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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To think this is extremely doable?

52 replies

RottenTomatoes959 · 21/02/2018 11:46

I'm 23 and I live at home with my family and have DS 3.
I want to save for a mortgage hard in the next two years.
If i save 200 a week,pay 70 a week to my mother and pay 50 a week in creche fees,I'll still have about 100 left over.
Only other bills is my phone and gym and they're both 20 a month.
More than once people have told me I'm mad and I wont be able to keep it up but I think two years of hard saving is nothing in the grand scheme of things.
Am I mad?

OP posts:
Klobuchar · 21/02/2018 11:48

On paper it sounds doable. Only you know what your other expenses are (transport, days out. birthdays and Christmas etc)

PaperdollCartoon · 21/02/2018 11:52

It’s doable if you’re strict with yourself. You also need to consider things like unexpected costs, if you or your child need new clothes/shoes (kids grow quickly) paying for birthdays/Christmas, socialising (you can do this cheap but it’s nice to go out sometimes)

jollyjester · 21/02/2018 11:55

It sounds doable but 2 years down the line how will your expenses be if you get a mortgage.

Don't forget to factor in all the costs associated with a first time purchase, solicitors fees, stamp duty, furniture etc.

Good luck!

Snowysky20009 · 21/02/2018 13:06

Why about incidentals- clothes for you both, shoes, school trips (when they start school), school associated costs- school uniform and PE kit, non uniform days, fundraising etc, school dinners, days out, birthdays, Christmas, will you need any wrap around care when they start school?, books, toys etc as they get bigger, prescription costs for you?, dentist?, socialising for you.

That's just off the top of my head.

You'll be saving less than 20k. I live in a relatively cheap area, but by the time solicitors fees etc are taken off, you won't have a lot for a deposit. How much roughly are you looking at for a mortgage? And remember prices can go up between now and then.

BarbaraofSevillle · 21/02/2018 13:11

£20k could be plenty for a deposit. £150k in many average cities would buy a 2/3 bed semi in a reasonable area on a 90% mortgage, if the OP qualifies on the salary multiple too and leaves £5000 for fees, moving costs, furniture etc (no stamp duty as assuming FTB).

OP, have you looked into Lifetime or Help to Buy ISAs? You could get extra money from the government if you qualify - you need to be under 40, a first time buyer and I think you need to have saved for at least a year to get the top up, which is possibly about £4k?? So I'd look into it soon and make sure you sign up if eligible - if nowhere else, Moneysavingexpert will have full details.

Original poster
RottenTomatoes959 · 21/02/2018 13:31

Im in ROI so im not 100% sure what schemes there are but I'll look into it.
I will be moving in with my DP. He's saving x amount aswell but as our finances our seperate until then I didn't include it here.
The child benefit I will be taking out and seperating it every month to save for school stuff/clothes etc, and I never go mad with money regards birthday/xmas presents so it wouldn't be that much.
Im civil service so my salary will be going up as the years go aswell.

OP posts:
coconutlimesmoosh · 21/02/2018 14:01

its not going to be enough for a deposit and who is going to pay for everything for your son?

GrannyGrissle · 21/02/2018 15:06

Go for it! Why not!

DeathStare · 21/02/2018 15:09

It may be possible. It may turn out that you get unexpected expenses that you hadn't thought about. You won't know until you try. Good luck OP

DeathStare · 21/02/2018 15:13

its not going to be enough for a deposit and who is going to pay for everything for your son?

£200 per week for two years is £20K.

In many parts of the country you can get a house for £60K. £20K would be more than enough deposit.

Anyway the OP is planning on moving in with her DP. If he manages to save only half of what she does then that's £30k deposit. If you work on a 25% deposit then that has them look at houses around £120K. Lots of areas have decent 2/3 bed houses/flats for that price. And with a shared ownership scheme there is the possibility of a much bigger house with that sort of deposit.

coconutlimesmoosh · 21/02/2018 15:30

In many parts of the country you can get a house for £60K. £20K would be more than enough deposit

you need to actually read the thread. OP is in Ireland, she is talking in euros not pounds, and 20k wouldn't get you a deposit on a parking space.

PhelanThePain · 21/02/2018 15:33

What job are you in where you’re earning over £400 a week but paying only £50 in childcare?

coconutlimesmoosh · 21/02/2018 15:35

euros folks. Foreign country, has totally different ways that you might not understand. Childcare supports work very differently.

littlewoollypervert · 21/02/2018 15:35

What area are you in - and what area are you considering buying in?

Dublin - average house price about €400K
Longford - average house price about €80K

average Irish house prices 2017

expatinscotland · 21/02/2018 15:41

So how much is the maintenance the boy's father is paying for his child? Is it enough to cover all his expenses?

Original poster
RottenTomatoes959 · 21/02/2018 15:42

im in the civil service but im a single parent so got granted some childcare scheme to help with creche fees.
I am looking in dublin but just for a two bed house or apartment. Around 150 to 250k in my area at the moment anyway.

OP posts:
Original poster
RottenTomatoes959 · 21/02/2018 15:43

He doesnt pay maintenance but gets all his bits for when hes in his.

OP posts:
BarbaraofSevillle · 21/02/2018 15:47

So it looks like it will be affordable, especially as you're buying with your DP who will be contributing to the mortgage and deposit. Obviously not everywhere is as expensive as the south east of England or expensive areas of Dublin.

Will you still be entitled to creche fees help as a single parent when you buy a house with your DP? In the UK there can be considerable loss of benefit when a single parent moves in with a partner and both incomes are counted.

Original poster
RottenTomatoes959 · 21/02/2018 15:51

He'll be in school by then and my job has flexible hours so with the combined income of DP and my hours it would probably be in or around what im paying now.

OP posts:
PhelanThePain · 21/02/2018 15:53

euros folks. Foreign country, has totally different ways that you might not understand. Childcare supports work very differently.

Which is why I asked the OP Hmm

coconutlimesmoosh · 21/02/2018 15:56

Which is why I asked the OP hmm

using the pound sign, so you can keep your Hmm

coconutlimesmoosh · 21/02/2018 15:57

and she'd already said her job, so have another one Hmm

PhelanThePain · 21/02/2018 16:04

using the pound sign, so you can keep your hmm

Force of habit

She hadn’t said her job. She said the company she works for. There are quite a few jobs within the civil service.

Notevilstepmother · 21/02/2018 16:10

Good luck.

coconutlimesmoosh · 21/02/2018 16:10

It's not a company.Hmm

Force of habit or not, you were wrong and then pissy about it being pointed out.