Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: tunnie on 25 November 2008, 21:30:03
-
As some may know i graduated from Uni last summer, and got a rather good job in the city too :)
I had a brief stint living in London but i preferred living at home and commuting in, come January this year i had been back home a month, and not a penny to my name. I had the job, but no savings, just blew it on a Europe road trip a few months earlier.
Today i have £10,000+ in savings!, given the current climate, its coming at the right time, with house prices going down.
I have not been scrimping on everything either, been on 3 holidays! Spain, Holland & Slovenia, taken up snowboarding, bought all the gear, board, boots, clothes.
Started to learn to ride a motorbike too, buying the gear for that too.
Just thought i would share it, as it seams to be all doom and gloom on here at the moment!
-
If I were single, living at home, with no kids I would not be driving an omega ::) and would still have 10k
-
i split from my x, started working away so had no bills to pay, was saving 400 a week, soon changed when i got another flat, back to square 1 :( ;D ;D ;D
-
If I were single, living at home, with no kids I would not be driving an omega ::) and would still have 10k
I like my Omega, not into hot hatches with screaming engines and a hard ride!
Its fast enough, dirt cheap to maintain, and is comfy! - What more could i want?
-
Tunnie, enjoy it while you can!
Life's a series of crossroads and junctions with many choices and virtually all of them cost you a bloody fortune!
-
If in 12 months you have only saved 10 grand then you have a shock coming your way after a house purchase :y
-
i thought 10k was not to bad considering what i have done this year!
-
i thought 10k was not to bad considering what i have done this year!
Thats only 800 quid a month.....and with pretty much zero over heads...
That might just cover a mortgage.....then you have, electric, gas, phone, tv license, council tax, buildings insurance, contents insurance, maintenance, food, water......
-
and I bet you get close to 2 grand take home a month
-
i thought 10k was not to bad considering what i have done this year!
Thats only 800 quid a month.....and with pretty much zero over heads...
That might just cover a mortgage.....then you have, electric, gas, phone, tv license, council tax, buildings insurance, contents insurance, maintenance, food, water......
.. fuel, car parts etc etc..
-
all depends on where you live, regarding housing
up north is considerably cheaper than down south..... or i've just got VERY lucky!!!!
-
Then just a few more £££'s if there is a pitter patter of little feet one day..... ::) ;D
-
Not trying to be to down Tunnie but, if buying a place, you need to save harder and that means making sacrifices (sadly).
Plus many will only give 80% mortgages at the mo.....
I was lucky as I bought straight from Uni.....so I knew how to live on bugger all already
-
Today i have £10,000+ in savings!
Is that as well as paying off the student loan? ::)
-
At least you have built up some savings :y, plenty of people 'live for the moment' then when the moment has gone so has the money.
-
i thought 10k was not to bad considering what i have done this year!
Thats only 800 quid a month.....and with pretty much zero over heads...
That might just cover a mortgage.....then you have, electric, gas, phone, tv license, council tax, buildings insurance, contents insurance, maintenance, food, water......
Not a chance!
My monthly outgoings are over £1k
Train Ticket with parking - £460
Petrol - £120/150
Food - £100
Sky+ - £37
Phone - £35 (soon £5)
Car - Number of costs here
Rest goes on other small living costs, pub on Thursdays after work, lunch trips, events, things to do see.
-
And you want to buy a house............. :o :o :o No chance with that outgoing, unless you are on megga bucks.......... ::) ::) ::)
-
You're doing well for a young man & good on you. Keep saving the savings because you won't want to live at home forever & you live/work in an expensive neck of the woods, i'm a southener myself despite living happily with a cheap mortgage in Linclonshire but all things are relative regarding income & location. Family is a natural progression, rewarding but costly. My family have grown up & gone & my mortgage is a quarter of my monthly income.....just realized i'm sounding like a right old fart, spend, enjoy but keep one eye on the future! 8-)
-
I agree you're doing fantastically well with your savings, but your travel expenses can only be described as shocking!!!
