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RomanWall

5% Deposit....i'll Use A Credit Card.

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'the house is too good a deal to pass by....'.

They earn £55k pa, no savings, and need £7.5k deposit. What would you do?

http://forums.moneysavingexpert.com/showth....html?t=1015819

Wow, 55k and no savings, how on earth can they be so financially incompetent? Me and my GF earn a little over 40k pa and we have about £4k saved over the past 18 months, and we could possibly have more if we were a bit more careful about spending.

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Why use a credit card ? Just loan the money off the provvie !!!!

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See Consumer Borrowing Soars thread.

Utterly un******ingbelievable.

Maybe that's where a lot of the £50bn BOE money dump has gone - that and inflation and devaluing the £.

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It was actually encouraging to see the number of quite sensible replies on that thread. The posters of bullish sentiment were definitely in the minority. Most people just saying "if you can't even save a 7.5k deposit, how exactly are you going to afford to repay a mortgage and an additional unsecured loan?"

They should call that site "Money Wasting Expert" instead. None of the people who start threads on there (in the property forums, at least) ever seem to be interested in "saving" at all.

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Wow, 55k and no savings, how on earth can they be so financially incompetent? Me and my GF earn a little over 40k pa and we have about £4k saved over the past 18 months, and we could possibly have more if we were a bit more careful about spending.

Back in 2004-2005 my wife and I were earning about £45K between us, living nicely, holidays, going out, shopping etc and saving £1K per month. This year (before she left work) we were earning quite a bit more and saving much less :blink:

go figure but I'm sure house prices and price inflation will be in there somewhere. Its that change in rate of saving that tells me that inflation has been raging away for 3-4 years already and in this market, no saving, no house buying.

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Back in 2004-2005 my wife and I were earning about £45K between us, living nicely, holidays, going out, shopping etc and saving £1K per month. This year (before she left work) we were earning quite a bit more and saving much less :blink:

go figure but I'm sure house prices and price inflation will be in there somewhere. Its that change in rate of saving that tells me that inflation has been raging away for 3-4 years already and in this market, no saving, no house buying.

We'd like to save more, but unfortunately London living is expensive and we've both got student debts to pay for too, plus pension funds. Fortunately, my GF has a £7k trust from when her grandmother died and hasn't touched that. Hopefully in the next few years we can save enough plus the trust for a decent deposit and keep the amount we're paying in interest to a minimum.

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We'd like to save more, but unfortunately London living is expensive and we've both got student debts to pay for too, plus pension funds. Fortunately, my GF has a £7k trust from when her grandmother died and hasn't touched that. Hopefully in the next few years we can save enough plus the trust for a decent deposit and keep the amount we're paying in interest to a minimum.

I was not meaning to criticise your budgeting, as I said we find it more difficult today than back then. I was just trrying to show how you were getting ripped off even compared to a few years ago.

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I was not meaning to criticise your budgeting, as I said we find it more difficult today than back then. I was just trrying to show how you were getting ripped off even compared to a few years ago.

Yeah definitely. I used to rent a 3-bed flat with friends when I was 19 while on a gap year before uni and it was only £50pcm more than what we have to pay for a 1-bed flat now, five years later. The cost of living has been rising astronomically for years, yet the Government and BoE fail to acknowledge it.

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  • 399 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%



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