Starting deposit again- advice needed.

kimplus8

I separated from my husband last year and unfortunately had to use most of my savings for a deposit and months rent up front on rental property for me and the kids, plus a months nursery fees for my youngest 2 in advance.

I have had a difficult 12 months after separating from my husband, but have been saving again since July and now back on track to save a house deposit to buy.

My current saving situation is:

Approx. £4600 in LISA from last years allowance and £4000 allowance left for this year.

Main regular saver due to finish in July which will be £3121 which I plan to transfer directly to my LISA and then top up the LISA to the £4000 max for this year making it approx £9600.

Second regular saver matures in Jan 25 and will be a further £2503.

By april 25 I should have £12,100 approx for deposit and I need £20,000.

By my calculations I need a further £7900 approx by April to be ready which is around £720 a month and more if I can manage it.

Is it just a case of buckling down and saving every penny or is there more I can do to be more money smart and earn some further interest?

I earn around £56,000 per annum but with unsociable hours bonus it can be more like £60,000.

I need to get my expenses as low as possible as I don’t have any wiggle room with rent or childcare costs as it is just me, no family etc that can help and a tough rental market where I live so now chance of finding a lower rent.

Any advice will be greatly received.

South_coast

Sorry to hear about your separation. A question from me rather than any advice, are you sure you will be able to use a LISA for a house purchase? I thought it could only be used for that purpose if you are buying your first home, so you may not be eligible if it's not your first purchase? It would be worth double-checking so you don't end up filling that up and then finding you can't withdraw it until you're 60

kimplus8

South_coast said:

Sorry to hear about your separation. A question from me rather than any advice, are you sure you will be able to use a LISA for a house purchase? I thought it could only be used for that purpose if you are buying your first home, so you may not be eligible if it's not your first purchase? It would be worth double-checking so you don't end up filling that up and then finding you can't withdraw it until you're 60

Hi, 
we rented a home together and I just couldn’t stay there with him especially after all the trauma and bad memories. I have never owned property.