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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."

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Page 242
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      Starbrite
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    • By Starbrite 30th Jun 17, 8:52 PM
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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!

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    • By excelwizard 7th Jul 17, 6:40 PM
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      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!
    GOAL: Save £25,000 - current total £12,079 -
    August 2017 Grocery challenge - £90.92 / £200
    Save £12k in 2017 #186 - £8232.92 / £12,000 (end of July)

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    • By juniordoc 8th Jul 17, 12:02 AM
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      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.

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    • By baciamiancora 15th Jul 17, 1:54 PM
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      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.

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    • By tara747 28th Jul 17, 1:50 PM
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      What's this?

    tara747
    July payday update!


    Pretty good going this month, I saved £1,347. That's £7,070 so far in 2017, and £116,192 overall.


    Hoping I can break the £120,000 mark this year!





    Welcome to the new posters, good to see you on here! Looking forward to your updates
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £1,972.02

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    • By juniordoc 28th Jul 17, 3:35 PM
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      What's this?

    juniordoc
    We are getting close to having saved what would be 15% deposit for the kind of properties we are looking at.
    I've taken the bold step of booking an appointment with a broker to discuss getting a MIP, she has asked me to bring evidence of my entire life story! I'm gonna need 2 weeks to prepare for the appointment!
    Luckily we are in no hurry but might start to make contact with estate agents and start viewings soon. Exciting times!

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    • By snoop2008 28th Jul 17, 5:07 PM
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      What's this?

    snoop2008
    “
    July payday update!


    Pretty good going this month, I saved £1,347. That's £7,070 so far in 2017, and £116,192 overall.


    Hoping I can break the £120,000 mark this year!





    Welcome to the new posters, good to see you on here! Looking forward to your updates
    Originally posted by tara747 ”



    Afternoon all of you savers!! I have only just seen this post, great to see you all doing so well. Believe me you will all get that deposit.


    My daughter has been saving for nearly 10 years now.. she at work. lol.. but she will be on target for £120,000 this Christmas! Not going to buy in London either. So a very well done to you!! You can all do it!!

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    • By snoop2008 28th Jul 17, 5:10 PM
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      What's this?

    snoop2008
    “
    We are getting close to having saved what would be 15% deposit for the kind of properties we are looking at.
    I've taken the bold step of booking an appointment with a broker to discuss getting a MIP, she has asked me to bring evidence of my entire life story! I'm gonna need 2 weeks to prepare for the appointment!
    Luckily we are in no hurry but might start to make contact with estate agents and start viewings soon. Exciting times!
    Originally posted by juniordoc ”

    Exciting times indeed!! Well done!!

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      List Maker
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    • By List Maker 4th Aug 17, 10:14 PM
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      What's this?

    List Maker
    Just stumbled upon this thred, please can I join?!
    After sorting my life out last year both financially and on a personal level, me and the boyfriend are now in future mode. We have loosely planned life events (although nothing ever goes to plan )
    After one years renting and being stung with a £250 a year increase as well as ridiculous fees we decided saving for a house would be a priority. Unfortunately we had already booked a fair few adventures prior to this realisation. So we are going to try our hardest to save at the same time as making memories.
    HOUSE DEPOSIT - £4,088.73/£42,000
    Debt Free since July 2016

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    • By excelwizard 5th Aug 17, 7:10 PM
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      What's this?

    excelwizard
    “
    Just stumbled upon this thred, please can I join?!
    After sorting my life out last year both financially and on a personal level, me and the boyfriend are now in future mode. We have loosely planned life events (although nothing ever goes to plan )
    After one years renting and being stung with a £250 a year increase as well as ridiculous fees we decided saving for a house would be a priority. Unfortunately we had already booked a fair few adventures prior to this realisation. So we are going to try our hardest to save at the same time as making memories.
    Originally posted by List Maker ”
    This happened to us last year (before we decided to save for a house) where we'd booked 3 holidays and regretted it afterwards - financially anyway! We didn't manage to save barely any money last year and I think that's definitely why. In contrast, minimal holidays this year and we're hopefully staying for free in a friend's caravan in Scotland (very MSE so I'm very proud )
    GOAL: Save £25,000 - current total £12,079 -
    August 2017 Grocery challenge - £90.92 / £200
    Save £12k in 2017 #186 - £8232.92 / £12,000 (end of July)

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      tara747
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    • By tara747 12th Sep 17, 2:46 PM
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      What's this?

    tara747
    Welcome to the new posters, please keep us posted on your progress!




    “
    Afternoon all of you savers!! I have only just seen this post, great to see you all doing so well. Believe me you will all get that deposit.

    My daughter has been saving for nearly 10 years now.. she at work. lol.. but she will be on target for £120,000 this Christmas! Not going to buy in London either. So a very well done to you!! You can all do it!!
    Originally posted by snoop2008 ”


    Wow, well done her We're around the same total - mine has taken the same length of time but I'm so proud of myself for sticking with it.
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £1,972.02

    Sorry!

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      rae123
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    • By rae123 12th Sep 17, 5:38 PM
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      What's this?

    rae123
    Hoping I can join! My boyfriend and I are opening our individual HTB this month, as well as putting extra into the current ISAs we each have. Hoping to have £30,000 between us eventually! I'm 21 so not in a massive rush, but can't wait to not be renting anymore!

