Shared Ownership - joint salary…

GingerWarrior

Thank you all. 

Yes - I’m comfortable with my side of saving, it’ll be encouraging the better half to do the same too. 

I’ve set myself a target of £8k by this time next year (we are coming up to our tenancy renewal and fully expecting that to go up by £100 a month). Anything the other half can add will be a bonus. 

GingerWarrior

Apologies in advance for the long update…

Well three years later, we’re still renting (rent has increased by 10% for the last two renewals) but have made some massive strides in our savings.

I paid off my OH’s debts (£5.6k) with my savings last January and then she started afresh by giving me £500 a month to go into savings. She’s reached £6.2k so far. 

I’ve continued to save regularly and at the beginning of the month managed to put £12k into a cash ISA with Trading212 and will continue to put £650 into that on a monthly basis (it was going to be £500 but I’ve stopped putting £150 into my NatWest savings account as it reached £5k and anything above that was earning poorly). I also have a Nationwide H2B ISA which I probably should have added to more regularly but I didn’t get my finger out in time. That’s got £1.7k in (unlikely that the property will be £250k or less in our area but who knows what the market will do…). 

So in total I’ve managed to save £19.3k, and our mortgage deposit is currently at £20.5k (I’m keeping my NatWest savings separate for any additional costs that come with buying etc).

Hopefully by middle of next year, I’ve calculated that we should reach a deposit of £36k.

It’s definitely been a journey, and will continue to be so