Forum Home» How much have you saved?

Moving forward and upwards - Page 2

New Post Advanced Search
Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.

Moving forward and upwards

edited 30 November -1 at 12:00AM in How much have you saved?
1.1K replies 16K views
24567107

Replies

  • Hi MovingForwards, and welcome.

    I like the way that you have broken your goals down into steps and you're so focused.

    Good luck with your savings.

    bln x
  • MovingForwardsMovingForwards Forumite
    8K posts
    1,000 Posts Second Anniversary Name Dropper Photogenic
    ✭✭✭✭
    Quick Monday update:

    I've passed the initial checks with the lender :j

    I have also arranged a second viewing of the maisonette for this weekend :T I'm only going to see if it still needs a lot of cleaning and airing, or whether it is possible to hire a carpet cleaner, give everything a good clean and leave the windows open to clear the ciggy smell or whether it is rip all the carpets / flooring up and a good clean.

    There are no properties coming close to the size of it and three bedrooms, plus two large 'cupboards' (eg convert one to a library and the other to a study), plus other normal sized cupboards and a loft for boarding out and storage. Kitchen is huge and the whole place has great potential :cool:

    Moved £10 to my MSA's.
  • MovingForwardsMovingForwards Forumite
    8K posts
    1,000 Posts Second Anniversary Name Dropper Photogenic
    ✭✭✭✭
    Thursday update:

    Been moving money into my MSA's nearly everyday this week.

    As it was payday today I have moved £700 over so far, I'm hoping to move upto another £100 over before next payday, depending on shopping and petrol. When chatting with my brother yesterday about my savings plans he couldn't believe how little I actually spend and how much I can save; he earns double what I do but doesn't have any money!

    Was in work at 6am today, printing / collating statements, scanning the ones I printed, scanned ID, proof of rent being paid etc and got it all over to my broker by 7.30am. I went through what the lender wants and made sure I got everything over so he had it and wouldn't need to ask for anything.

    Had an email asking me for a bit more information (temp job start / end date, first and last wage slip from them, current job start dates etc, which I quickly sorted out and sent over with a few extra bits to show it's the same company I temped at and am now working for). I expect he is still going through my statements due to all my penny / low value transfers :eek:

    Found loads of nice properties within 30 minutes train journey to town, have obtained several more home reports and will book some time off to do some viewings :rotfl:

    I'm ruling out the maisonette (1) I won't cope doing 90 minutes each way and (2) I don't think it's worth £75k in its current state; couldn't offer what I would as it would fall well below the lenders minimum value.

    December plans:

    1. Works Christmas party. Food is paid for by them, I just need to buy a couple of drinks, will either drive or get a lift home. (£10)

    2. Dye my hair. Too many grey bits! (£0)

    3. Would still like to get my hair cut and eyebrows done. (£30)

    4. Send Christmas cards to family with their gifts. (£55*)

    5. Buy Christmas presents for OH, got one sorted but want to get a few more. (£50*)

    6. Getting another year older. (£0 as I have food and drink at home)

    7. Cash in all my survey and supermarket points. (Approx £200).

    * I have the cash at home so it's not 'costing' me anything from my wages.

    December savings plans:

    1. Save any b'day and Christmas present money I get into my MSA's, won't be much possibly £100 but it all helps.

    2. As the work party starts at least an hour after my finish time I am going to nip into town and pay my change into my MSA's and bank my present money.

    3. Save minimum £750 as work closes for two weeks over Christmas / New Year and I will save petrol, plus I have my points to cash in so won't be spending money on food :T

    Step I'm currently standing on:

    Step 2

    I can afford to buy at just over £88k!
  • MovingForwardsMovingForwards Forumite
    8K posts
    1,000 Posts Second Anniversary Name Dropper Photogenic
    ✭✭✭✭
    Not sure where this is going update:

    I've opened up a help to buy ISA with my normal bank and dropped £1200 into it from my savings, will top it up by £200 each month.

