The 'We're saving for a deposit' thread

HouseHunter2010

Hi All!!

I've decided that 2010 will be the year I (hopefully) save enough for a house deposit.

I'm looking to get at least 10% plus an extra 3-4k for fee's etc. Houses on the market I've seen at the moment are around the 85k mark for a 2 bed so I'm looking for around 12-13k in total.

I'm staying at home so saving each month should be relatively easy without rent etc coming off my wages.

I'm a first time buyer so very new to all the fee's, interest rates etc. Do you think it's realistic to be able to afford a mortgage of around £400-£450 (max!!) per month on a £1200 p/m salary???

Dinah93

I'd certainly say so yes house hunter. You'd need around £350 for all the bills (council tax, elec, gas, water, landline, broadband, buildings and contents insurance, life insurance), say another £100 for food if there is just you. So that would leave you £300-£350 to live off, only you know your outgoings such as petrol, car insurance, tax, socalising etc, and know if you can live off this ammount.

hostie1985

hi everyone - i have now reached my goal of £15k!!! i've even gone £4.13 over it! Think im going to carry on savings thou.

hostie

xx

goldengirl28

Hi all i thought i would join in, i spent 2009 paying off all the debt Hubby and i had, and we made the final payments in December, clearing 13k worth and i feel really proud of that

We where paying off the debt as we want to move house and we needed to be debt clear to pay the increase in mortgage payments.

We put the house on the market in december, the vaulation is a lot less than we expected so we won't have enought for the 15% deposit once we've paid off the current mortgage, so we need to urgently save up 8k...... The agent said, you won't get any viewings in December it'll be Jan/Feb before there is any movement...but low and behold we've had 9 viewings and 2 offers (didn't accept either) IF we sell quicker than anticipated, we'll have to move in with my ssiter until we get the rest of the deposit saved...so really going to knuckle down and save every single penny

Good luck to everyone else saving this year and well done to all the people who saved last year

purplevamp

hostie1985 wrote: »

hi everyone - i have now reached my goal of £15k!!! i've even gone £4.13 over it! Think im going to carry on savings thou.

hostie

xx

:j Well done hostie, that's fantastic :j I agree with keeping on saving, it's very moreish isn't it?! :rotfl:

hostie1985

thanx purplevamp!

saving is really getting quite addictive! lol :rotfl::rotfl::rotfl:

Carrie85

hi everyone, haven't updated in a while so thought i would.

Its good to see everyone doing so well with their targets

I've managed to reach my £5000 target and am really happy.
I'm well on the way to adding another £1000 by end of january because of all the christmas freelance work i had, just waiting to be paid then i can add it to my total.
Would be great if i can keep this pace up but will see how it goes

JimLad

Hello Everyone!

I have a bit of a dilema at the moment. Ive been going out with a girl for a several months now, and the other day we were talking about living together when she starts her 3 year PHD course in September.

At the moment, i live with my parents and would love to escape them and live with her. The only problem is at the moment, i can save around 75% of my salary due to the lack of bills and minor rent payments.

If we were to move in together in september, i will have not reached my mortgage deposit target by around 10k. Sadly she has so savings as she is a student and all her small wages go to living. Therefore we would be renting.

Obviously, i could still save if i rented with her for a while, just not as much. Originally i was planning on living here with my folks until i had my deposit, then moving out into a house i had bought.

This changes everything and i wonder if any of you out there have been in a similar situation or could advise me what you think?

Dinah93

How long would it take you to reach your target in both scenarios? I think its probably a good idea to rent with her, check you can live together before looking to buy.

tara747

JimLad wrote: »

Hello Everyone!

I have a bit of a dilema at the moment. Ive been going out with a girl for a several months now, and the other day we were talking about living together when she starts her 3 year PHD course in September.

At the moment, i live with my parents and would love to escape them and live with her. The only problem is at the moment, i can save around 75% of my salary due to the lack of bills and minor rent payments.

If we were to move in together in september, i will have not reached my mortgage deposit target by around 10k. Sadly she has so savings as she is a student and all her small wages go to living. Therefore we would be renting.

Obviously, i could still save if i rented with her for a while, just not as much. Originally i was planning on living here with my folks until i had my deposit, then moving out into a house i had bought.

This changes everything and i wonder if any of you out there have been in a similar situation or could advise me what you think?

Don't rush into living together is my only advice!!!! It sounds like you are trying to escape the family home ASAP and this may be influencing you. I would say take some more time to get to know each other. Hope this is taken in the spirit in which it is intended i.e. helpful advice. I moved in with OH after 2.5yrs and still think sometimes that we rushed into it! :rotfl:

Good luck in whatever you decide and keep us posted xo