The 'We're saving for a deposit' thread

tara747

Vixstar wrote: »

On a not the best rate mortgage predicted repayments were approx £600 on a £147500 mortgage with a 20% deposit. You may find a £140k mortgage and 10% deposit more expensive

Goodness, I take it this was a tracker? I was looking up mortgages recently and the best I could find on a £135k mortgage (with 25% deposit on top) was £605 pcm. And that was a tracker. The fixed rates were over £700. Dinah, yours sounds expensive!!

Vixstar

It was approximate figures, from memory, so may be a little low. I t was a tracker and was working on a 117500 mortgage on a 147500 flat if I remember rightly.

Dinah93

tara747 wrote: »

Goodness, I take it this was a tracker? I was looking up mortgages recently and the best I could find on a £135k mortgage (with 25% deposit on top) was £605 pcm. And that was a tracker. The fixed rates were over £700. Dinah, yours sounds expensive!!

That was the cheapest available fix of 3 years or more (we didn't want a tracker as we want the security of knowing our monthly payments) with a 15% deposit. The difference in rates between 15% and 25% is huge!

tara747

Dinah93 wrote: »

That was the cheapest available fix of 3 years or more (we didn't want a tracker as we want the security of knowing our monthly payments) with a 15% deposit. The difference in rates between 15% and 25% is huge!

Really? We've been making enquiries and all our mortgage estimates are based on a 25% deposit, we may even have 30% or higher depending on how long it takes us to find somewhere. The IFA did say that a 25% deposit would give us better rates, but I'm not aware of the difference in rates between that and 15%. Do you remember, out of interest?

You are right about the security of a fixed rate, and good on you fixing for 4 years (I have no idea why people fix for 2 years, you just end up paying arrangement fees etc every time).

How are things with NIM by the way? I follow your diary from time to time, it is fascinating. Where in Ireland is he from?

p.s. thanks for the info Vixstar, I thought it was a £147k mortgage.

Squish_21

rictus123 wrote: »

Any ideas about mortgage payments based on the above?

I tend to use the mortgage repayment calculator on Nationwide. U can put in any mortgage rate and also any mortgage term.

Dinah93

tara747 wrote: »

Really? We've been making enquiries and all our mortgage estimates are based on a 25% deposit, we may even have 30% or higher depending on how long it takes us to find somewhere. The IFA did say that a 25% deposit would give us better rates, but I'm not aware of the difference in rates between that and 15%. Do you remember, out of interest?

You are right about the security of a fixed rate, and good on you fixing for 4 years (I have no idea why people fix for 2 years, you just end up paying arrangement fees etc every time).

How are things with NIM by the way? I follow your diary from time to time, it is fascinating. Where in Ireland is he from?

p.s. thanks for the info Vixstar, I thought it was a £147k mortgage.

You can knock about 1-1.4% off going from 15% to 25% deposit. Its no small ammount. We were very happy with our deal as it had no arrangement fees, and worked out cheaper over the 4 years than the next best one which was 0.2% lower but with £999 arrangement fees.

Things are great with him, he got a promotion this month (2nd in a year, I'm proud!) and we're getting married in just under 5 months. He's from Limerick (affectionately known locally as stab city!) in the South West.

birduk

Gosh, I am so glad there are people in the same boat as me, but we are all different too!

I don't really have an aim in mind, but I am trying to work out what it should be. The houses I like/want are about £150-170k. I was initially looking at £125k as it was the max I could afford, but time has gone on and I had a savings boost. I am wondering if it can be done with my salary of £28.8k (just worked it out, bizarrely I thought it was less than that).

Just had to pay back my student overdraft so that has put me down by £1k (although really I shouldn't have had it this long!). Renting sure does impact on your saving too!

Looking at my sums-
ISAs (3 years)- £10.5k
Savings- £15.9k
Regular savings- £1.5k
Santander FHS- £5.3k
Sneaky extra in account- £1k
At the end of the month I get my Bounty so that will add £2k to it.
Total- £36.2k

Wow, it looks a lot when you spread it out like that. How much do you think I should aim for to afford the house I want? I need to be able to both get it and pay the mortgage (ideally less than £800 per month).

I guess the more we save now, the easier the future will be! :T

HouseHunter2010

Hi all, everyone is doing fab! Well done!! :j

Just updated my signature, feels great breaking that 50% barrier!

slowlyfading

birduk wrote: »

Wow, it looks a lot when you spread it out like that. How much do you think I should aim for to afford the house I want? I need to be able to both get it and pay the mortgage (ideally less than £800 per month).

I guess the more we save now, the easier the future will be! :T

I guess the thing is - the more you can save for a house deposit, the better! You're doing really well so far as it is so just keep going!

HouseHunter2010 wrote: »

Just updated my signature, feels great breaking that 50% barrier!

Well done, that's ace

Dinah93

birduk wrote: »

Gosh, I am so glad there are people in the same boat as me, but we are all different too!

I don't really have an aim in mind, but I am trying to work out what it should be. The houses I like/want are about £150-170k. I was initially looking at £125k as it was the max I could afford, but time has gone on and I had a savings boost. I am wondering if it can be done with my salary of £28.8k (just worked it out, bizarrely I thought it was less than that).

Just had to pay back my student overdraft so that has put me down by £1k (although really I shouldn't have had it this long!). Renting sure does impact on your saving too!

Looking at my sums-
ISAs (3 years)- £10.5k
Savings- £15.9k
Regular savings- £1.5k
Santander FHS- £5.3k
Sneaky extra in account- £1k
At the end of the month I get my Bounty so that will add £2k to it.
Total- £36.2k

Wow, it looks a lot when you spread it out like that. How much do you think I should aim for to afford the house I want? I need to be able to both get it and pay the mortgage (ideally less than £800 per month).

I guess the more we save now, the easier the future will be! :T

Don't forget you'll be loaned a maximum of 4 x your salary, a lot of lenders won't even lend this much and have 3x or 3.2x as the maximum. Play about with some morgage calculators and see how much the repayments would be with various figures.