The 'We're saving for a deposit' thread

HouseHunter2010

JimLad wrote: »

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?

15% of a £90,000 house is £13,500 Solicitor fees etc are separate although that should only be £1700 max - £1000 mortgage fee (max but hope not!!!) and £700 solicitor (max).

Credit_Jake

Hello

I am new to this thread but started saving back in January. I'm 23 and I live at home so don't have many overheads lol. My target is £30k but I have no idea whether this will be big enough as I am single. I reckon fees for a £100k place will be circa £4000. I just wondered if anyone else was saving up for a place and if they were single as most people posting appear to be in relationships? This month my savings reached £15800 so just broke the 50% barrier which felt good as now it feels like I am going downwards rather than upwards towards my target if that makes sense lol.

Thanks

Jake

iwantahome

Single here too.

I think when you decide on how much your deposit is going to have to be you should consider what percentage of your wage do you want for bills and mortgage etc. once you have moved in. Obviously the bigger the deposit the smaller the mortgage you will need. I'm being very cautious to keep my feet on the ground and not think that bigger deposit = more expensive house.
But that actually bigger deposit = smaller bills in same style really nice newbuild flat close to town, not too big and not too small with low heating bills new bathroom, kitchen, heating system, windows etc and not so many rooms to clean that I spend all my time living in dust or constantly cleaning.

I will be saving enough deposit to ensure my bills come in under budget to allow me to have enough spare cash each month to have a life. Socialising and being able to go out with friends and meet new people without having to make excuses is far more important to me being single than it was when I was in a relationship.

tara747

iwantahome wrote: »

Single here too.

I think when you decide on how much your deposit is going to have to be you should consider what percentage of your wage do you want for bills and mortgage etc. once you have moved in. Obviously the bigger the deposit the smaller the mortgage you will need. I'm being very cautious to keep my feet on the ground and not think that bigger deposit = more expensive house.
But that actually bigger deposit = smaller bills

Good point! I am torn between a better/bigger house or a smaller mortgage lol. We won't compromise on the location so the size will depend on the size of mortgage we are prepared to pay.

Credit_Jake

Thanks for replying iwantahome, I am doing exactly the same, saving for a larger deposit rather than saving for a large deposit and buying a bigger place. The minimum deposit I want is 35% and even then I will probably decide to save a little more lol. I've seen some really nice flats in the city centre for circa £100K which I am tempted by. However 6 miles from the city centre you can buy a house for £100k (albeit small) so I am not to sure what to do. I have plenty of time to decide though. I think a house would be easier to sell a few years down the line.

JimLad

HouseHunter2010 wrote: »

15% of a £90,000 house is £13,500 Solicitor fees etc are separate although that should only be £1700 max - £1000 mortgage fee (max but hope not!!!) and £700 solicitor (max).

Where can you buy a 90k house? A one bed apartment in my area would cost that much.

I think i need to move!

FATBALLZ

How much in general are people putting aside for fees - and are you keeping a bit extra over as a buffer in case something bad happens (eg job loss)?

I've been saving for 5 years, I have £32,600 at the moment, £30k of which will be the deposit, was planning to start looking around March by which time I'll probably have at least £34k, I'm assuming £4k will probably just cover the fees (haven't really looked into it that much but I believe it's in this region or a bit less).

What I do find a bit disconcerting is the prospect of going from knowing I can walk out of my job anytime and do nothing for several years to having no safety buffer at all for a few months, is that something people generally save up for in advance as well?

rilou81

JimLad wrote: »

Where can you buy a 90k house? A one bed apartment in my area would cost that much.

I think i need to move!

All over!! Mine is for sale not far off that price! Possible North/south divide going on here!

Credit_Jake

JimLad wrote: »

Where can you buy a 90k house? A one bed apartment in my area would cost that much.

I think i need to move!

It's all to do with location, move away from the city centre and the prices drop rapidly. I have looked at both 1 bed apartments in the city at £100k and 3 bedroom houses for £100k within 15 miles of each other.

purplevamp

HouseHunter2010 wrote: »

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

Well done :j

We haven't as our monthly income took a huge hit this year, we're around £500 a month worse off. Because of this our yearly target only came in at just under 68%, but I'm still very pleased with that. Our target for 2011 is half of what we planned for this year, so it should be do-able (and beyond !!)

Good luck everyone with your deposits next year, hopefully I'll be able to post more often