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To ask how long it took you to raise a mortgage deposit?

(130 Posts)
IamScarfaceClaw Mon 28-Nov-16 19:54:04

Just musing really, DP and I would love to own our own home one day, we live in a relatively low living cost area and a 2 bed or small 3 bed is about £140K. We earn about 25k combined and (obviously) currently rent so have all associated costs.
So AIBU in asking, without windfalls/inheritance etc how long did it take you to scrimp and save for your mortgage deposit?
disclaimer- I'm a list maker and a forward planner and I love having timelines to work with, so not just beingnosey.

HappinessLivesHere Mon 28-Nov-16 20:14:22

£15k, little under a year.

Manumission Mon 28-Nov-16 20:18:40

£15k, little under a year.

There's your problem right there, in taking other people's timelines as a guide. Unfortunately.

Would the 'hows' really not help too?

CrystalVision Mon 28-Nov-16 20:20:03

2 years. £10k

GreenTureen Mon 28-Nov-16 20:21:53

We never did. First home was bought in 2006, with a 125% mortgage so we put £0 of our own money down.

Ginmakesitallok Mon 28-Nov-16 20:22:50

We didn't. We bought our first flat with 100% mortgage.

ghostyslovesheets Mon 28-Nov-16 20:25:20

I never did - first house the vendor paid the 5%

chickenowner Mon 28-Nov-16 20:27:59

I saved 10% of the cost of the house for the deposit, it took me about a year, but it was only £7,000!

chickenowner Mon 28-Nov-16 20:28:27

...and it was in 2002.

AmazingBouncingFerret Mon 28-Nov-16 20:28:44

100% mortgage first time round.
Second time I moved back to parents and lived there rent free for 9 months.

crispysalmon Mon 28-Nov-16 20:29:53

10 years, £250k from wages alone, no inheritances or windfalls.

Eminybob Mon 28-Nov-16 20:30:15

We only put 5% deposit down and capped our budget at £125000 to avoid stamp duty (we are lucky with prices in our area) so saved £6250 in a year. I saved every spare penny from my wage and DH paid for everything else from his wage during that year. We really tightened our belts. We did the same again the following year to save for mat leave when I had DS.
It was hard work but short term pain, long term gain. Fwiw we couldn't do it now we have a DC!

burgundyandgoldleaves Mon 28-Nov-16 20:30:28

Had it from my dad.

Colby43443 Mon 28-Nov-16 20:31:31

£50k - 5years

PlumsGalore Mon 28-Nov-16 20:31:50

DS has done 5.5k in a year, I reckon at this rate he will be ok for a deposit and moving in costs in another 18 months, Yorkshire.

MontePulciana Mon 28-Nov-16 20:32:49

We saved £16000 in about a year and half on my min wage salary and DH decent salary. It was hard but we just cut everything out and tried to get £1000 away each month.

JennyOnAPlate Mon 28-Nov-16 20:33:30

It depends completely on how much you can afford to save once all your necessary expenses are met.

We were lucky enough to get a 100% mortgage back in 2003, and then the deposit for our second home came out of the equity when we sold the first after 12 years. We could never have afforded to buy without the 100% mortgage...we could have saved for 10 years and it still wouldn't have been enough.

clumsyduck Mon 28-Nov-16 20:34:11

See the problem is you will get so many varied answers due to people's income , cost of house etc etc you really need to just see how much you can save

based on what I earn and what I have saved this year if I earnt why you have coming in I could probably have saved about 5k this year but then my bills may be less than yours

19lottie82 Mon 28-Nov-16 20:34:34

Your combined wages are very low. Not even 2 x FT min wage. Would there be any opportunity for either of you to increase your income?

RandyMagnum2 Mon 28-Nov-16 20:35:59

One year, £12.5k.

Thatwaslulu Mon 28-Nov-16 20:37:00

Got a good deal on a mortgage - essentially a 100% one but we got 5% cashback and only had to put in £125 administration fee. This was in 2000 though.

Thefishewife Mon 28-Nov-16 20:39:08

If houses are only 150 then tbh there wage is relative to the cost of a house

Tbh we didn't even realise we had enough to buy a home until we had to do a financial assment to adopt ha ha the adoption sw was like wow you have 25k very impressed we were like confused we had lots of little bits in about 6 Diffrent accounts it took us about 4 years howver we most like had the money from about 2.5 years just didn't notice

Yura Mon 28-Nov-16 20:43:03

70k - 15 years. we are in southeast, so houseprices are astronomical!

NickMyLipple Mon 28-Nov-16 20:44:42

We moved in with parents for 18 months and managed to save around £50k.

We are South East too... everything just costs such a lot sad

Yura Mon 28-Nov-16 20:50:29

We had to pay rent, transport into london, maternity leave (short) and 4 years of nursery.... parents live far away so moving in not an option. it wasn't fun

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