The 'We're saving for a deposit' thread

rocketchimp9

Hey Everyone
Feeling a little depressed today, feel like I am not really getting anywhere with saving for my deposit. Also there is two properties that I have been watching on rightmove and they have both gone under offer in this last week. There is not really anything else that I think yea I would really want to buy that. Hope everyone else is doing a bit better.

mbga9pgf

rocket, dont worry! despite what commentators are saying, I reckon it will take a long while for House prices to start going back up! So keep saving! every month of savings are like 2 months less for a mortgage (dsepending on the size of your mortgage of course).

late 2011 will be the bottom of the market, another 15%ish to go off the price of a home. I personally am waiting till the indicies hit 125k average house price before I buy.

hostie1985

I know how you feel Rocket, it feels like my savings are doing nothing in the bank - even though i have filled my ISA for the year and doing a monthly saver! :mad:

Ive been going on rightmove regulary and have seen a few places i like, depends if they are still there when i come round to putting in an offer.

mbga9pgf, I agree, I dont think prices are going to go up quickly any time soon - would be nice if prices went down just a little bit more.....

Im hoping to look into buying around xmas/new year......

mbga9pgf

look at it this way. Do you really think the worst recession in a generation is only going to knock 20% off a housing market that was in a bubble of epic proportions? Of course not. Focus on keeping your job, squirrelling away enough cash for a deposit (mortgage lending is going to get even more restrictive imho from here on until 2012) and you will do fine. You will (fingers crossed) emerge at the other side with a property you could barely afford now with a much reduced mortgage.

Got to admit though, saving 80% of disposable income is starting to drag a little after 3 years saving...

smartcat04

Rocket, I'm feeling quite disheartened this month as well. Not been able to put much into the savings this last few months due to replaceing my computer,fixing my car and paying for my holiday. 2 of the girls I work with are buying houses and they are a good 6 years younger than me and have partners. One of the girls hasnt even saved a deposit and has had to ask the vendor to gift it to her as part of the sale.
I know I'm doing things the best way- saving up til I'm in a better financial position to take on the responsability of a mortgage but I'm nearly 30, living at home and so long for my own house that I can make my little bit of peace.

hostie1985

happytails wrote: »

We are so excited - but i feel like something is bound to go wrong! Getting gazumped, bad survey etc FC though it all turns out dandy! x

I hope it all goes well for you, keep us posted with updates so we can see how you are doing!

JimLad

Pay day yesterday so i am now up to 55% of my target )

rocketchimp9

Thanks everyone, I know what you mean I think it is my own fault I should stop going on rightmove and falling in love with houses. A lot of my friends are buying houses at the mo but I know the longer I save the better the house/less the mortgage will be. Its nice to come on a thread where everyone seems to be in a similar position.

sugarpants_2

Hi Jak
Just seen youre be childminding in a rented house. Ive been trying to get my LL to let me do this in our house but hes cotacting Ofsted and lots of other people to make sure hes covered incase a child has an accident etc. Its taken 6 months of him 'thinking about it'. At moment Im applying to day nurseries but I really want to childmind.
How did you go about it with your LL?

jak wrote: »

We live in Weymouth and pay £665 pcm for a 3 bed house. We could've had a 2 bed for a bit cheaper but i'm going to be childminding from october and I wanted the extra space for a playroom. Our bills are come to about £1400 altogether- that includes food and everything.
I just hope I get some children in October! Keep your fingers crossed for me! We are hoping to borrow about 92K so when we do buy, our mortgage with probably be cheaper than our rent!!!! STUPID really! Just need that massive deposit first!
Good luck everyone!

sugarpants_2

Jak We are also hoping to buy as its cheaper than reting too. But we need the huuge deposit too (12k)..Isnt it a nightmare? We are staying put in our 3 bed house at moment which costs us 875 a month. Grr. Only managing to save £400 each month. not much I know but it all helps I guess. Hence why I need to childmind or return to work in day nursery setting or a school.

sugarpants wrote: »

Hi Jak
Just seen youre be childminding in a rented house. Ive been trying to get my LL to let me do this in our house but hes cotacting Ofsted and lots of other people to make sure hes covered incase a child has an accident etc. Its taken 6 months of him 'thinking about it'. At moment Im applying to day nurseries but I really want to childmind.
How did you go about it with your LL?