After being an idiot with credit aged 18-19, I have lived the last 3 1/2 years completely debt free and for the last 2 years have been saving up for a deposit on a house (currently renting). However, I've come to realise that a. it may be hard for me to get a mortgage (number of reasons - 1. irresponsibility at a young age and never had anything on credit since and 2. I'm self employed.)

So, I've been number crunching and realised if I lived like I do now (i.e. rather frugally! ) I could have £100,000 saved up within 6 years. I would not beable to apply for a mortgage for three years due to the amount of books I would need. So, what is another 3 years in rented and buy just a modest house? Mortgage free and save up the next £80,000 to buy a nicer place (which would be easier with no rent / mortgage). Houses are fairly cheap where I live.

Are there any real disadvantages to doing this? And has anyone ever actually done this? I know it's unusual to say the least but I have no desire to ever have any debts again and am very disciplined when it comes to saving for something I want. Unfortunately I'm not disciplined when it comes to buying things on the 'never never'.

How do you know that house prices won't double in 2 years time? Unlikely, I agree. How do you know you won't get runover and killed to death in the next couple of years? How do you know.....get my point, Stop planning what's plan is slightly better than another, and get living. Life's too short.

Nick.
(recently turned 40)

I've got a 'silly V8' Travelled lots a few years ago and being a girl I'm not interested in hookers! Never opposed to 'investing' in lots of silly old cars

On those figures, surely it would be better to build your own by knocking CAPEX off in chunks. Small plot of land, maybe a timber frame house bought / paid for in bits (buy the bits you need as you need it) with a static caravan in the interim on the site. Within 6 years you'll have your own house which would be worth a fair bit more than £100k and you'll not have had to pay for rent for many of those six years

James (aged 35 and three quarters with an epic mortgage and some great memories from my 20s)

Never even considered building my own place - would be something of a dream and thought you had to be 'epically rich' to do it! Definitely worth looking into.

I understand the get on and live your life. However, I'm settled down with a long term partner and will want to have a child once I'm about 30. I grew up in an unstable home due to epic financial irresponsibility on parents part so don't want that.

Are there any real disadvantages to doing this?

Yeah chicks don't cig guys who live like hobos and appear tight fisted, for whatever reasons

Good job she's not a guy then!

Oh yeah, sorry...

It makes sense now.

As long as you got a year or two, would be my choice also.

It doesn't seem so at the time though, does it? And I suspect the same is true for anything you used to do but now don't - it's hard to quantify the value you got by spending money on experiencing things.