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Hard saving time frame

  • 09-08-2021 9:48pm
    Registered Users Posts: 945 ✭✭✭

    What would be the average amount of time that one saves properly for a mortgage, ie somebody saving as much as they possibly can each week?


  • Posts: 3,505 [Deleted User]

    I don't think there's any norm for that.

    I didn't purposely save for a mortgage at all; I had savings I had planned for a Masters once upon a time that I never went through with, so once myself and my partner decided we wanted a house together, we just got straight to it.

    If you were gonna really force figures on it (and I admit I'm not good at maths so this could be wrong, hopefully someone else will call me out):

    • assume no prior savings
    • assume you're looking at a budget of whatever the max is that the bank will give you (assume 3.5x income)
    • assume we're talking about a first-time buyer (so 10% deposit)
    • then if 3.5x income = 90% of the house value
    • 10% of the house value = 0.4x your gross income
    • assume 30% tax = you'll need 0.6 of your net yearly income (I could be way off by now)
    • assume you can save 30% of your net income for the mortgage each month = 30% of your yearly income by the end of the year
    • would take 2 years.

    Then you'd need an extra few bob for solicitors, initial furnishings/repairs etc.

  • Registered Users Posts: 1,658 ✭✭✭notAMember

    There’s no average. Depends what you want to save, what amount you can save.

    If you want to save 25k and you can put away 1000 per month, then it will take around two years.

    if you want to save 25k and you can put away 500 per month, it will take 4 years