XSIHardy
Member
Registered: 5th Feb 08
User status: Offline
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Im only 20 but iv always had my hart set on an apartment
and i often look for them on the estate agents websites
and keep tabs off what kinda prices id be looking at
for example
http://www.primelocation.com/chain-free-property/details/id/HNAA5266084
http://www.primelocation.com/chain-free-property/details/id/RMXN5695149
But i have no idea when to start saving ?
How did you start off saving and what kind off deposits are
Required.
i no this may be a silly Question to be asking but i no it pays to plan ahead
[Edited on 24-02-2010 by XSIHardy]
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_Allan_
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Registered: 24th Mar 04
User status: Offline
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START SAVING NOW!
It's never too early. you'll have a wake up call when you start to see how much you need to get on the ladder. Deposits vary but most places want at least a 5-10% deposit before you'll get offered a mortgage. If your not planning to do this for a few years then you'll probably catch the market when it's on the up again so house/flat prices will no doubt rise. I'd try to get as much savings now or asap.
I wouldn't bother renting unless your absolutely stuck. I've always seen it as dead money and often you can get a mortgage for the same monthly payments or a little bit more.
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Colin
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Registered: 4th Apr 02
User status: Offline
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I was 22 when I moved out & I had around 10k saved up plus sold my car so around 15k all in.
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oceansoul
Member
Registered: 19th Jun 06
Location: Sunbury, Surrey
User status: Offline
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quote:
Originally posted by XSIHardy
http://www.primelocation.com/chain-free-property/details/id/RMXN5695149
[Edited on 24-02-2010 by XSIHardy]
Asking price of £99,995 Flat 1 bedroom
Be about £199,995 around here 
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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like allan said, start saving now.
everytime i fancy a takeaway or want to go out for the night, stop and thing about how much you can save by staying in and cooking something at home.
you need at least 10% deposit nowadays so 10k on a 100k place.
you're never too young mate. i'm 21 and my mrs is 19 and we are moving out soon.
i like the fact i can be independent and pay for things myself and have a house to show for it.
good luck mate.
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dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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XSI Im in Lincoln, so possibly similar prices to Newark. We got a 3 bed 3 storey terrace new build on 75% LTV with 20% provided by Keepmoat (builder) over 10 yeasrs interest free. We transferred the money out yesterday - £7500 (£6900 = 5% deposit £600 = legal fees because stamp duty was paid by the builder, and we get £450 legal fees back from builder). So budget for a minimum 10% deposit (to state the obvious, 10% of £100k is £10k, no offense intended) then budget £1500 for legal fees + valuation. The mortgage product fee is between £500 - £1000 but can be added on to your mortgage. On a 10% deposit expect 40 year term to keep the payments low.
edit - we are both 22, but we have stable full time jobs on £30k, and already have all the furniture we need (budget a few k for this if you dont have it!)
edit - also, from what I've read from several sources, flat's are currently oversupplied so its going to take ages and ages for them to increase in value, and by the time they finally do inflation will have knocked off a good amount of real value and because of this some mortgages are requiring up to 20% on new build flats 
[Edited on 27-02-2010 by dannymccann]
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t_benn_1
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Registered: 28th Sep 04
Location: Shropshire
User status: Offline
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Save now as much as you can.
I was 20 when i bought my house 22 now
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BlueCorsa
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Registered: 14th Jan 04
Location: Midlands Drives: MB SLK250 CDI
User status: Offline
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As said, start saving ASAP.
Both of those look nice, but bear in mind that even though you own the flat, you will probably have to also pay for ground rent/maintenance charge annually to cover the use of the public areas, gym, etc. - worth asking the estate agent how much this is as can be hundreds per year.
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AlunJ
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Registered: 3rd Apr 07
Location: Newport
User status: Offline
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as the others have said, get saving as much as you can, even better put away what you would spend a month on morgage, bills and living and see how you get by on what you have left and save a fair whack at the same time! You really don't realise how much everything costs, i've done it at 20, on a homebuy type scheme, it made sense at the time but it is sort of crap how i've done it now I look at it, I managed it on 4k deposit, but after solicitors, surveyor and mortgage advisor fees I've got just under 2k to repay off my credit card and parents.
It's so nice to have your own place though
[Edited on 28-02-2010 by AlunJ]
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Andrew
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Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
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I never went out to town that much when i was younger, maybe a few quiet bars. My advise would be to go out and enjoy yourself for at least the next couple of years as once you are stuck paying bills it's hard to ever go back to living at home.
I'd love to be out partying every Friday night but can't afford to now
Was out Friday night, and 70% of the two clubs i was in were just full of fanny.
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