-
I agree you're doing fantastically well with your savings, but your travel expenses can only be described as shocking!!!
Hence looking at a bike!
I could commute for £230-300 all in per month on that.
Thats if mother tunnie will let me! ;D
-
I agree you're doing fantastically well with your savings, but your travel expenses can only be described as shocking!!!
Hence looking at a bike!
I could commute for £230-300 all in per month on that.
Thats if mother tunnie will let me! ;D
In the winter :o I know you live in th south but it must still get chilly, even down there ;D ;D ;D
-
i carefully chose my lifestyle and job based mostly on money and the rest on capability
i'm not capable of much but being a postman keeps my outgoings down, i work 6 hours a day so i get my dinner when i'm home and not spending it in cafes or fast food places, i work in a convenient area that means i dont commute on main congested routes so my fuel bills are jealously low...
...and i'm only managing to save half what you do in a year!! but the house i've found is a generously sized 3 bedroom, one room is big enough to be split, in a moderately trouble-free area and for under £70,000, with its own parking for about 6 omegas!!
-
I agree you're doing fantastically well with your savings, but your travel expenses can only be described as shocking!!!
Hence looking at a bike!
I could commute for £230-300 all in per month on that.
Thats if mother tunnie will let me! ;D
As you know i'll argue with all of you but argue with Mother???? Even Father does'nt do that!!!!!! ::)
-
i carefully chose my lifestyle and job based mostly on money and the rest on capability
i'm not capable of much but being a postman keeps my outgoings down, i work 6 hours a day so i get my dinner when i'm home and not spending it in cafes or fast food places, i work in a convenient area that means i dont commute on main congested routes so my fuel bills are jealously low...
...and i'm only managing to save half what you do in a year!! but the house i've found is a generously sized 3 bedroom, one room is big enough to be split, in a moderately trouble-free area and for under £70,000, with its own parking for about 6 omegas!!
If you are on your own then rent out your spare bedroms, and watch the money come rolling in.......... :y
-
..... in a moderately trouble-free area and for under £70,000, with its own parking for about 6 omegas!!
Bloody hell! That's cheap even for up here! :y
-
.....
I could commute for £230-300 all in per month on that.
......
I could even commute in my Omega for less than that, & I still commute in my diseasal Astra shed cos it's cheaper. ;)
-
..... in a moderately trouble-free area and for under £70,000, with its own parking for about 6 omegas!!
Bloody hell! That's cheap even for up here! :y
well just to make it sound more of a bargain, the lounge and master bedroom are both 19'x13'7", 2 more double bedrooms about 12'x12' each ish, a 12'x10' dining room seperate for the 15'x15'kitchen, and a 7'x7' room off the kitchen where the back door is. then a 11'x8' bathroom with a seperate walk-in shower
I have a swmbo aswell though, so the mortgage is halved, but i'm not keen on the idea of renting out to people cos it'd stop being our own house!
-
I've spent the last couple of years subsidising my girlfriend through Uni and this is the first month where I've got to the end and I'm up at the end of the month.
-
My monthly outgoings are over £1k
Train Ticket with parking - £460
Petrol - £120/150
Food - £100
Sky+ - £37
Phone - £35 (soon £5)
Sub Total - £782
So you are spending £218 quid on 'others'
You realy are going to get a shock with a house purchase!
Your Petrol bill seems high.....its half mine and I do 2K miles a month.
-
I think your in for a bit of a shock Tunnie. My daughter came home from uni and lived with us for 3 years, we didn't charge her a penny to allow her to save for a deposit on a house. After 3 years she had saved bugger all and we ended up giving (was supposed to be a loan but don't think we will see the money again)her the deposit for her own place. She's now been in the house for 18 months and is so skint, her fixed rate mortgage finishes in another 6 months and ive warned her she needs about £1500 for surveyors and solicitors fee's but I know she won't be able to save it. She's a proper copper, so has a good job and the only other things she pays is a student loan and the mortgage is only for £82500. My worry is she will want to sell her house, which is probably in negative equity and come home :(
-
My monthly outgoings are over £1k
Train Ticket with parking - £460
Petrol - £120/150
Food - £100
Sky+ - £37
Phone - £35 (soon £5)
Sub Total - £782
So you are spending £218 quid on 'others'
You realy are going to get a shock with a house purchase!
