 2 years I hope to have 10k, and will have cleared my debts. Ideally I would like a 15-20k deposit, with maybe 3k of it to cover furnishings like a fridge etc. Starting a new job on 26k so hopefully if a 20% drop in prices over the next 2 years + with a 2 bed flat at about 150k on avg currently and a 10k deposit and a bit of wage inflation should all fit into a 3.5 times mortgage. Thats the theory anyway

All this talk of 50k-100k deposits for a FTB surely must be STR's etc? If not fair play!

Share this post


Link to post
Share on other sites

24 years old on a salary of 20k rising to £24k next year.

I have approximately 30k as a deposit. I have been able to save 20k cash over the last two years and was fortunate to get 10k from my parents in shares when i was 18. Confident that the shares will retain value over the next year and intend to put more into it rather than soley cash as i have been.

i have 10k student loan but it makes no sense to pay it back given its charged at 2% and id get 4% plus ina bank. Currently paying back £39 per month through my pay check.

Edited by defweb

Share this post


Link to post
Share on other sites
24 years old on a salary of 20k rising to £24k next year.

I have approximately 30k as a deposit.

i have 10k student loan but it makes no sense to pay it back given its charged at 2% and id get 4% plus ina bank. Currently paying back £39 per month through my pay check.

I wish I'd been as organised as you after graduation, and been thinking in terms of saving a deposit!

BTW, student loan interest is now up to 3.2% as of this month - still just about worth keeping your money in the bank, my Egg account gives about 3.6% after tax now that my ISA is maxed out for the year. If IRs fall by another 0.5%, I'll be paying off my loan instead. And setting fire to the loan agreements, then dancing on the ashes.

£39pcm on 10K?? I pay £70pcm on 2.7K :o Do recent grads pay over 10 years now or something? (mine is over 5 years, the last one was taken out in 1995)

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 336 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.