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Saving for a mortgage/ building

  • 21-11-2020 4:56pm
    #1
    Philly Rock
    Banned (with Prison Access) Posts: 13 ✭


    Hi myself and parnter both back living at home only started saving last year for a mortgage I'm not one to save much In the past just spent alot on hoildays cars and Going out . I'm 30 next year so its time to get on the property ladder.

    Iv seen loads of people on here getting houses In there early 20s and saving for a good number of years. Now I'm thinking I should have started to save few years ago as it seems takes a good while to be in a position to get a mortgage. I wouldn't be one to put all my money in to saving account as I still enjoy going out and going away but the way everything is at the moment has helped save as cant go anywhere .


    So in the year we saved 28,800 between the two of us in separate bank accounts
    Going to go for the same in the new year. We both have car loans out nothing to big will be paid off in the next few months

    How is everyone else getting on with saving are you building or buying


Comments

  • #2
    EamoCork
    Registered Users, Registered Users 2 Posts: 3 ✭EamoCork


    Similar sentiments here regarding 'should have started earlier' with saving for a deposit. But then again, I'm over 40 so 10 years later than yourself.
    You sound to be on a good saving streak in fairness. I find it slow going to save, considering how quick I spent money when younger. �� But I think it's not too bad with discipline.
    My two main concerns now is what the bank will actually offer when I'm ready to apply for AIP. So that's a slight unknown. The online calculators often seen to vary between PTSB, AIB, BOI etc.
    Secondly, and more concerning, is the amount of property choice available. The selection of houses in my estimated budget is lower than it was this time last year around Co Cork region. Not many new places coming up for sale on daft either. And still the same few overpriced renovation projects. I'm hoping the new year will bring more choice to the market.


  • #3
    Philly Rock
    Banned (with Prison Access) Posts: 13 ✭Philly Rock


    I dont think were doing to bad considering we only started to save the last year we wont need 80 to 100k saved like some people do as we dont plan on building a massive house just what we are comfortable with and with space to build onto of want to in future. I will be building a separate garage on site aswell.

    another year of saving will bring us 57,600 we have an option of getting a git from parents but we want to save as much as we can ourselves. I'm sure alot of people have gotten gifts from parents to help them get a mortgage.

    I'm sure it takes others longer to save that much.


  • #4
    jlm29
    Registered Users, Registered Users 2 Posts: 3,818 ✭✭✭jlm29


    Are you building on family land or buying a site?


This discussion has been closed.
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