The 'We're saving for a deposit' thread

Vixstar

loueyn wrote: »

...we can borrow £170k if we want it!?!?! (whether we could pay that back is another matter entirely!!)

Yeah I was suprised by how much I could borrow although it was reliant on having a larger deposit.

Had a bit of a rightmove search today and found a flat that looks like it's suit me and provide a do it up type challenge which'd be great, in the exact place I want to live for £92000 (which is ridiculously cheap for the area I'm looking in. Unfortunately as I haven't had any serious interest in my flat yet I can't do anything :mad: which is somewhat gutting as it'll be gone in days

Phirefly

Dinah93 wrote: »

Whats mine is yours. All our money is joint, I'm taking him for better or worse, richer or poorer so we don't have any split money. I earn nearly double what he does, but equally when we met I had about 6k of debt plus a student loan and he had 7k in savings.

Sounds like us pretty much, only the other way round!

5ugar77

We've been saving for 2 years and it still feels like we need more - I am selling a house but stand to make under 5k - and 5K will go on paying stamp duty, estate agents, solicitors etc etc...

We've had to hold off on holidays abroad - although i have to admit camping has been fun :j

Looking like we're still going to need to borrow off the in-laws - despite having more money in the bank than we've ever had

My dad says it will do us good and this is what house buying used to be like!

mbga9pgf

Hi all,

different tact taken this month. All discressionary spending is being lumped on 2 0% APR cards (halifax) whilst the rest goes into savings.

3500 saved for October, total now 86500, looking to hit at least 90K by the end of next month. we are looking to move our savings into high interest bonds (1 and 2 year) as we are not sure where the market is going at the mo and are holding out for any further dip (predicted by lenders and a few others :T).

Once we hit 100K (our first target) we will pay off the cards. 40% deposit is going to be handy I hope. CCs are to provide a few credit searches on our account and have a history (until now have none) of paying down outstanding debt. In other words, we are playing the system at no cost.

focus888

loueyn wrote: »

Thanks everyone for the words of encouragement! I'm starting to feel a bit more positive we also went to see a mortgage advisor again last week so that's helped to focus me. Strange though as I thought they were meant to be tighter on lending at the moment - we can borrow £170k if we want it!?!?! (whether we could pay that back is another matter entirely!!)

Save, save, save and thanks Bufger, the hot chocolate and romance are exactly what we need! :-)

Does it affect your credit rating to speak to a mortgage advisor and see how much you could borrow?

Bufger

focus888 wrote: »

Does it affect your credit rating to speak to a mortgage advisor and see how much you could borrow?

You can get a rough estimate based on the information you have given them and its without a credit check (affecting your rating) at this point.

The only time it will show on your credit rating is when you're accepting a mortgage and they do checks on. Everything before that is just going on your word (IE if you wanted to lie and say you're on 200k per year they wouldnt know any different - except maybe the fact that you're wearing a primark jumper instead of a top designer outfit and you drove to the bank in a fiat punto instead of a lambo!).

hayley_jayne

Hi, I have my diary thread here:

http://forums.moneysavingexpert.com/showthread.html?t=1721677

I am aiming to *one day* get to £36k :eek:

Currently we are at £7716.25 so a long way to go. So many of you are doing so well

xxx

jen_1985_04

Me and my ex set a target of saving 7k each in 10 months... after 9 months i had exceeded my goal and asked how he was getting on, he had only saved 1k :mad:. To me this proved he wasn't as serious as me so we finished.

[Deleted User]

Another £28.75 added to my savings, think I am definately going to surpass my £5K savings by Christmas :j:j

VickyA_2

Hello everyone!

A bit of an update from me. Well, I'll be leaving the wonderful support of this thread very soon due to the fact that...... we're buying a house! DH and I didn't get up to our £40k target, but we have got enough money to put down a 10% deposit AND have some money kept back for urgent works eg putting in a new central heating system.

We've managed to get a 90% mortgage from NatWest fixed for 5 yrs at 5.99%. Not the best rate necessarily, but we know what we'll be paying out for 5 yrs. There's also the option to overpay by 10% every year, so we'll attempt to get as close to that as possible. I haven't found a savings product that will give us a return (as yet!) of 5.99%. Like others have mentioned, we couldn't believe how much people would potentially lend us - up to 5 times our joint salary. Ridiculous! Goodness knows how we'd have paid that back! The mortgage, as it is, will be about 2.7x our salaries. We'll at least be able to eat as well.

So, I'm signing off for now. Hopefully we'll exchange in the next couple of weeks... Make sure that those fingers of yours are crossed!

Good luck with all your savings and if you're ever in the Rutland area, you'll have to pop in for a cuppa.