Your Petrol bill seems high.....its half mine and I do 2K miles a month.
Petrol?
Costs 60 quid a tank ish, i do 330 on average. Use 2 tanks of fuel a month. Hence £120
510 odd miles a month to and from work, usually with some extra trips out at weekends.
£218 on 'others'
Can be broken down further...
I would say £40 a month on books, i read a lot on the train!
£30/40 on drinks after work
This month i will buy some motorbike boots which will be about £140, last month i got the armoured trousers which were £90
Usually i pop off to MK and go snowboarding, sometimes twice a month, thas £40 per trip.
Considering 80% of the people i was at school with still work behind the cash desk at Matalan. I don't think i am doing too badly.
I doubt many other 24 year olds are saving 45% of their pay ;)
-
Enjoy while you can..After your are married .. :-X
-
You're doing well for a young man & good on you. Keep saving the savings because you won't want to live at home forever & you live/work in an expensive neck of the woods, i'm a southener myself despite living happily with a cheap mortgage in Linclonshire but all things are relative regarding income & location. Family is a natural progression, rewarding but costly. My family have grown up & gone & my mortgage is a quarter of my monthly income.....just realized i'm sounding like a right old fart, spend, enjoy but keep one eye on the future! 8-)
[/highlight]
When I get to your age Amigo........I might sound like a right old fart as well. ::) ::) ::) :y
-
You're doing well for a young man & good on you. Keep saving the savings because you won't want to live at home forever & you live/work in an expensive neck of the woods, i'm a southener myself despite living happily with a cheap mortgage in Linclonshire but all things are relative regarding income & location. Family is a natural progression, rewarding but costly. My family have grown up & gone & my mortgage is a quarter of my monthly income.....just realized i'm sounding like a right old fart, spend, enjoy but keep one eye on the future! 8-)
And the future is alot closer than you think. From another old fart ::)
-
My monthly outgoings are over £1k
Train Ticket with parking - £460
Petrol - £120/150
Food - £100
Sky+ - £37
Phone - £35 (soon £5)
Sub Total - £782
So you are spending £218 quid on 'others'
You realy are going to get a shock with a house purchase!
Your Petrol bill seems high.....its half mine and I do 2K miles a month.
Petrol?
Costs 60 quid a tank ish, i do 330 on average. Use 2 tanks of fuel a month. Hence £120
510 odd miles a month to and from work, usually with some extra trips out at weekends.
£218 on 'others'
Can be broken down further...
I would say £40 a month on books, i read a lot on the train!
£30/40 on drinks after work
This month i will buy some motorbike boots which will be about £140, last month i got the armoured trousers which were £90
Usually i pop off to MK and go snowboarding, sometimes twice a month, thas £40 per trip.
Considering 80% of the people i was at school with still work behind the cash desk at Matalan. I don't think i am doing too badly.
I doubt many other 24 year olds are saving 45% of their pay ;)
You're right there Tunnie.......when I was 24 I spent ALL my money on gambling....loose women...ciggies.....booze......and
illegal substances....and not to forget fast and dangerous motorbikes. ......and then party .....party ...party....party.
You are certainly being very sensible and mature.....but if you can save 45% then..................................... :-/ :y :y :y :y :y :y
-
I think looking at a percentage is not the right approach.....I would sit down and work out what your monthly out goings would be with a house.....and then try to save that amount per month.
