The 'We're saving for a deposit' thread

reformed_84

Thanks Hostie! Im goin to do that! Watch this space.. I shall keep you up dated on here!
Spudnik thats amazing savings!!! To get to a point where you xould live off the interest is fab!!
X

[Deleted User]

Another £20 saved today from babysitting :j:j

reformed_84 wrote: »

Evening All,
In desperate need of some inspiration!
I am now debt free and want to make some serious head way with saving up for a deposit! (Like us all!!) I have worked out that I can easily save up £550 a month- which isnt bad I guess.. But, after looking at the deposit amounts you folk seem to be saving up for, I think Im gonna be here forever!!
How long has it taken you get where you are today? How much are you saving per month? Other than your main wage, are you adding to the pot with money from other things as well?
Sorry for all the questions.. just really want to get my foot down now!

Thanks!!!!
Sarah xx

Hi Sarah
First of all welcome.
I have been saving since February this year (When I became Debt Free) and I am aiming for £25K savings to help towards a deposit and furnishing a house/flat. Realistically I think it will take me in the region of 3-4 years to save this amount but I am sure it will be worth the wait in the end.
I save £400 a month into a regular saver from my salary. I also do alot of babysitting and put half of the amount I get each time into another savings account.
My total saved so far is in my signature.

Good luck with your savings

P
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Jay83

Hi everyone, im a lurker on this thread, love reading how everyone is getting on with their savings have only started seriously saving this year. Not even half way to my target yet but just wanted to say well done on all your progress and keep up the good work. x

Dinah93

Well, bit of an update from us. My FIL2B has told us to use our own savings for the wedding, and his wedding present to us will be our house deposit. He's told us just to pick a house, and he'll give us 20%.... which is very generous! We've actually found the house we want, a wreak, bottom of our budget so small mortgage, but it needs £30-£40,000 of work doing to it, so we now need to asertain if FIL2B will loan or give us this money instead of a bigger deposit before we can proceed.

EagerLearner

Hi all and congrats Sarah and Dinah93, that's great news, sounds like you guys are in the same boat as MrEL and I, in terms of work required!

We are in the process of buying a small 3 bed terrace, needs gas central heating and modernising though, but seems Northern Rock will give us 5.39% for 2 years with the ability to overpay which as a good MSER is what I'd want to do!

Survey later this week or early next - hoping it comes in slightly under what we have agreed to pay to be honest, but we'll see!

reformed_84 - everyone is in different circumstances, only worry about you, and what you can put aside, and what your dream home would be. Save what you can when you can and it will soon add up, particularly if you can lock some of it away in a decent ISA or savings account.


Palema - it's taken us 4 years to get 20% deposit, so it's worth it even if a hard slog! Every penny counts and certainly not going on any massive holidays has helped too. Part of me wished we had stopped hols 2 years ago but what can you do, we felt we needed to get away though! This year we did the Staycation though...

sugarpants_2

Yes Nationwide monthly saver account FINALLY opened. Have just deposited £500 into it!
Were hoping to save at least £500 each month. We need 10k at least within 2-3 years so it is do-able. Gonna be a bit of a long slug but will be worth it in the end. Even if it does mean moving miles away from our famallies to afford our first home together.

black_taxi_2

basicly i need to save a deposit for a bigger flat while paying off current mortgage

[Deleted User]

Another £5 added today. Hoping to get some babysitting this weekend to add to my savings

clearing_out_my_pockets

Hello all! OH & I are getting close now. We are likely to opt for a 90% LTV (don't shoot us!) with either Nationwide (the tracker for flexaccount holders) or HSBC (life tracker). The other option we're considering is a staff mortgage with OH's company.

We currently have savings of £26k but we're looking at houses up to £175k so that we have money for furniture, decorating, surveys, etc.

Dinah93

Put in an offer on the house thats been empty a year, the vendors have said the minimum they would accept is 3% less than the asking price. As the maximum we'd pay is about 13% less, guess that it isn't the house for us!