The 'We're saving for a deposit' thread

Yay!!!! Well done everyone! :T:T:T

FATBALLZ wrote: »

Finished my saving now, due to exchange a week on Monday. Saved just over £37k in just over 5 years. Thought I'd find it harder to hand over the deposit but to be honest it didn't really bother me, I could always sell up to get (most of) it back.

Next target is to get the mortgage paid off before I'm 40, but that is some time off.

Good luck to everyone else!

Congrats mate, don't desert us bears on the Debate board though, your views are always very interesting... :T:T:T:T

Rahven wrote: »

OK quick update from me. I have done a mini money makeover and decided I can afford to save a minimum of £220 a month so have set up a standing order for this amount. Too late for June 1st so have done a transfer.

Will see how I go with this for a couple of months and if I'm managing to stick within my budget well I'll up it further. Will be doing the payday trick each month too now so hopefully I can save more each month. Also as previously mentioned, if I can earn any money on the day I currently don't work that'll go straight into the savings too.

How did you guys decide on your target? I'm thinking of working out how much my standing orders will total at the end of the year then adding on 'X' for extra money I'd have liked to have saved to come up with a target figure. Not 100% sure how to come up with X so it's challenging and realistic. Any tips?

House Deposit fund at 29/05/11 £326.50

Well done you! :T I'm warning you now, it's addictive!

How did I decide on my target? I just want to save as much as possible and have as small a mortgage as possible! I review my target each year and estimate how much I can save based on my current salary and my budget. If I get a pay rise I increase my target. It gives me focus!!!

i worked out the minium i'd need to either buy a house or a plot once we have that total we will start looking but keep adding to it

no updated from me til next week however we've finally decided were going to buy a house, a very cheap house we've seen a few around the 30-35k mark recently (including 2 new builds) so we talked about it, looked at overpayments we could make and decided that if we could get one around that price we could be mortgage free in 4 years, so altho it might be a sqeeze we would acually own it, then oh wants to rent it out and use that income to fund another house, as he says there no point in selling in 4 years if house prices are still low, he might have a point but we'll wait and see how things go


it also means we will need alot less money to begin with but at the same time the more we have the better however the new build we saw prob won't stay around for long

Having just got myself 100% debt free, I'm now very keen to get saving for a deposit and having read through quite a few pages of this thread, it seems a good place to start !

My target for now will be £10,000 by July 2012. I am going to sort out a monthly budget to ensure I meet this target, and of course will increase this if the budget allows.

Time to sort myself out a signature. Will update as and when required :j

Hi

Hope you guys don't mind me joining your thread. I've been perusing the DFW and MFW boards for a while and was thinking starting a diary to inspire me with my house deposit saving but there didn't seem to be an appropriate forum to put it in....but then I came across this thread!

DH and I have been together for 10years this year, met whilst I was at university the first time. Got engaged after 3 years together but took us another 4 to move out as I went back to uni.......we finally got married in Sept last year. During this time we've been saving frantically for a house deposit. Currently we're renting in a very expensive part of SW London and are hoping to move a about 20mins down the road nearer some friends where the properties are much more within our budget!

We went to some estate agents a few months ago who advised us to come back around July time (we're in a fixed contract on our flat until the end of december which we have to pay to get out of) so we're saving as much as we can until we find somewhere we love. The estate agent advised us to try and increase our deposit value to 25% (which, if we buy something at the top end of our budget is another 12.5k on top of what we had back then eeeekk!! But if we go midlow end of our budget then we're already there)

Our maximum house budget is £250,000 and we're looking for something with 2-3 bedrooms and a garden

Currently our savings stand as such:
DH savings: 39562.81
My savings/ISA combined: 14617.39
Joint savings account: 6379.14

Plus I'm in the Virtual Sealed Pot and sealed pot challenges (every little helps right!?)
VSP: 390.61
Sealed Pot: 182

Giving us currently a grand total of 61131.95
Our goal is £72500 as this would be 25% plus money for fees, furnishings and decorating (and maybe a little nest egg spare to start our savings off again after wards!!) so we're 84.32% of the way there

Am looking forward to reading the whole of this thread....but with over 100 pages it may take me a while!

Our rates are rubbsih on most of the accounts but seeing as we're hoping to use the money within the next 3-4 months we haven't done anything about moving accounts

Am looking forward to seeing everyone elses progress (as well as my own!)

P.S. Hope noone minds me posting the exact totals (I can remove them if its not ok)