Saving for a Mortgage Deposit, Advice?

Kingslayer2013 · 3 July 2013 at 9:58AM

Hi me and my wife have decided it is time to start saving for a house and are going to start a savings fund for the deposit.

I am 33 and my wife is 28 i was declared bankrupt in 2009 and it will come off my report in 2015. I have had no credit problems since then and currently have full account and credit card with halifax etc.

I am thinking of opening a Nationwide save to buy account, we have £1000 in our isa at the moment and £500 in our emergency fund account. We can save £400 a month from the end of July until December then £200 a month for the next 3 years by which time we should have enough.

Does this seem like a good idea or is there a better way to do it?

pcgtron · 3 July 2013 at 9:59AM

Where do you want to buy?

Kingslayer2013 · 3 July 2013 at 10:06AM

looking near prescot, merseyside

tom1984 · 3 July 2013 at 12:23PM

the save to buy account says you need to apply a mortgage between 6 and 36 months maximum so keep an eye on the date if you do open that account! i am applying for the same mortgage in 3 weeks time (6 month account anniversary......i was bankrupt jan 07 too)

bellaboo86 · 21 August 2013 at 6:50PM

Hi, I commented on another post similar to this earlier. I also have a save to buy account. As you can afford to save a large amount I would maybe suggest putting the £50 a month(account min) in the save to buy (their only looking for evidence you can save) and put the rest into an account with a better rate.