How much to save for deposit?

jockosjungle

I think £1000 is sensible, if you have anything left in the account come pay day throw that in the ISA as well. No point living a misers lifestyle just to get your house a month early.

We were saving like you, save up until you have 10% deposit and then start looking around, if the ideal place turns up you can go for a slightly worse rate at 10%, which is what we ended up doing and you might find a cheaper house. We ended up going for a £62k house, with 10% deposit, and we'll be able to overpay and the payments will be £330 a month. Yes we could have saved longer and got a better house or higher LTV, but at the prices you are talking about then the difference in a % point or two, isn't going to be that high.

R

eschaton

I voted £1200, at the end of the day, don't spend what you don't need to spend.

When I saved for a deposit, I saved every penny possible and it was worth it in the end.

Don't forget you will probably need to spend buying things once you get the house so £1200-£1000=£200 x 10 months gives you an extra £2,000 to spend on the house.

Good luck.