Saving for a house deposit

ska_lover

hazoo wrote: »

Hi Ska lover thanks for your reply. Hmm well I factored food and petrol in my costs at £80 on fuel (and this is generous for what i do) and £100 on food. So really the £186 is just for socialising and shopping. Still, that doesnt sound much :doh:

My car tax is £130 for the year thoguh i have just paid that too so dont need to worry for the next year lol.

I have begun writing down everything I spend every day in my diary. Last week the total was £58 excluding my food and petrol which came in on just under budget. Although this did include a trip to the shops *ahem*.

Are you living at home or in your own place? I am considering a second job but the amount I would end up gettign taxed is mad! I have been ebaying some things but am runnign otuof things I no long want/need. I need some money makign ideas!

Hi there,

Sorry I didn't respond at the time, I have just stumbled across this thread again..we are currently living in rented at the moment. We are now approx just over half way there to how much deposit we will need to get a mortgage.

You have done very well to get yourself a better paid job

I read the information on the budget with regards to the Mortgage guarantee scheme, but I'm not convinced it is for us, and are just going to carry on the slog as we are at the moment

It is hard work these days trying to get anywhere though isn't it?

samehat

hazoo wrote: »

Haha just looked up the posts and it was a year ago I posted, coincidentally around the same time! :rotfl

Oops silly me - I'm stuck in the past!

Congratulations of both the better paid job and long term relationship.

I'm also saving for a deposit - December was the first month I could save as I was paying loans back in September, October and November. I'm in my first full time and permanent job and hadn't really been very good at budgeting and saving before. Luckily for me I have recently discovered MSE to help along the way! :money:

How much of a house deposit are you aiming for? Along with my boyfriend we are aiming for between 20 and 24k for a house approx 115-130k, although we also have to consider the other costs of buying and furnishing a house - not sure exactly what we are budgeting for that yet, but will be trying to keep the furniture on the cheap side to get us going.

When we get to about 15k deposit though we may be tempted to go ahead for a higher LTV ratio - I check rightmove almost every day for houses in our chosen area although I know we are at least a year away from being in a position to buy!

You can see how much I have saved in my signature and my OH has saved more than double that. We aim to put the same amount of money into the house each.

hazoo

katherina wrote: »

Oops silly me - I'm stuck in the past!

Congratulations of both the better paid job and long term relationship.

I'm also saving for a deposit - December was the first month I could save as I was paying loans back in September, October and November. I'm in my first full time and permanent job and hadn't really been very good at budgeting and saving before. Luckily for me I have recently discovered MSE to help along the way! :money:

How much of a house deposit are you aiming for? Along with my boyfriend we are aiming for between 20 and 24k for a house approx 115-130k, although we also have to consider the other costs of buying and furnishing a house - not sure exactly what we are budgeting for that yet, but will be trying to keep the furniture on the cheap side to get us going.

When we get to about 15k deposit though we may be tempted to go ahead for a higher LTV ratio - I check rightmove almost every day for houses in our chosen area although I know we are at least a year away from being in a position to buy!

You can see how much I have saved in my signature and my OH has saved more than double that. We aim to put the same amount of money into the house each.

I am pretty much in the same boat with regards to when I started saving. I had a lovely 1K before Christmas, but paying for the festive period and then my car insurance (groan) pretty much ate all of that up. *wail*

We are hoping to save about 30k+ for a 130-40k house. Realistically we may not achieve this and I may have to get the mortgage on my own if partner is still at uni so would need even more than this but will review the situation as we go. I too have looked at other mortgages with a higher LTV ratio.

I too am scouring Rightmove far too frequently and have already fallen in love with several houses! I am so impatient to have it saved already I keep telling myself that it motivates me to look at houses so that when I see something I want to buy I resist temptation!

Well done on the monthly saving! You must feel quote empowered now you have a decent chunk of money! I think once I am back on the wagon saving good amount monthly I will feel better. As I say my bank account is rather depleted at present.

ska_lover

Hey you guysssssssssssssss

Try this comp - win a barratt house (all the codes are on the compers forum

http://starterhome.dailymail.co.uk/

samehat

Thanks Ska Lover. I'll try to enter it in the morning on the way to work. Falling asleep now! Night all

samehat

Lol hazoo, I'm not sure I feel empowered although it is nice to see it growing. Tomorrow it'll go up again as it's payday! I suppose I feel I've already spent it as it is going towards the deposit.

However you never know what's around the corner so I am aware that there may be a day when I need to dip into it. I will do my best to avoid that day though!

I may be given the gift of my mother's car soon if she gets a newer one (this one is 15 years old). If that happens the amount I can save per month will certainly reduce. I'm not complaining as I've wanted to have a car for a long time and it would make worklife somewhat better, as well as allowing us to stock up when there are reductions in the supermarket, leading to long-term savings.

Also student loan will begin to be paid back next month which will dip into the salary by a noticeable sum. This month and next are kind to the bank balance as there is no council tax or electricity/water bills so I am trying to make the most of those reductions to top up my ISA before April 5th.

It has taken a fair amount of discipline but MSE has really helped to keep me on track. I agree that RM house searches are very motivational too. Good luck with getting 'back on the wagon'; it is quite addictive once you get stuck in I think.

rufus86

All i would say is put money aside as soon as you are paid.
I'm in the slightly frustrating position that I have a sizeable deposit but a rubbish salary (for London) so am still in no position to get on the ladder in the right location for me.

With a monthly income of £1438, having budgeted for EVERYTHING including a weekly 'leisure' budget and a contingency fund for minor things like dentist, haircut, additional mobile phone charges, I'm still able to put aside at least £100 a month.

Anything that doesnt get paid via direct debit, I draw out of the cashpoint on a weekly basis and then I know exactly what I have to play with. If I know I need something online that month - clothing, tickets etc - its all worked out at the start of the month

Just be organized, learn to be frugal and you'll actually realize that its not too hard to save a bit each month!

CharllieSays

We hit the £10k mark the other month, so feeling very positive (although the houses we were looking at in Jan seem to have jumped about this much in price)! Now considering waiting until they come down again in a few years and saving up a bigger deposit in the meantime.


We are both looking at starting new careers next autumn after graduating, so it might be worth the aggro of renting various places in the short term to get a better deal. Odd times ahead!