    The bank I hold the majority of my savings are dropping their interest rates considerably, three of my accounts so far have had horrid drops of over 50% and they weren't even 1.50% some of them :(

    I've now closed one of the accounts and moved the money to my new H2B ISA and my normal banks savings accounts.

    I did have a very long online chat with my normal bank as I've got an ISA already and have paid into it this year, but have been assured I can open a H2B with them and keep my ISA with the other.

    I'm currently debating what to do with my remaining savings and will look to see if I can do multiple transfers out the ISA, if so, that will fund the H2B for several years.

    Regarding my broker, he got me a DIP, which was great, until the lender wants 20% deposit on any ex-authority properties :eek: :eek:

    Every property I have looked at has been ex-authority. He did say I would be fine to offer etc now and would have until exchange to get the rest of the deposit together but I don't think it's viable as I would need to find just under £8k in less than 3 months; I've decided to aim for £90-100k property to stay within 30 minutes train commute of town. Broker agreed it wouldn't work and is going back to the drawing board next week.

    I emailed him this afternoon, having had time to think about it all, said I would rather wait than rush to save the 20% or buy further out - there are alternative options if I wait another 6 months, I will have passed my probation and have a healthy deposit saved :T:T

    It won't stop me looking for a property, just in case I spot something. At the same time, it also takes a bit of pressure off me with learning my job and doing my degree, means I can get Year one done, then move and start Year 2.

    Just for a bit of context again, my credit history is getting better by the month, only have a couple of aged defaults and a satisfied CCJ (just over a year to go then the CCJ drops off, the defaults probably go before the CCJ do) but the things working against me is the AP marker (got about 4.5 years before that goes) and the fact I stopped my joint DMP with my ex, had the latter two (specifically the AP) not happened I probably would have been looking at a normal lender :o

    I'm posting a bit of info just in case this helps someone in a similar situation :beer:

    On a positive note, I told my OH to open a H2B ISA today, another few texts explaining about them and he has submitted his application! His foot is still causing him trouble as it's not healing, so will need another x-ray. I've enjoyed having him around and one day our plans will all join together!

    Moved a bit of my wages to savings and edging ever closer to moving up another step!

    Step I'm currently on:

    Step 2
  • MovingForwardsMovingForwards Forumite
    8K posts
    1,000 Posts Second Anniversary Name Dropper Photogenic
    ✭✭✭✭
    Weekend update:

    Feeling a bit more positive then I was yesterday.

    Had some many different comments from my H2B provider yesterday as it turns out I shouldn't have one as I've my cash ISA with someone else :eek:, to rectify it, I've had to open a cash ISA with them and transfer the other ISA to them.

    I closed another account and moved money into my savings, at the moment I am slowly moving all my money into one bank as it will make it easier to transfer it to my solicitor when the time comes. I also proved to myself I can save and not dip into my money :j

    I will be keeping all my current accounts as I do like the idea of having money in different pots eg car stuff in one and home repairs in the other, so if anything needs doing / paid for it's just a case of using the card to pay for it.

    Will start my 2020 spreadsheet and add December to the start of it, saves messing around with my 2019 one, again.

    Won't be spending any money this weekend as the temperature has dropped and pain levels increased.

    December spending plans:

    Finally got round to doing my hair, will see if the Christmas sales have any offers on hair dyes and buy a few boxes. (£10)

    Will tidy up my eyebrows as that saves money. (£0)

    Would still like to get my haircut (£20)

    Works Christmas party (£10)

    Step I'm standing on:

    Step 2
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • Skint_yet_AgainSkint_yet_Again Forumite
    5K posts
    Eighth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    Sounds much more positive MovingForwards. I hope it all works out for you. I think 6 months will fly by and if it means you will have passed your probation and have a healthy deposit saved it sounds like a good option.
    0% credit card £1360 ~ paid in full
    0% Car Loan £7500 ~ paid in full
    JAN 2020 = NOW DEBT FREE
    Emergency fund £1000 / £1000
  • MovingForwardsMovingForwards Forumite
    8K posts
    1,000 Posts Second Anniversary Name Dropper Photogenic
    ✭✭✭✭
    Sounds much more positive MovingForwards. I hope it all works out for you. I think 6 months will fly by and if it means you will have passed your probation and have a healthy deposit saved it sounds like a good option.

