The 'We're saving for a deposit' thread

Vixstar

I am currently living in a mortgaged flat which all in probably costs me £700 a month and mangaing to save about the same each month too (give or take the odd spending spree!).
Squish I share your pain although I put my place on the market a year ago and have now finally managed to save the minimum deposit. Oh well it will only sell if it's on the market.

weehev

Raggs wrote: »

When you say bought house, you mean it's yours? If so surely you have some equity as well? Plus, if possible, you might be better off using the 200 to overpay the mortgage.

bought as in mortgaged - yeah we have some equity, hopefully about £8,000, but that depends on the sale price etc.

have thought about overpaying, will need to look into it more

Carrie85

sugarpants wrote: »

Just wondering what are all your living statuses whilst saving? You all seem to be saving soo much per month. We can only put £400 a mth in our Nationwide Savings Account. :mad:

We are renting a 3 bed house which costs 875pcm :mad:

Im currently staying with my OH in London during the week for work and paying him a nominal rent much cheaper than renting elsewhere and am usually back at my parents at the weekend.

I've been doing this for a year and has gone really quickly. It's allowed me to save a lot more than i would have otherwise and will keep doing this for as long as possible although I don't think it will be that much longer so i won't be able to save as much each month.
If I can carry on with this way i'm looking at being ready to buy end of next year although it might take a while longer depends what else comes up. It's all looking more within reach than I originally thought even if it does take longer than a year.

Raggs_2

weehev wrote: »

bought as in mortgaged - yeah we have some equity, hopefully about £8,000, but that depends on the sale price etc.

have thought about overpaying, will need to look into it more

Well unless your savings are earning greater interest than your mortgage is own (which is unlikely) you're probably better overpaying. Check out the Mortgage free wannabe boards to get just how much better off.

Or take a look at the overpayment calculator on this site, it's awesome to see that overpaying a 25 year mortgage by 10 pound a month, saves you thousands of pounds and knocks off a good amount of time too!

Vixstar

I was wondering about overpaying but seeing as I'm trying to sell I'm worried about the equity caused by the overpayments disappearing due to having to accept a low offer. And I think overpaying on my mortgage is somewhat tricky...actually scrub that I'm on SVR.

Vixstar

Oh I have just had a lovely time searching on Rightmove - unfortunately found some gorgeous places currently out of my price range, looks like I'm going to have to redouble my saving efforts! Though I have had the pleasant realisation that including the potential equity in my flat and my savings I have enough to pay the estate agent, pretty much cover fees and still have a £25000 deposit which would be plenty for some of the places on my ever increasing long list! Right off to think of moneymaking/moneysaving schemes! (A good one would be not doing online shopping!)

Carrie85

Hi everyone,

Just added £600 to my savings taking me to £10,000, feels like a big milestone and am feeling proud of myself.

Slight downside is I think i'm more likely to need 30K to 40K instead of my £25,000 estimate. But oh well i've got this far in just over a year which proves its do able :j

Raggs_2

I often look on rightmove, checking out the area that we currently are aiming for (and the house type/cost too). But it's going to be 4/5/6 years yet, so who knows what prices will do.

However, it may be I'll have an easier step onto the ladder courtesy of my mum, but I'm not expecting anything to come of that (depends on house prices).

weehev

hi guys

how is everyone getting on? im feeling quite depressed just now, things keep going wrong with my current house and the money we have saved/are supposed to be saving each month is going on repairs!

grrr :mad: I hate this house!!!!

sorry for rant, it just feels like il be stuck here for ever

hope you guys are doing well

hev xx

HouseHunter2010

Monthly signature update done. Slowly but surely getting there! :j

I think realistically the target amount will need to be £20,000 but I'm just glad at the moment to be heading in the right direction.