The 'We're saving for a deposit' thread

mouche

Palema wrote: »

Its Payday!!!:j
now officially over the 10% savings target :j

Congratulations Palema - you're doing really well!

debrag

So I'm 27 and not in a position yet to start saving but has a few questions.

I was thinking I should get a place by the time I'm 40 leaving 25 year to pay mortgage. Is this a good idea & what % deposit should I be looking at?

Or should I aim to be able to get a house out right by the time I'm 40?

Of course this all depends on income.

hostie1985

well done pamela!

my pay day is the last working day of the month - roll on friday!!!

hostie

xx

dippykitty

Palema wrote: »

Its Payday!!!:j

now officially over the 10% savings target :j

Well done!

^!£$&

debrag wrote: »

So I'm 27 and not in a position yet to start saving but has a few questions.

I was thinking I should get a place by the time I'm 40 leaving 25 year to pay mortgage. Is this a good idea & what % deposit should I be looking at?

Or should I aim to be able to get a house out right by the time I'm 40?

Of course this all depends on income.

I think it entirely depends on your personal circumstances ie
Your income, outgoings, dependants, any debt, area and property type you want to buy etcc...

For instance I'm 24 have £14000 ish saved but have no debt or children, but dont plan on buying for a couple of year yet as I still live at home where the rent is super cheap: (cheers mum) so I'm taking advantage of this by saving as much as I can whilst my outgoings are still relatively low!!

mbga9pgf

Saved £3300, up to 78K this month... Target of 100K by next Feb hopefully (although interest not paid till next April )

Think we are going to carry on up till September and call it a day on hardcore saving... its starting to get a little tiring after 3 1/2 years!

debrag

snowbrow wrote: »

I think it entirely depends on your personal circumstances ie
Your income, outgoings, dependants, any debt, area and property type you want to buy etcc...

For instance I'm 24 have £14000 ish saved but have no debt or children, but dont plan on buying for a couple of year yet as I still live at home where the rent is super cheap: (cheers mum) so I'm taking advantage of this by saving as much as I can whilst my outgoings are still relatively low!!

Come next July I will be debt free and I'm not having kids Currently rent and my family live over 100 miles away so don't want to move back home.

[Deleted User]

Back home from a few hours of babysitting and another £11.50 in the savings pot!!

manic_cow

tara747 wrote: »

OH has saved a good bit less than me and we are trying to discuss the thorny issue of how that would work if/when we buy a house together! Any suggestions?

I'd suggest you talk about it and agree on what you can both realistically save from now on. Me and my bf are in a similar position and have agreed that we'll both put in what we've got so far (even though it's not the same amount) and continue to save a minimum amount each per month, which may not necessarily be the same amount either as we don't earn the same amount of money. What's mine is yours and all that...

mbga9pgf wrote: »

Saved £3300, up to 78K this month... Target of 100K by next Feb hopefully (although interest not paid till next April )

Think we are going to carry on up till September and call it a day on hardcore saving... its starting to get a little tiring after 3 1/2 years!

:beer: congrats on doing so well so far, you deserve a bit of a break! 78K would be nearly enough to buy a house outright by me and it'd take me more than 3 1/2 years to even earn that much, let alone save that much!

Dinah93

tara747 wrote: »

OH has saved a good bit less than me and we are trying to discuss the thorny issue of how that would work if/when we buy a house together! Any suggestions?

If you're serious enough about this person to be buying a house together, surely whats mine is yours and vice versa. All our money goes into one account, regardless of the fact that I earn about 35% more, if the worst were ever to happen, I'd just split it 50-50 - he's a good man and I know if something were to happen that wouldn't have changed.