    It seems the most suitable plan as I will have the option of a few more lenders, if I wait 8 months then I get a payrise too. The days are just flying by as it is, it will soon be 2020, more money in the pot, get into a routine with work and uni.

    What I plan on doing is just taking it a week at a time, keep saving each month, keep watching properties and seeing what comes along and who knows perhaps I may even get lucky and find a random place fairly close to where I am.

    If I can up my overall budget to £120k I can get something nice.

    For now, it's save every penny, keep economising and try not to kill the neighbours! (I wouldn't be rushing to buy if I was in my last flat)

    Anyhow, I'm focused, my new spreadsheet is up and running, my hair looks great and I'm going to have haggis and fatties in a bit :D
  • MovingForwardsMovingForwards Forumite
    8K posts
    1,000 Posts Second Anniversary Name Dropper Photogenic
    ✭✭✭✭
    The start of December update:

    At the moment I feel like I've had the rug pulled from under my feet, is it always one step forward, two steps back!?!

    This 20% deposit on ex-council properties is a bugbear, I've gone through loads of adverse lender criteria's and they all have it :(

    Yes, I did end up crying at work today when my broker confirmed it too.

    Where am I going to find a budget, not-ex-council property, near the city I work in, when these were / are vast local authority areas.

    The older new builds are expensive, the new builds are are really expensive and I don't like the idea of shared ownership as the rent element for the ones I've seen are high, let alone adding mortgage and repair costs into the equation.

    I do have 20% for the cheaper properties 90 minutes away, but I can't do a 3 hour round commute 5 days a week. I can also currently afford to buy over the water (40 minutes to work, train and bus), but if the trains can't get back over here for whatever reason (accident / weather) then I won't get into work as the bus would have to take a huge detour.

    I will keep looking and hope that something pops up, whilst still saving. At best it's 11 months til I get the remaining money together, but then it's also the risk of property prices increasing a bit too. If there was a huge crash, I will be well placed for being a cash purchaser :D

    Have to try and work out my new step formula, but will figure that out by the time I next get paid.
  • MovingForwardsMovingForwards Forumite
    8K posts
    1,000 Posts Second Anniversary Name Dropper Photogenic
    ✭✭✭✭
    Weekend update:

    I've expanded my search and have included two areas over the water, trains are more frequent than the other two areas over this side, there are some nice properties over that way too, all within my lower budget.

    My mom is giving me a bit more money than she normally would for my birthday and Christmas presents, it's an extra £10 which is nice of her to do as she is only on state pension. She couldn't believe how much money I need to get together for the deposit.

    I've reworked my figures and in three months time I will nearly have 20% for my lowest budget for ex-authority properties, I will then start the process of finding a home as I can keep saving.

    Will be in town this week after work and will move another account from one bank to my normal bank, just have to wait for my fixed bond to mature later this month then all my deposit money will be in my normal bank. It will make it easier to transfer the money to solicitors when the time comes.

    Where I am with my steps, well I need to save £750pm to move up a step on a normal property, I need £1000pm to move up a step on an ex-authority property :eek: still got time to work out how to track my steps before payday, but I have worked out what money I am paying where.
  • savingwannabesavingwannabe Forumite
    15.2K posts
    Tenth Anniversary 10,000 Posts
    ✭✭✭✭✭
    I pay £750 a month for my mortgage. It's half my income (just my paid salary) I think we are supposed to spend less as a % of income but it is impossible where I live. lol.

    A 20% deposit is fantastic. This is a brilliant achievement not many single people can do this (as your brother has said) so make sure you celebrate.

    I hope your Christmas party goes well and well done on doing your hair. lol.
    Trying to be frugal 18/31Jan; 15/29 Feb 26/31 March 23/30 April 18/31 May 20/300 Jun NSDs.
    Saving change in money box.
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support