Saving for a house deposit :).

BrettMorganxD

I know there is already a thread for this open but thought I would start another one to keep myself motivated, anyone is free to join and post where they are at on their journey, saving for a house deposit . Had a lot of expenses l8ly setting up my houseshare bond etc £500 and dog needed vet treatment of £1,000. So had to start my savings from scratch but hopefully nothing else will get in the way.

So here I go on my journey saving for a house .


Current savings: £250

spadoosh

Go on, give us your plan of getting there then!!

Whats your target? Timeframe? Monthly contributions (min/max)??


(if you dont mind me asking)

O and good luck!!

BrettMorganxD

spadoosh wrote: »

Go on, give us your plan of getting there then!!

Whats your target? Timeframe? Monthly contributions (min/max)??


(if you dont mind me asking)



O and good luck!!

Oops sorry, I forgot.

House around £80,000 that is what they are currently around my area and havn't changed much in 5 years.

Timeframe hope to be living in my own house for when I am 25 I am 19 now, turn 20 13th september.

Min contribution - £300 pcm max - no max my wage varies too much due to lots of overtime.


Also thinking of when I turn 20 I will have 5 years. I have a tesco savings account which I like nice and simple to use. Any money from extra work (like second jobs) get paid into my savings direct account (0.10% interest only) then I will transfer it to my tesco bank once a year (preferably on my birthdays, to see how much I have accumulated).

Also doing my gcse's again so there is two routes.

Route 1 - Pass and do nursing then I will have 1 year to save the deposit but be on a much higher job salary as a nurse so able to get a bigger mortgage

route 2 - fail gcse's work loads of overtime possibly get a second job where I can choose my own hours if I get permission from HR in my current job (not withheld unreasonably have the second job lined up, apprently desperate for staff).

Unfortunatly route 2 is looking more likley, but, I will have my own house by I am 25 if working for it kills me.

Hope that is detailed enough spadoosh :P. Thanks for the luck

spadoosh

Perfect! And it certainly looks doable, i'd look at a 10% deposit min anything more should reduce the interest rates offered.

Is it just yourself or you and a partner?! Obviously if your on your own costs work out that little bit more as theres only the one income and the mortgage amount will be more restricted on one income.

To give you a bit of proof you can do it, me and my g/f moved in our house in June and I turn 25 this April and only started saving at 22 had the benefit of living with parents though for a year so not a lot of rent and bills.

To give you that little bit more impotus, if you put away £300 a month from next month youll have close to £20k not including any interest earned, 25% deposit!

BrettMorganxD

spadoosh wrote: »

Perfect! And it certainly looks doable, i'd look at a 10% deposit min anything more should reduce the interest rates offered.

Is it just yourself or you and a partner?! Obviously if your on your own costs work out that little bit more as theres only the one income and the mortgage amount will be more restricted on one income.

To give you a bit of proof you can do it, me and my g/f moved in our house in June and I turn 25 this April and only started saving at 22 had the benefit of living with parents though for a year so not a lot of rent and bills.

To give you that little bit more impotus, if you put away £300 a month from next month youll have close to £20k not including any interest earned, 25% deposit!

I know it makes £20,000. Although on my current income max borrowed is £45,000. My wages will be up by the time I am 25. It is just me (unless i meet someone along the way).

Good thing is £300 is minimum so £20,000 is the MINIMUM I will have some months I can put more by my wage is only meant to be about 850 but I always end up with a grand. It is just this month hasd to be 250 due to the costs above.

Thanks for the support spadoosh . I will see what my results are (more likley failed) on GCSE on 23rd august. If I fail I will request permission to take on a second job .

Btw, what is your name spadoosh? I am brett.

BrettMorganxD

BrettMorganxD wrote: »

I know it makes £20,000. Although on my current income max borrowed is £45,000. My wages will be up by the time I am 25. It is just me (unless i meet someone along the way).

Good thing is £300 is minimum so £20,000 is the MINIMUM I will have some months I can put more by my wage is only meant to be about 850 but I always end up with a grand. It is just this month hasd to be 250 due to the costs above.

Thanks for the support spadoosh . I will see what my results are (more likley failed) on GCSE on 23rd august. If I fail I will request permission to take on a second job .

Btw, what is your name spadoosh? I am brett.

Just got £1.50 in interest paid 30p tax on it, not too bothered though. As I have only just started saving recently

BrettMorganxD

Had another idea to save money . I pay gas and electric by direct debit on payday, then my roommates pay me their share on the 1st of every month.

Thinking of putting all the money I get from my roommates for bills into a teramundi pot and cashing it in every year. September - september

ellesbellesxxx

If you put it in an ISA you can make much more! 3% at Halifax got me 150 pounds in interest this year! (That was for 5000 in ISA account but well worth hoarding it!)

Person_one

You can't get into nursing with just GCSEs, do you have any A-level equivalent qualifications?

dearbarbie

Spadoosh! Hehehe!

I decided over the weekend to start saving for a property. I'm 30 and living in London but I'm from Leeds where the market is much more appealing so plan to move back there - I'll be buying alone. I'm selling my employer shares in October which will amount to about £5000 and planning to move back in with my Mum for a few months so I can put away about £1200 a month minimum. Hoping to somehow bag a mortgage for about £100,000 (earn about £28,000 pa and salaries are similar in Leeds thankfully), and have been checking out first-time buyer schemes needing only a 5% deposit but would like to avoid those perhaps.

Seems really scary to save that amount of money but I'm 30 with nothing to show for it but a career and wish I'd put a plan together earlier so good on you Brett (spadoosh!)