# not just another thread asking about mortgages..



## ChriscrashTM

i have been reading up about deposits and mortgages (only here mind) and had a shock when i read up i could need up to £20k deposit for a mortgage..

if i was still on full time on 200 a week it would take about 2 years to earn £20,000. realistically im paying £25pw car insurance, £35pw board money and probarbly £30pw in petrol so out of 200 im left with £110 which is more like closer to 4 years to raise that much money. but then thats without tax, mot repairs, birthdays, holidays etc accounted for and it would be more like 7 years to get that much money at this rate..

unless i was to get a good payrise or two over some time, then that is a loong time to save for a mortgage and in any case im on short time @ £130 a week

now im lousy with financing and bank accounts and anything money so i know nothing of interest rates or what anything means with bank accounts. my knowledge is limited to putting money in and taking money out.

im only 19 and im thinking of the future and becoming very rapidly confused and dont want to be stuck in my parents or my girlfriends parent house until im 25 or even 21 for that matter.. 

but obviously first up i need to sort out my lack of money. before i was on short time i was happily banking maybe £1000 give or take a couple hundred most the time and going on short time reduced it to nothing. i go overdrawn by 10 or 20 quid most weeks and have to do some things on the side to make money back up. 

can anyone give me some sort of suggestions or guidance with what to do about savings? for example what sort of bank account, what interest rates mean and that type of thing. im back out of debt (i wrote of a £2500 clio in an accident 18 months ago and only recently finished paying it off, and as a result dont like finance or borrowing money in any way because it leaves me none) i have a car im happy with for as long as i need it, which has had all work done to it and the next thing that needs spending on it is in 6 months time with the tax, basically i dont need to lay out any money for anything at the moment i want to save, and want to know a little about buying or renting a place to live(for the future obviously).

can anyone tell im confused?
every bit of information i can get is priceless!


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## cloudnine

Get one of those regular saver accounts.. they seem to be offering the best rates of interest at the minute (you can only put like between £10-250 /month in and get about 8% if you don't withdrawl)


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## Stumper

Get yourself on http://www.moneysavingexpert.com/ and have a look around. The site explains pretty much everything from the basics of how bank accounts work through to which accounts are best suited to you.
I didn't know a thing about personal finances and mine were in an awful state until I started looking on there. They've got pretty helpful forums as well for anything that you can't find on the site!


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## jazsarl

hi best advice i can give you is that make yourself a budget and write down your ingoings and outgoings. find out where your money is going before you can safe youl be surprised how much money we waste. Cut your spending to minimum and hofely youll have some money to put away. Then open an Isa account most will pay around 3%-4% interest which is better than most saving accounts, best of all its tax free so you will not be taxed on the savings. you can only save max £3600 a year. if you continue to do this, there are higher paying isas you can transfer previous ones from if you have over £10,000 pounds.
The secret is to save beggining of the month and live off what you have left not the other way round
hope this helps

regards


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