The 'We're saving for a deposit' thread

[Deleted User]

Payday update!

Another £432.50 added to the house fund :j:j
Have hit my £5K Christmas target so am very happy. :T

lydiandrew

HI Sugarpants, well I can confirm that you are certainly doing better then we are! We have about £190 in my ISA and currently paying off debt so not able to increase it till about Feb next year and our landlord has told us she wants us out so money will have to go on rental deposit and moving rather than buying deposit

If thats not motivation for everyone else i don't know what is!

Glad to see your all doing so well!
X

[Deleted User]

I have added another £25 to my house savings.

BUT

I am looking at replacing my car next spring, as it is beginning to cost me more and more to fix when something goes wrong, but I am in a bit of a dillema, do I...........

1. Use my house savings and buy a car to that value and start saving for a house all over again?
or
2. Put down a deposit and trade in with my car and the take a loan out for the rest (loan would be taken out by my dad as it will be cheaper than the garage finance) ?

I just don't know what to do, any suggestions from all you lovely people on here would be very much appreciated!

P

Louba

Ahh that's really tough. When I bought my flat I had savings that were earmarked to buy my car when its lease ended. I really needed to move because I was changing jobs and moving cities so I used the savings for the deposit and renovations and took a loan for the car - but only over a year so I wasn't stuck with it. Repayments are huge (although the interest is low) but it will be gone in March Bascially the need to move won and I decided it was worth paying the interest cost on the car to buy rather than rent.

The simple answer would be to use your savings as it makes more sense than paying to borrow money when you have it sitting probably getting a lower rate of interest than you would pay on your car loan. BUT I'm not sure I could bring myself to do this if it meant starting over with the house savings when I was keen to buy somewhere soon.
It might be useful to work out how much interest you would have to pay on the loan over its life so you can decide whether you are happy to pay that amount in order to get a house quicker.
Sorry - not sure that this is very helpful - sure you'll get much more scientific answers than mine! Good luck whatever you decide

We saw three houses last night and have another three to see tonight - one from last night is really nice and I'm quite keen but it really is top end of the budget so I've spent the day doing sums

Dinah93

We've got our deposit confirmed as £26,000. So we're meeting morgage advisors over the next few days to see what kind of deal we could get and how much everything would cost us, before going back and possibly upping our offer.

[Deleted User]

Thanks Louba
I am still living at home and my parents are very supportive and are not trying to kick me out BUT I would really really like to move out - however I babysit for a couple of kids and transport them to nursery/school in my car so do need something that is reliable.
I had set myself a target of 3 years to save, so cutting it would be an extra year of saving for a house.
I will see what cars are out there come March time and make a final decision then.

Louba

Good luck! Just a quick update from me - we offered on a house this morning so I'll be pacing the floor all day! We've put an entry date of March so we can get up to a 20% deposit but we will probably need to release some money from another property to meet the stamp duty - it'll be a stretch but I'm sure we can make it work. So excited!

L

Louba

Offer accepted!!! Still need to do all the formalities - in Scotland so there are a few! All being well we move in March................off to sell everything that isn't pinned down

mbga9pgf

90k hit this month. He big tonne by 1 march 10, although if the Market turns down, we are going to stick with saving, as we might go for a 150k deposit by sept 2012. prices are still falling / stagnant in north wilts, so every month extra saving is a lot off a mortgage.

Ivana_B_Rich

mbga9pgf wrote: »

90k hit this month.

Nice work :T:T:T