    Sorry!

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      lumpyspaceprincess
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    • By lumpyspaceprincess 13th Sep 17, 9:22 AM
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      What's this?

    lumpyspaceprincess


    I’m going to jump in and join this thread – as you can see from my signature my savings are HUGE so far


    I’ve just paid off a DMP, and will begin to funnel that money into the deposit fund soon – also my credit file should start to look much better! Mr is a FTB and can qualify for HTBIsa, despite renting for the last 8 years I had a house before years ago (profit was just over £100!) so can’t get one myself. I’ve opened a 5% regular saver with santander, and am thinking I’ll use my 123 current to save the extra.


    We’re hoping to be in a position to buy a house by November 2018, aiming for a 12 -15k deposit (will be looking at house between 80 and 120k)
    ¤ £25k paid off with Stepchange DMP ¤ Debt Free 01/09/17 ¤
    ¤ Saving for a house deposit by '19 ¤ Savs @ £200 ¤


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    • By Rusty89 13th Sep 17, 12:55 PM
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      What's this?

    Rusty89
    Newbie here!!
    Good afternoon all,

    I am a long-time stalker on these forums but I have decided to take the plunge and get involved.

    Current savings: £6,400 - this include H2B ISA and 5% Regular Saving Account, I did open a LISA on Monday.

    I have saved this since January 2016. I would have more but a purchase fell through earlier on this year so lost some money and I paid a credit card off too. This month is the first I am able to commit fully to my savings again - car insurance and a short break away got in the way. I am still at home with mum by the way.

    Looking to buy within the next 12-18 months with my partner who is shortly about to start saving herself. I've never really been the saving type so I do struggle sometimes but it's all about the light at the end of the tunnel.
    Last edited by Rusty89; 14-09-2017 at 8:26 AM. Reason: I started saving from January 2016 not 2015

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      tara747
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    • By tara747 13th Sep 17, 5:41 PM
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      What's this?

    tara747
    Belated August update from me!


    I managed to save £1,225 in August. That's £8,295 so far in 2017, and £117,417 overall.


    Still on track to hit the £12,000 target this year!
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £1,972.02

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      tara747
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    • By tara747 13th Sep 17, 5:43 PM
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      What's this?

    tara747
    Welcome all!!!




    “


    I’m going to jump in and join this thread – as you can see from my signature my savings are HUGE so far


    I’ve just paid off a DMP, and will begin to funnel that money into the deposit fund soon – also my credit file should start to look much better! Mr is a FTB and can qualify for HTBIsa, despite renting for the last 8 years I had a house before years ago (profit was just over £100!) so can’t get one myself. I’ve opened a 5% regular saver with santander, and am thinking I’ll use my 123 current to save the extra.


    We’re hoping to be in a position to buy a house by November 2018, aiming for a 12 -15k deposit (will be looking at house between 80 and 120k)

    Originally posted by lumpyspaceprincess ”

    Do you intend to buy together? I may be wrong, but I think the HTB ISA bonus is only payable if both of you are FTBs. But in the meantime, your OH will get a nice 4% on his account.
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £1,972.02

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    • By Lolly88 13th Sep 17, 7:25 PM
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      What's this?

    Lolly88
    “
    Welcome all!!!







    Do you intend to buy together? I may be wrong, but I think the HTB ISA bonus is only payable if both of you are FTBs. But in the meantime, your OH will get a nice 4% on his account.
    Originally posted by tara747 ”
    No, the HTB ISA can be used for any first time buyer even if they are buying with someone who is not.
    House Fund - £24,900
    Save 7k in 2017 #6: £1900/£7,000
    Save 12k in 2016: £14,750/£12000 - Save 6k in 2015: £8250/£6000

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    • By archersluck 20th Sep 17, 5:07 PM
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      What's this?

    archersluck
    I first posted on this thread in January 2014, at that time my boyfriend and I had about £11k.

    He's now my husband and today we've been accepted for a mortgage (initial criteria and credit check at this stage so trying not to get too excited), with a 15% deposit of £36,750

    OMG!! I feel like my mission since uni is finally being achieved. Also the idea of having no savings in the near future is a little terrifying. We now need to live like hermits for the next few months as the money for stamp duty etc is technically also needed to buy me a car as new house isn't near a station...

    Saving for a deposit: £11,621.15
    20/25lbs

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    • By tara747 21st Sep 17, 1:49 PM
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      What's this?

    tara747
    “
    I first posted on this thread in January 2014, at that time my boyfriend and I had about £11k.

    He's now my husband and today we've been accepted for a mortgage (initial criteria and credit check at this stage so trying not to get too excited), with a 15% deposit of £36,750

    OMG!! I feel like my mission since uni is finally being achieved. Also the idea of having no savings in the near future is a little terrifying. We now need to live like hermits for the next few months as the money for stamp duty etc is technically also needed to buy me a car as new house isn't near a station...
    Originally posted by archersluck ”

    Hurrah, congrats on the wedding and the deposit! Exciting times ahead for you both
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £1,972.02

    Sorry!

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