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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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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:

PhelanThePain · 21/02/2018 16:12

I was really only responding to your pissy comment so....

Company, employer, whatever. Pedants corner is that way>>>

PhelanThePain · 21/02/2018 16:13

DeathStare · 21/02/2018 16:18

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

I have read the full thread - no need to be snarky. As with pp I used the £ sign because I have no Euro sign.

And there are plenty of houses in plenty of areas of ROI where you could get a house with a 20k deposit. Anyway if her DP is also saving then the deposit should be more than 20k

Aloethere · 21/02/2018 16:22

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.

This just isn't true. I looked at a 5 bed house the other day that is 90k, has it own orchard too. Obviously some parts are more expensive than others but there is still plenty out there for less than 200k.

TieGrr · 21/02/2018 16:30

Work out what you'd be spending on a mortgage, then save at least that amount every month. Shows the banks you have 'repayment capacity' and will be able to afford payments. Don't dip into your savings if you can avoid it.

It's doable, OP. I saved €600 a month for a couple of years on a smaller salary than yours. You adjust to not having as much money.

PhelanThePain · 21/02/2018 16:34

Oh, was coconuts wrong? imagine that.

snewsname · 21/02/2018 16:42

£400 disposable income per month after board, assuming that bills and food are included, seems as if you won't be leaving yourself short at all, so £800 savings per month should be doable. That's a big deposit in 2 years. Good luck.

StormTreader · 21/02/2018 16:48

If you think you can, start doing it, definitely! If you put in a few months and it just isn't livable then you can adjust it, but you'll still end up with whatever you have saved and that's got to be a good thing.

I would allow yourself licence for an occasional small indulgence though - its better to have a new book or top or takeaway once a month if that lets you stick to budget the rest of the time.

Eliza9917 · 21/02/2018 16:53

Ignore all the naysayers OP, I did help to buy and only had to put down less than £6k for my house - in 2015.

And as for all those saying you won't have money to live, £100 per week is plenty, that was normally what I was left with as disposable income when saving and although I didn't have a child, plenty of people live off a lot less.

coconutlimesmoosh · 21/02/2018 17:04

no, she wasn't. OP is in Dublin. Do any of you know how mortgages and deposits work in Ireland? How much is needed? What are the newest rules on lending? '

No, thought not.

PhelanThePain · 21/02/2018 17:26

Wait!! You’re not even letting anyone answer. Spoilsport.

And you said Op is in Ireland. You didn’t say Dublin.

mikeyssister · 21/02/2018 18:26

OP said she was in Dublin.

If you press Ctrl, Alt, 4 at the same time do you not get a € sign?

Original poster

RottenTomatoes959 · 21/02/2018 18:26

Fair enough it is hard to get a mortgage here but a new scheme is getting rolled out this year with local authority and mortgages so I dont see why I cant manage it,even if it takes a bit longer than I anticipate. I don't doubt I will manage to get one saving like I will,its if I can actually keep up with the saving as it is.

OP posts:

coconutlimesmoosh · 21/02/2018 18:26

And you said Op is in Ireland. You didn’t say Dublin

She already said both. Do you need a translator?

PhelanThePain · 21/02/2018 18:32

coconut you need to read your own posts. I was referring to what you posted. Why would I need a translator when I correctly read what you posted and relayed that back to you?

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

This is your post. You said OP is in Ireland and that 20k wouldn’t get you a deposit on a parking space. You didn’t mention Dublin. So in fact you were incorrect that 20k wouldn’t get you a deposit on a parking space in Ireland as another poster has stated that they viewed a house just the other day valued at 90k. So you were wrong. If you didn’t mean Ireland, and in fact meant Dublin then you made a mistake and i’ll forgive you.

coconutlimesmoosh · 21/02/2018 18:47

I didn't need to mention Dublin because the OP already had.

Good fuck can you not read for yourself? Dublin is IN Ireland, it doesn't need to be said.
Cop yourself on and try and understand that England is not the centre of the universe. If you don't know the first thing about the question, try an easier one eleswhere.

OP, while you are saving all your money, who is paying for everything your son needs?

PhelanThePain · 21/02/2018 18:52

Cop yourself on and try and understand that England is not the centre of the universe.

I’m Irish. Living in Ireland.

And no, the OP had not already said Dublin when you made that post. Maybe you’re struggling with reading?

Original poster

RottenTomatoes959 · 21/02/2018 18:59

Bills and food are paid for in the rent I pay my mam,and I'll have a little over a hundred a week after that for anything he needs. My travel is paid for and I'll be cutting down/out on any of my non essentials so I think I'll have enough for whatever he needs.

OP posts:

coconutlimesmoosh · 21/02/2018 19:01

then you have even less excuse for your nonsense and lack of understanding, don't you?

PhelanThePain · 21/02/2018 19:02

like I said, it’s you who has made the mistake. I read your post exactly was it was written. It isn’t my fault you didn’t mean what you wrote.

fifig87 · 21/02/2018 19:02

Op,

Isnt there a first time buyers scheme at the moment. Also the new council mortage scheme.

My friend recently purchased a house with the council mortgage. To be approved she had to have two denials from banks.Think she had to have 10percent deposit.

Dp is just after signing for his house. He had to have 20 percent deposit, solicitor fees were just over 2k and about the same on stamp duty. Also had to take out life insurance etc for mortgage approval. You may need an extra 7/8k for all these parts. Also had to be able to show he could save at least 800e a month for 6 months (lived at home).

I think you can do it! I hopefully plan on doing similar in a couple of years. Definitely keep an eye for the new council scheme.

Also im not sure why your ex isnt paying towards your ds, it would make your life easier to secure both your futures.

Turquoise123 · 21/02/2018 19:05

not very helpful of people to be so negative ! Good luck to you .

Original poster

RottenTomatoes959 · 21/02/2018 19:06

Yeah fifi thats the one I was looking at. Me and DP will both be first time buyers so will only need the 10% plus the fees. Im very excited.
His dad is in college and not working so he just doesn't have it to give unfortunately, not that i think it would make much difference

OP posts:

Lonesurvivor · 21/02/2018 19:19

Op fair play to you for been so determined. Your figures sound realistic to me given that you won't have any household bills or maintenance aside from what you give your mother. Plus the €140 from CB each month should go a long way to covering your child's extra needs.
As your not living with your partner you should be able to claim single parents tax credit, have you looked into this and the gp card for your child too?

Now two things I'll comment on first is regardless of how much your childs dad plans on saving and how much you love him and are confident you'll stay together you need him to give money each week towards his child's upkeep.
If you split or anything happens to him you will not be entitled to any money "back paid" for your years of taking care of your child financial by yourself.

Another thing is €70 for all food and bills for both of you and presumably frequently enough your bf is low enough and with the prices of everything here in Ireland won't cover your costs. Maybe your parents are happy with this but it needs to be acknowledged and every so often it'd be nice to treat them cause they're doing bc huge thing for you. It's only when you're running a home of your own that you'll realise all the hidden extras cost and how each extra person in a household contributes significantly towards bills, wear and tear and extra work in general.

Original poster

RottenTomatoes959 · 21/02/2018 19:50

Thank you Lone. DP isnt DS dad though myself and ex split about two and a half years ago. Ex is in college atm so realistically he doesnt have money to give,he has DS probably 40% compared to my 60 so I wouldnt get much anyway.
I seriously appreciate you mentioning the money to my mam though I really haven't thought about that before, think I'm gonna have to do a little something extra special for her for mothers day to say thank you

OP posts:

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