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General Chat Thread, Moving back home in General; Made a difficult decision over the weekend to move back to my mums house. Me and Hannah (GF) are saving ...
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    PEO
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    Moving back home

    Made a difficult decision over the weekend to move back to my mums house. Me and Hannah (GF) are saving for a huge deposit on a house and with the increase of transport, and food etc its been difficult to save money.

    Any one else in the same situation as me?

    I'm even thinking of buying a bike, and cycle to work. Should save me 40 extra a month.

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    I understand where you're coming from.

    We've been lucky in that our house venture has taken over a year in which time we've built up enough savings to cover the deposit.

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    PEO
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    I spoke to a financial adviser and he said it would be I'm our best interest to save 15% deposit rather than 10% because the interest difference is huge. Been looking at houses to get a good understanding what I can get for our money. Seen some right dives and and some really good property. Hannah has this fairytale idea that she will have a garden for a dog. but in reality cost location etc all comes in to play. have a small house with garden but live in a ruff area or half decent house with yard and good location. Get it all and you end up paying ridiculous money.

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    Might not work for you but the way I save money is to have a standing order which pays into a savings account on the 1st of the month (day after pay day). That way money isn't in my current account so I'm much less tempted to spend it.

    Over the years I've steadily increased the amount that goes into the savings - basically, put a bit more than you think you can manage aside each month. That forces you to think a bit more about spending (because the money isn't there to spend easily)

    Don't know how far you live from work but if the cycling would be an easy thing to do then 40 a month is worth saving (and if does save 40 a month then I'd put 50 into the savings account - "every little helps")

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    I'm contemplating the same move, I spend far too much on wasted rent, that I could be saving towards a house deposit. I also spend about 100 a month on petrol for the car just to get to work, it's silly! My parents house is 3 miles closer to where I work so it should save a me a bit on fuel, plus I won't have to shell out rent, utility bills and other stuff every month, I think I could save 500 or more a month living at home again!

    Difficult decision, but look long term and the benefits are obvious.

    Mike.

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    zag
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    It's probably not the right time to be buying a house but that's a whole different topic

    The deposit doesn't really matter, but 10% is the minimum you would need to get the best mortgage deals. I lived with parents for 2 years after uni to save up a load of cash and you really should take advantage of not paying/low rent. Save everything you can!

    As for the bike, its a great idea with petrol increasing I got rid of my car and it saves me about 300 a month in petrol,tax, maintenance so its really worth it.

    Oh and good luck with it all, owning your own house is the best feeling in the world.

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    PEO
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    We opened up ISA accounts beginning on the new financial year and our parents have opened one up. Between us we will be saving just over 1.5k per month once I move back to my mothers house, should have a decent deposit soon enough.

    My mum has been super supportive by allowing me to stay for 80 a month which is 160 less what I'm having to pay now for a shoe box bedroom.

    somebody suggested to me that i open some sort of savings account where you cant access money for 90 days. any one know of such saving plans?

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    I'd cycle to work if it was practical. It's an eight mile journey, which in itself isn't that far by bike. The trouble is there's a pretty substantial hill between me and the school, with the road being not that wide. Then you have to account for cars racing along at 60mph as well as poor visibility some of the time.

    It's safer and more practical to use the car, unfortunately

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    We're going to look at a house (me and my brother) on Wednesday to buy. We said the longer we leave getting a house the harder it will be - so if we start paying a mortgage now (even though it's joint) it will be easier for us when we want to move in with partners etc.

    There's no way on earth I could afford a house on my own, and I still can't afford a deposit. Luckily my Mam and Dad have agreed to fund the deposit as long as they get it back from us when we sell the house. You may be thinking WTF but trust me, my brother is a financial advisor and his wife (this is my older bro) is a mortgage advisor so we have the best advice going.

    Plus we're looking at moving in 4 doors away from him so we can pinch his lawn mower as well haha!

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    Quote Originally Posted by fafster View Post
    I'd cycle to work if it was practical. It's an eight mile journey, which in itself isn't that far by bike. The trouble is there's a pretty substantial hill between me and the school, with the road being not that wide. Then you have to account for cars racing along at 60mph as well as poor visibility some of the time.

    It's safer and more practical to use the car, unfortunately
    no buses? I've found one a 5 minute walk from the house that drops off here...

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    I've been in my new place for about 2 months and i think i must have been one of the last people to get a 100% mortgage. I don't think such a thing even exists anymore. We were touch and go for a while after getting an offer accepted then trying to get a mortgage. Our mortgage advisor said that mortgages were being pulled literally by the hour, so we ended up going to find our own.

    I'd hate to be buying now. Mind you, it's a buyers market with prices coming down, as long as you have cash and don't need a mortgage, but how many people are in that position...?

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    Me and the girlfriend would like to buy but just dont have a deposit at the moment. Thing is, we pay 795 rent on the house we live in but if we wanted to buy it, it's 250k! We could never afford this! It would mean that we would need a 25k deposit and then pay around 1500 a month mortgage!

    I wish I had bought years ago

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    yup, I live at home with my brother and our parents.

    after 4 years of Uni, almost 14k of debt, and bringing home less than 1k a month, I can't afford to pay out over 600 a month to have food, electricity, heating and a roof over my head together with paying off my student loans and having a little free money for my own interests
    thats not to say I don't give my parents rent, but they charge me far less than any other landlord would

    As for the "extending parents house" idea, seems like a good idea to me!
    Why bother scraping to try and get a new house, when you can just build an extra room or two onto the existing house?

    Within my parents house I have my own bedroom, my own study / living room, and me and my brother share a bathroom - so its actually *better* in terms of space than renting with other people too!


    I think, what with the increased costing and everything, the idea of the "geeky guy living in his parents basement at the age of 35" is fast becoming the norm, and for financial reasons, not the whole "parents cant let go / kid is too lazy / sad to move out" thing

    besides, if you all still live together anyway, you're already well prepared for them living with you when they get old and retire!

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    Quote Originally Posted by PEO View Post
    We opened up ISA accounts beginning on the new financial year and our parents have opened one up. Between us we will be saving just over 1.5k per month once I move back to my mothers house, should have a decent deposit soon enough.

    My mum has been super supportive by allowing me to stay for 80 a month which is 160 less what I'm having to pay now for a shoe box bedroom.

    somebody suggested to me that i open some sort of savings account where you cant access money for 90 days. any one know of such saving plans?
    i have savings with alliance and leicester, i have 4 accounts there. I bascially waterfall my cash through them each month with each one having more penalities for withdrawling cash. Go in and ask they'll set you up with the accounts, the esaver is a good deal and they do a monthly saving one at 12%.

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    PEO (9th June 2008)

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    PEO
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    Quote Originally Posted by strawberry View Post
    i have savings with alliance and leicester, i have 4 accounts there. I bascially waterfall my cash through them each month with each one having more penalities for withdrawling cash. Go in and ask they'll set you up with the accounts, the esaver is a good deal and they do a monthly saving one at 12%.
    spot on cheers

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