Not a dig, just trying to advise on how to prepare for a home of your own. :y
-
My monthly outgoings are over £1k
Train Ticket with parking - £460
Petrol - £120/150
Food - £100
Sky+ - £37
Phone - £35 (soon £5)
Sub Total - £782
So you are spending £218 quid on 'others'
You realy are going to get a shock with a house purchase!
Your Petrol bill seems high.....its half mine and I do 2K miles a month.
Petrol?
Costs 60 quid a tank ish, i do 330 on average. Use 2 tanks of fuel a month. Hence £120
510 odd miles a month to and from work, usually with some extra trips out at weekends.
£218 on 'others'
Can be broken down further...
I would say £40 a month on books, i read a lot on the train!
£30/40 on drinks after work
This month i will buy some motorbike boots which will be about £140, last month i got the armoured trousers which were £90
Usually i pop off to MK and go snowboarding, sometimes twice a month, thas £40 per trip.
Considering 80% of the people i was at school with still work behind the cash desk at Matalan. I don't think i am doing too badly.
I doubt many other 24 year olds are saving 45% of their pay ;)
You're right there Tunnie.......when I was 24 I spent ALL my money on gambling....loose women...ciggies.....booze......and
illegal substances....and not to forget fast and dangerous motorbikes. ......and then party .....party ...party....party.
You are certainly being very sensible and mature.....but if you can save 45% then..................................... :-/ :y :y :y :y :y :y
I have still done all i want to, including my 3 holidays ;D
Next one will be in Jan, going to hit some real snow!
-
I think looking at a percentage is not the right approach.....I would sit down and work out what your monthly out goings would be with a house.....and then try to save that amount per month.
Not a dig, just trying to advise on how to prepare for a home of your own. :y
Yes sound advice.......When we took out our first mortgage in 1990 interest rates were 15%......but we paid 16.5% for the first year as we had a 100% mortgage......because we had no deposit.
Luckily our first house cost only £41000.....initial mortgage payments were about £500 per month................this dropped to below £200 per month as interest rates fell.
If you have savings ...........now and in the next year or so would be a good time to buy a house in my opinion......as we have the combination of falling house prices and dropping interest rates ....so making houses more affordable IF....you can pull together a sizeable deposit. :y :y :y
-
I think looking at a percentage is not the right approach.....I would sit down and work out what your monthly out goings would be with a house.....and then try to save that amount per month.
Not a dig, just trying to advise on how to prepare for a home of your own. :y
Yes sound advice.......When we took out our first mortgage in 1990 interest rates were 15%......but we paid 16.5% for the first year as we had a 100% mortgage......because we had no deposit.
Luckily our first house cost only £41000.....initial mortgage payments were about £500 per month................this dropped to below £200 per month as interest rates fell.
If you have savings ...........now and in the next year or so would be a good time to buy a house in my opinion......as we have the combination of falling house prices and dropping interest rates ....so making houses more affordable IF....you can pull together a sizeable deposit. :y :y :y
Idealy i would like to buy a house in need of some work, nothing major, but not at its best.
I don't want to / need to buy a home thats had all the work done and is polished up.
What would be perfect is something thats not been touched since the 60's and is need of general update work.
I could still live at home, but work on it at weekends to bring it up to scratch.
I am tempted to go down to the local estate agents this weekend and ask if they have any properties in need of work.
-
Well Done Mark :y £10000 is a tidy sum and I think you've done rather well. ;)
-
I think looking at a percentage is not the right approach.....I would sit down and work out what your monthly out goings would be with a house.....and then try to save that amount per month.
Not a dig, just trying to advise on how to prepare for a home of your own. :y
Yes sound advice.......When we took out our first mortgage in 1990 interest rates were 15%......but we paid 16.5% for the first year as we had a 100% mortgage......because we had no deposit.
Luckily our first house cost only £41000.....initial mortgage payments were about £500 per month................this dropped to below £200 per month as interest rates fell.
