The 'We're saving for a deposit' thread

nakiwala123

Hopefulwife wrote: »

am loving this thread..can i join in - pretties please?

Welcome to the thread.:j

Hopefulwife

I guess i better introduce myself.am 25 recently married (but i think the honey period is wearing off -no more b/fast in bed lol. recently moved hse to an expensive area.1 bed about £750. am only earner in hse (hubby is full time student) so we share a 4bed hse but its a nightmare!! so any suggestions are welcome.renting the 1bed would be bliss but financial suicide.

Mu goal is 10k by dec as per my sig. Looking forward to sharing some of my money making ideas so we can all get there faster xxx

Hopefulwife

Money making idea of the day. I live near a major hospital and big university so there are always students doing 'RESEARCH' therefore needing volunteers. I have made quite a bit doing that - But caution never put ur health at risk if ur not sure i.e. new vaccinnes or ear transplants etc

sometimes am not what there are looking for (so they say) but they still pay me £15 for turning up- travel etc. Well this is great as i normally just walk there - Love it

Vixstar

Oh dear seem to have found another "Saving for a deposit" related hobby along with browsing Ritem0ve, checking my savings and mortgage amounts daily, I'm now browsing mortgage deals and working out how much I should dedicate to savings and overpayments. My flat better sell soon I'm likely to go mad!

And even worse I wion't be able to add much to my savings on pay day either, last month seemed to be expensive (vaguely remember a new tv and trainers being on the shopping list, not to mention the excess on my windscreen!)

Squish_21

I worked out how much to save by working out exactly how much moving costs will be (£6k for me to buy and sell) and how much a 10% deposit will be to get a half decent 3 bed semi in my area.

I am planning on a 90% mortgage from Nationwide, currently @ 5.98%.

To make it fair me and my bf both save roughly the same percentage of our salaries PM.

I am struggling to decide how much i'd like to keep back for emergencies/spare.

Synonymous

I'm so excited! I had an offer accepted on a lovely house last week and have just heard the vendor has had an offer accepted too on an empty house - so no chain thankfully

In terms of how much to save, everytime i set a target, house prices seemed to change and mortgages with high LTVs were withdrawn left right and centre - it was hard to tell if I was making any progress!

I set an amount of £20k and worked towards that. My LTV was 81% and with an extra push on the savings I got to 80% and I was stunned at how much better the rates are compared to at 85%, so I would say if you work out your target as a LTV, and it is just short of a nice round figure - eg. 86% or 91% or something, then push yourself to make it 85% or 90% as the rates are much better.

I was also shocked at how much money I would need outside of the deposit - such as legal fees (£750), valuation (£550) home insurance (£250ish) and then all the furniture and appliances I would need as a FTB - Alistair Darling has saved me a fair whack in Stamp Duty too!.

I went through the entire argos website and made a list of all the things I would need and rough prices and its scary when you add it all up, (key things I forgot were a hoover and a telephone!) so now I know not to kid myself, and I'm saving harder than ever right up until I get the keys!

Squish_21

Pay day! Another 5% added to the 'pot'!

How is everyone else getting on?

tara747

Synonymous wrote: »

I'm so excited! I had an offer accepted on a lovely house last week and have just heard the vendor has had an offer accepted too on an empty house - so no chain thankfully

In terms of how much to save, everytime i set a target, house prices seemed to change and mortgages with high LTVs were withdrawn left right and centre - it was hard to tell if I was making any progress!

I set an amount of £20k and worked towards that. My LTV was 81% and with an extra push on the savings I got to 80% and I was stunned at how much better the rates are compared to at 85%, so I would say if you work out your target as a LTV, and it is just short of a nice round figure - eg. 86% or 91% or something, then push yourself to make it 85% or 90% as the rates are much better.

I was also shocked at how much money I would need outside of the deposit - such as legal fees (£750), valuation (£550) home insurance (£250ish) and then all the furniture and appliances I would need as a FTB - Alistair Darling has saved me a fair whack in Stamp Duty too!.

I went through the entire argos website and made a list of all the things I would need and rough prices and its scary when you add it all up, (key things I forgot were a hoover and a telephone!) so now I know not to kid myself, and I'm saving harder than ever right up until I get the keys!

Squish_21 wrote: »

Pay day! Another 5% added to the 'pot'!

How is everyone else getting on?

Well done both of you!

birduk

Also saving here, but don't have quite what you lot do! Unfortunately OH can't save a lot, so it is just me...... But trying my best!

Just wondering what you are factoring in for moving costs. I have most stuff already as I rent unfurnished- so thinking washer, fridge etc only. The rest will come over time. I was thinking of wacking my fees on a cc and paying it off over time, every penny counts towards the deposit! I would be able to pay it off with the amount I am currently saving instead. Or do you specifically have to have your fees seperately?

Zelie

birduk wrote: »

Also saving here, but don't have quite what you lot do! Unfortunately OH can't save a lot, so it is just me...... But trying my best!

Just wondering what you are factoring in for moving costs. I have most stuff already as I rent unfurnished- so thinking washer, fridge etc only. The rest will come over time. I was thinking of wacking my fees on a cc and paying it off over time, every penny counts towards the deposit! I would be able to pay it off with the amount I am currently saving instead. Or do you specifically have to have your fees seperately?

I've always held that I'm going to get furniture gradually. So buy a few essentials like cooker, fridge, washing machine and then sit on the floor and sleep on a mattress if I'm lucky. It's not for everyone but it would annoy me to spend on furniture that I like somewhat and then have to save for really nice stuff. So I'm just going to wait and save again so I can buy the things I really want.

Fees, I dunno but some mortgages include them I think. You just need to ask around. I'm assuming about £3000 required on top of the deposit for fees, surveys, moving costs and initial furnishings but that might be woefully inadequate.