Saving for a Deposit

PennyCrayon_2

Hi,

I am 25 and have started to save towards a deposit on a flat for myself.

I have made all the various cutbacks and have opened ISAs and savings accounts etc.

I was just wondering how long it took those already on the property ladder to save for a deposit and how much they needed to save before they started looking for places to buy?

I think It will take me few years to reach my target and in the meantime I am looking for ways to save and bring in extra cash.

[Deleted User]

I'm 25 too and a few months into saving for a deposit. I plan to take out 3.5 times my salary for a mortgage and I'm ideally looking to save a 25% deposit and 5k for mortgage fees, legal fees, valuation fees etc.

In short I don't expect to be buying until sometime around April 2013...

Have you read this page? http://www.moneysavingexpert.com/protect/money-help

Sp3no

Your fees for buying a house should never be more than 2K, the fees that i uncurred for my house purchase recently came to £1200 :beer: and i used a very good Sol and a broker.
I am 27 and i paid a deposit of 30'000 which was 20% of the property we purchased at 140K it took me a whole lifetime to save it

[Deleted User]

Sp3no wrote: »

Your fees for buying a house should never be more than 2K, the fees that i uncurred for my house purchase recently came to £1200 :beer: and i used a very good Sol and a broker.

My 5k also includes other things like furniture, appliances etc.

TrickyDicky

It all depends what and where you're buying. The largest LTV mortgages available at the moment are at 90%, so for a 100k house you'd need 10k deposit + fees (solicitor, mortgage, survey, stamp duty if you get a more expensive house).

Also, if you are currently renting in a furnished place, you''ll need to buy your own furniture and white goods.

CLKG7

Hello,

I'm 21 and moved into my first house in march this year i started saving probably about 2007 but really knuckled down and was saving like crazy last year. Me and OH both put £16000 for the deposit so we £32000. I think the bank said to us to have a min of 10% of the price of the house we wanted.

Good luck with the savings.

For extra cash have you tried:

Surveys - I use onepoll, pinecone and surveyhead
Free daily scratch cards - I use virgin bingo and butlins bingo
PAD - Payment a Day which is making tiny payments like 50p to your savings account you hardly notice a difference in your current accounts but the PAD soon add up.

Hope this helps

Charlotte xx

EagerLearner

We saved for 4 years to get £35k/20% deposit but have been lucky yet also stern withourselves to get to that point. Any extra income has gone towards it, shopping for food was tweaked, started daily clicks, changed savings accounts for best interest, stopped going out as much but still the odd meal out as a treat but with Buy 1 Get 1 free vouchers. However that might stop once we become owners of our own pad, to start paying off the mortgage faster! Good luck - you can do amazingly well with 'only' small amounts here and there - you will surprise yourself!