If you have savings ...........now and in the next year or so would be a good time to buy a house in my opinion......as we have the combination of falling house prices and dropping interest rates ....so making houses more affordable IF....you can pull together a sizeable deposit. :y :y :y
Idealy i would like to buy a house in need of some work, nothing major, but not at its best.
I don't want to / need to buy a home thats had all the work done and is polished up.
What would be perfect is something thats not been touched since the 60's and is need of general update work.
I could still live at home, but work on it at weekends to bring it up to scratch.
I am tempted to go down to the local estate agents this weekend and ask if they have any properties in need of work.
yep..thats a good beginning :y
and will be cheaper..
-
I think looking at a percentage is not the right approach.....I would sit down and work out what your monthly out goings would be with a house.....and then try to save that amount per month.
Not a dig, just trying to advise on how to prepare for a home of your own. :y
Yes sound advice.......When we took out our first mortgage in 1990 interest rates were 15%......but we paid 16.5% for the first year as we had a 100% mortgage......because we had no deposit.
Luckily our first house cost only £41000.....initial mortgage payments were about £500 per month................this dropped to below £200 per month as interest rates fell.
If you have savings ...........now and in the next year or so would be a good time to buy a house in my opinion......as we have the combination of falling house prices and dropping interest rates ....so making houses more affordable IF....you can pull together a sizeable deposit. :y :y :y
Idealy i would like to buy a house in need of some work, nothing major, but not at its best.
I don't want to / need to buy a home thats had all the work done and is polished up.
What would be perfect is something thats not been touched since the 60's and is need of general update work.
I could still live at home, but work on it at weekends to bring it up to scratch.
I am tempted to go down to the local estate agents this weekend and ask if they have any properties in need of work.
Get an advert in the paper asking to buy property or go to auctions, there's alot of repossesions out there at the moment :(
-
Sounds like your doing well Tunnie keep it up mate :y
-
Well done tunnie. All i will say is keep saving as much as you can as you will definitely need it in the years to come (house, wife, kids)etc.. :y
-
Well done tunnie. All i will say is keep saving as much as you can as you will definitely need it in the years to come (house, wife, kids)etc.. :y
;D
and no matter how much you save it will all go rather quickly :o
-
If going down that road then sit and consider it very carefuly and budget and plan it.
Remember, the best you will get is about a 90% mortgage at the moment based on the purchase price and you may need significant funds to re-furb the house (dependent on what needs doing but, from what you are considering its going to need serious work).
If you need help and advice on the plan and costs etc then just shout and remember its hard graft!
-
I think looking at a percentage is not the right approach.....I would sit down and work out what your monthly out goings would be with a house.....and then try to save that amount per month.
Not a dig, just trying to advise on how to prepare for a home of your own. :y
Yes sound advice.......When we took out our first mortgage in 1990 interest rates were 15%......but we paid 16.5% for the first year as we had a 100% mortgage......because we had no deposit.
Luckily our first house cost only £41000.....initial mortgage payments were about £500 per month................this dropped to below £200 per month as interest rates fell.
If you have savings ...........now and in the next year or so would be a good time to buy a house in my opinion......as we have the combination of falling house prices and dropping interest rates ....so making houses more affordable IF....you can pull together a sizeable deposit. :y :y :y
Idealy i would like to buy a house in need of some work, nothing major, but not at its best.
I don't want to / need to buy a home thats had all the work done and is polished up.
What would be perfect is something thats not been touched since the 60's and is need of general update work.
I could still live at home, but work on it at weekends to bring it up to scratch.
I am tempted to go down to the local estate agents this weekend and ask if they have any properties in need of work.
Get an advert in the paper asking to buy property or go to auctions, there's alot of repossesions out there at the moment :(
Yes auctions are the best ,quickest and cheapest way into buying houses...usually though they require full payment within 28 days or less........great for wealthy people with spare cash to pick up a bargain. :y
-
you be probably better off just finding a nice woman giver her all your money and starting again. saves all the stress and solicitors fees ;D ;D ;D
-
Thanks all, not gone along to a property auction yet.
