The 'We're saving for a deposit' thread

ag359

slogging away at this - just hit 100k between me and my fiancee, which seems like a lot but doesn't go far in london! Hope to hit 120 by summer and maybe buy then, depending on what house prices are doing...

HouseHunter2010

Well it's now official, my end of year target has now been met!!!

butterfly72

ag359 wrote: »

slogging away at this - just hit 100k between me and my fiancee, which seems like a lot but doesn't go far in london! Hope to hit 120 by summer and maybe buy then, depending on what house prices are doing...

We're the same and in London. We hit 100k ages ago but things seem to have slowed down since! It might be because we've relaxed a bit and we've been spending a bit more. OH got a new car and we're both paying extra into our pensions savings and investments. Make sure you have emergency funds and house buying fees etc.

I'm hoping we can buy outside london, up north would be good. It depends on the OH job, I'm ok, I'm a nurse so could work anywhere. well done with your savings!! :T

ag359

butterfly72 wrote: »

We're the same and in London. We hit 100k ages ago but things seem to have slowed down since! It might be because we've relaxed a bit and we've been spending a bit more. OH got a new car and we're both paying extra into our pensions savings and investments. Make sure you have emergency funds and house buying fees etc.

I'm hoping we can buy outside london, up north would be good. It depends on the OH job, I'm ok, I'm a nurse so could work anywhere. well done with your savings!! :T

Thanks Butterfly72! Yes, that's our complete savings so fees etc would have to come out of that, and we'd probably need to keep some back for emergencies etc, and to buy furniture etc. I think we'd like a 25% deposit, and would probably be looking at about 400k for a first place, so it'll be another few months yet.

Glad to hear you're doing so well - if you buy outside london, you'll be well sorted. Cash buy perhaps?

butterfly72

ag359 wrote: »

Thanks Butterfly72! Yes, that's our complete savings so fees etc would have to come out of that, and we'd probably need to keep some back for emergencies etc, and to buy furniture etc. I think we'd like a 25% deposit, and would probably be looking at about 400k for a first place, so it'll be another few months yet.

Glad to hear you're doing so well - if you buy outside london, you'll be well sorted. Cash buy perhaps?

We ring fenced the 100K and after that set targets for fees (15K) and emergency fund (25K) We've reached those and now adding to the 100K again, although as I said I'm also buying added years in my pension and using my S&S ISA for use when i retire. I've also bought some silver:o. OH is paying extra pension and filling his S&S ISA too. So not so much is going into the deposit pot at the mo. I don't if thats a savvy thing to do compared with saving EVERY penny towards the deposit at this stage. Any thoughts anyone?

I think we'd also be looking at around 300 - 400K here or up north. Although I agree it would be tempting to go for a less expensive house and have a tiny or no mortgage. Maybe we will, I guess it depends on wages and our circumstances when and where we buy.

newbridge

Let me join this fantastic thread as well...Want to start saving the deposit for my first home. Got to clear the debts first, hopefully will clear by march 2011...

OutSpoken

Hey Guys,

Let me join in, I'll try not to bore you with my story... So a few years ago my lovely partner helped me to get my !!!! in gear and straighten out my finances...to be honest they werent really serious imo, just a loan on a car...

Now that the car is paid off, I'm now happily debt free, apart from student loan, about 4k left I think...but whos counting lol.

Anyway, I've caught the saving bug and its taken me just under 3 years to save 35% of my target...such a nice feeling seeing the balance rise :j, my personal goal is to reach 20k by this time 2012, then combine it with my partners savings to hopefully put towards a family home. Not trying to overstretch myself, but would like to get a mortgage of around 150k, but being as its London I know it's going to be difficult to find a decent, fairly spacious 2 bed home for that amount. We've currently moved back in with my parents to speed things along. Private renting was crippling me, to think the amount of money thrown down the drain or rather into the landlords pocket.

...anyway, I'll be popping back in now and again to see how you all are doing, so good luck everyone and happy holidays :beer:

iwantahome

i'm finally here!

I've been watching this thread for almost a year now desperate to join in, but having debt to clear stopped me from being able to save. Well i'm now debt free (or I will be when my payment clears), and i'm now officially in credit and in a position to save. I too have moved in with my parents to save for a deposit as there is no way i could if i rented somewhere. I had a horrible crash back down to earth for my first 6-9 month with my parents but it is all settling down right now and becoming a lot easier for all of us. I ultimately want to be in a position whereby I have a big enough deposit to buy a nice (small) newbuild house with bills that are small enough for me to manage while still maintaining a life and be able to put savings away every month for my future. I know that is what everyone wants but I don't see why I can't have a good stab at getting that.

I could rent and save for my future now, but I want to pay my own mortgage instead of someone else's mortgage.

So i'll update my sig every month, or every time I decide to take some of my spare cash from my bank account and put it into savings. My initial target is 20k by 2012 olympics. 0.03% so far.

Good luck everyone else who has this date as their target, and everyone else in general.

sKiTz-0

Well done. I remember the day I finally paid my debts off. It felt like such a weight off my shoulders and such a relief after all the long hours and 2 jobs.

And I'd do it all again if i had to.

Congrats

JimLad

HouseHunter2010 wrote: »

Well it's now official, my end of year target has now been met!!!

That seems quite low for a house deposit when you take into account fee's and stuff?

Perhaps im out of touch with the property / mortgage world?