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Main site > Forums > Essential Money > House Buying, Renting & Selling > The 'We're saving for a deposit' thread
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  • FIRST POST
    RoxieW
    The 'We're saving for a deposit' thread
    • #1
    • 10th Mar 08, 10:03 AM
    The 'We're saving for a deposit' thread 10th Mar 08 at 10:03 AM
    Hi all

    Thought I'd start one of these as it seems a lot on this board are in this position and I couldn't find such a thread. Sorry if there is one - please point me in the direction of it someone!

    Not sure of the best way to do this, but thought it would be good to have a thread where we can state our goals, log our savings and encourage one another.

    So, I'll start -

    Hi I'm Roxie and I'm saving for a house deposit (titter)

    We currently have a 50% shared ownership 3 bed semi that has (at the minute!) 20K equity in our share.

    We want a whole house (lol) with 4 beds, an ensuite, a garage and utility. Basically, more living space all round.

    We currently have nearly £11K in saving and are aiming to save £700 a month - although this has gone to pot recently as we've been doing abit of sprucing up in our current house. £700 is generally quite realistic IF we stick to budget. Thats just the problem I'm afraid! I chart my progress in my sig below.

    Current savings portfolio

    £6500 - ISA 1
    £800 - ISA 2
    £2000 - 10% reg saver (£200 month to be transfered to ISA on term)
    £1250 - 10% regular saver (£250 a month to be transfered to ISA on term)
    £100 premium bonds

    total - £10650

    Monthly I save like this -
    £250 regular saver
    £200 regular saver
    £250 6% saving account - this is what I dip into if needs be.

    We're planning to have another baby and will have to move when said baby is 4/5 as our 3rd bedroom is teeny. We're aiming to have 50K saved by then, which seems realistic. As we're planning another baby I'm basing my figures on just one income as I dont plan to be working until little one starts school.

    My only worry is that the market will rise much more between now and then, rendering our deposit saving pointless.

    Does anyone thin it would be worthwhile sharing SOA's as on the DFW board so point out to each other where any possible cutbacks could be made in order to save?

    So that's me - anyone else care to join in?
    Last edited by RoxieW; 10-03-2008 at 10:22 AM.
    MANAGED TO CLEAR A 3K OVERDRAFT IN ONE FRUGAL, SUPER CHARGED MONEY EARNING MONTH!
    £10 a day challenge Aug £408.50, Sept £90
    Weekly.
    155/200
    "It's not always rainbows and butterflies, It's compromise that moves us along."

    Users saying Thanks (9)

Page 242
    • User avatar
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      Starbrite
      • 616Posts
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    • Starbrite
    • By Starbrite 30th Jun 17, 8:52 PM
    • 616 Posts
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      What's this?

    Starbrite
    “
    Well done, Starbrite! That's amazing, you should be really proud
    Originally posted by tara747 ”
    Its strange how saving actually makes you feel good, Have a long way to go but am back on track
    Saving 2,000 in 2013!

    Users saying Thanks (1)

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      excelwizard
      • 6Posts
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    • excelwizard
    • By excelwizard 7th Jul 17, 6:40 PM
    • 6 Posts
    • 20 Thanks

      What's this?

    excelwizard
    Hello all! I'm joining in if that's okay...

    My OH and I have set a rough 18 month - 2 year target of buying a house. Mainly because he's self-employed and with banks tightening the purse strings he may need three years worth of tax returns rather than two, but I think next year we will approach a broker and see what they say just to see whether it would be possible next year... (I'm trying not to get my hopes up about this too much )

    I currently have about £12,100 to my name and my partner has around £7000 - we both have help to buys. Our target is to save around £35,000 by next March/April...we're both very like-minded fortunately and we don't want to buy before we're definitely ready financially (AND emotionally )

    Everyone is doing amazingly well - like others have said seeing it all add up just makes you feel great!
    Save £20,000 by the end of 17/18 tax year - current total £11,688 - 58.44%

    Save £12k in 2017 - £5,989.42 / £12,000 (end of June)

    Users saying Thanks (1)

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      juniordoc
      • 113Posts
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    • juniordoc
    • By juniordoc 8th Jul 17, 12:02 AM
    • 113 Posts
    • 66 Thanks

      What's this?

    juniordoc
    Does anyone else think some news stories are being ridiculous saying house prices are stagnant because inflation has now outpaced wage growth for a few months so buyers cannot save as easily for deposits........

    As if saving house deposit takes a matter of months! Don't know about most of you, we have been saving almost 2 years (but we live in the crazy-prices south-west of England)! Thankfully the end is now nearly in sight for us, approx £52K saved.

    Sorry!

    There are currently no thanks for this post.

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      baciamiancora
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    • baciamiancora
    • By baciamiancora 15th Jul 17, 1:54 PM
    • 3 Posts
    • 2 Thanks

      What's this?

    baciamiancora
    Hi, everyone! Hope you don't mind me popping my head in here.

    Mr baciamiancora and I are currently saving for a house. We have:
    £15.2k in a savings account. At the moment this isn't topped up, as all spare money is going towards cards.
    £4.8k in a Help To Buy ISA
    £400 in the account that feeds the ISA just to make sure the £200/month always goes in

    I send £200 to the ISA automatically on pay day, and then we're paying off a couple of 0% credit cards leftover from our wedding in May. Mine pays for itself as I get DLA, so that just comes in and goes straight to the card. It will be cleared during the promotional period, so not too worried about that. I also give Mr ~£150/month towards his card. Has anyone had any experience of applying for a mortgage with 0% credit card balances or car finance? Are we best to pay them off now, or pay them off more slowly (still within the interest-free period) and funnel more into our deposit? We have ~£400/month that could be going straight into the deposit. My instinct has always been NO DEBT!, but not sure if we would benefit more by growing the deposit and paying more slowly.

    We have also recently opened cash LISAs with £1 in each, so will almost certainly transfer my HtB ISA once we have held them for more than 12 months. We live in the south-east, so houses can easily be over the £250k purchase price rule of the HtB ISA.

    I will definitely be updating my progress. We want to save a minimum of £40k, ideally.

    Sorry!

    There are currently no thanks for this post.

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