But as you say lot of repossessions going on, which i belive usually go to auction?
Might be worth going to one, but i have googled it and can't find any near me :-/
-
Thanks all, not gone along to a property auction yet.
But as you say lot of repossessions going on, which i belive usually go to auction?
Might be worth going to one, but i have googled it and can't find any near me :-/
It depends on the company.....some stick them through estate agents (i.e. Halifax tend to do this)
-
Not sure a property auction is an ideal environment for a first time buyer. If you're taking out a relatively large loan the lender is going to want to know what you're buying, have it valued, etc. You are going to want to get it surveyed, searches done, etc. and there simply isn't time to do most of this in advance of an auction, and if it's your first time you don't want to rush into it. Hence they are, as said, the playground of those who have the money sitting around and, to an extent, can take some risk with it.
The risks of not getting the property, and having to right off the cost of getting yourself into a position to bid is high too.
I would look for a property in reasonable order that's had some old farts living in it since the '60's and requires some modernising. That's what I did with my first house purchase. Bought in what seemed like a bouyant market at the time and still doubled my money.
Estate agents will bend over backwards to find you something in the current climate.
Kevin
-
I would look for a property in reasonable order that's had some old farts living in it since the '60's and requires some modernising. That's what I did with my first house purchase. Bought in what seemed like a bouyant market at the time and still doubled my money.
Estate agents will bend over backwards to find you something in the current climate.
Kevin
Exactly what i was thinking.
Seen reports of estate agents selling 1 house a month, i bet they have hardly anyone walking in there these days.
Can also go and view the house as well...
-
As an idea of costs....here is my current budget:
Solicitors fees: 1000 (although I am selling to so should be around 500-600)
Survey: 500 (dont skimp)
Mortgage fees: 1000 (might get it for less but beware of the deals)
Stamp duty: 9000 (not applicable for you)
Estate agenst fes: 4000 (not applicable to you)
Plus others: 2000 (paint etc)
So you will be looking at upto 3-4 grand just in costs (although you can get this down, you need to consider it as its all off your deposit)
-
As an idea of costs....here is my current budget:
Solicitors fees: 1000 (although I am selling to so should be around 500-600)
Survey: 500 (dont skimp)
Mortgage fees: 1000 (might get it for less but beware of the deals)
Stamp duty: 9000 (not applicable for you)
Estate agenst fes: 4000 (not applicable to you)
Plus others: 2000 (paint etc)
So you will be looking at upto 3-4 grand just in costs (although you can get this down, you need to consider it as its all off your deposit)
Might call on mother tunnies legal abilitys!
If a house is a repossesion for example, it would just be given to the estate agents to sell?
I would not have to pay a solicitor if i could ask mother tunnie to do it? (shes a fully qualified barrister)
-
The fees are only part of it, there are still searches, land registry fees etc to fork out sadly.
Obviously a survey is essential and the mortgage fees are pretty unavoidable (they will also do a survey etc)
-
The fees are only part of it, there are still searches, land registry fees etc to fork out sadly.
Obviously a survey is essential and the mortgage fees are pretty unavoidable (they will also do a survey etc)
We bought our second house from Auction.....borrowed £80000 from the bank on the pretence to expand a business we were running at that time.
Then bought a house "unseen"and without surveys etc..etc.....a risk ...yes but one that is taken quite often at auction.....sold the house 3 years later for a huge profit.
Much depends on your attitude to risk......ask yourself the question....How risk averse am I?.
-
Thanks all, not gone along to a property auction yet.
But as you say lot of repossessions going on, which i belive usually go to auction?
Might be worth going to one, but i have googled it and can't find any near me :-/
i know my brothers m8 has been buying repossesions for yrs, hes absolutley loaded now, estate agents will give you names of auctions
-
Well done mate :y But don't you pay any keep to your parents?? ::)
Because when i was at home i paid £75 to help with the household bills a week and then me and my sister would help buying food throughout the month ;)