The "Save 12k in 2016" Thread!

alja

Thank you SF sig updated! Looking forward to it!

darkidoe

Determined_diva wrote: »

Please count me in for the whole £12k! 2016 (Dec) is the year for me to get on the property ladder, so need this last £12k towards the deposit.
Very excited to get started!
DDx

Good luck saving for the deposit. Just curious, i know deposits can range from minimum 10% upwards and the best mortgage deals tend to be with deposits of around 30-40% of property value,excluding fees,etcetc. What percentage of property value would people typically aim for their target deposit?

jessy-eve

Darkidoe, me and my boyfriend are aiming to get 15% to put down for deposit and then a bit extra for fees. We will be first timenbuyers! We would love to put more down but are getting impatient as we are both still living with parents

YoungBusinessman

Im really excited to get stuck into this challenge, roll on 2016!!

nat21luv

darkidoe wrote: »

Good luck saving for the deposit. Just curious, i know deposits can range from minimum 10% upwards and the best mortgage deals tend to be with deposits of around 30-40% of property value,excluding fees,etcetc. What percentage of property value would people typically aim for their target deposit?

Im also saving for a deposit and need a 25% deposit for a £160k ish house, so around £40-50k. Im on my own too, bar two kids.

Just changed energy suppliers via the MSE energy club and saved £175 per year. I was on the MSE collective switch that is due to end in a few weeks so saved myself a pretty penny

Lolly88

darkidoe wrote: »

Good luck saving for the deposit. Just curious, i know deposits can range from minimum 10% upwards and the best mortgage deals tend to be with deposits of around 30-40% of property value,excluding fees,etcetc. What percentage of property value would people typically aim for their target deposit?

I think it will probably depend on what you can afford and how long you want to save. I was aiming for 10% but depending on my circumstances when I reach that target and the housing market I might try and push for 15%. After fiddling around with mortgage calculators I realized there is a worthwhile difference between 5% and10% and between 10% and15% but there isn't a whole lot of difference between 15% and 20% deposit to make it worthwhile for me so 15% will be the most I will aim for. I'm so eager to get on the ladder though especially since prices are raising above the national average in the area I want to buy in so I might just jump the gun with 10% or even 5% if something I really love comes on the market.

fabforty

Can you please put me down for £12,000. I missed the start of this last year, and I'm determined to do it this time around. Hopefully putting it in black and white will help me to stick to it.

Domayne

Can I join please? I'm aiming to save 8k in 2016 and hoping that posting here will keep me focused after not doing as well in 2015 as I had hoped!

Shrewbie

Thanks for my number slowlyfading! I can't wait to get started...

sofarbehind

darkidoe wrote: »

Good luck saving for the deposit. Just curious, i know deposits can range from minimum 10% upwards and the best mortgage deals tend to be with deposits of around 30-40% of property value,excluding fees,etcetc. What percentage of property value would people typically aim for their target deposit?

I started off aiming for 10% but after a sale fell through I'm now aiming for 25%. I'm buying on my own though so it's probably more critical for my affordability than it is for others. If that makes any sense?!