The 'We're saving for a deposit' thread

iwantahome

HouseHunter2010 wrote: »

I think (hope) you're vastly overestimating the fees for a £100k property. The highest mortgage fee I've seen has been £1k and solicitor fees around where I am for a property of that price is roughly £600-£700.

Always better to overestimate when spending or saving. That way you are not shocked by any increase, but get a nice surprise at the end by any leftovers that are yours, all yours.

I'm personally aiming to save enough to have a deposit, enough for furniture, fees and my 3 months wages buffer in case anything goes wrong. I've seen far too many of my friends buy homes with only the deposit and then put the fees on the mortgage, struggle to buy furniture and struggle to live comfortably and then have no money for washing machine repairs etc for years and years to come. It was enough of a struggle while I was living away from home with debt trying to afford living expenses and rent to the ex. Grasp this savings chance with both hands as it will pay off in the long run.

(and no my signature target isn't my final target, as that is constantly being reviewed, it is simply a starting point to aim for).

And with that i'm going to stick £100 from my spending money into my savings account. Hopefully I will not need to withdraw that back into savings and I will have started as I mean to go on.

sKiTz-0

Credit_Jake wrote: »

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

Another single person here too. Well I am with someone, but she's moving away to uni for 3 years so with that, and the fact that I don't think we've been together long enough for a 25-40 year commitment, I can be considered single for the purposes of the house buying talk. I'll be buying on my own, and paying mortgage/bills on one income.

For that reason I think it's even more important to have as large a deposit as possible, because it will keep the monthly outgoings to an affordable rate.

I don't really have a figure in mind for how much money I'll need. At the moment I'm just saving all I can, and keeping a keen eye on the housing market to see what kind of prices different properties go for.

When I get to a point where I can comfortably cover a little emergency fund, fees/surveys etc and the cost of furnishing a house then I will settle on a budget for a house, and a % amount of that as a deposit. Right now with house prices not doing much, and my savings growing every month, it makes sense to keep putting extra into the pot.

The_K_Man

Excellent, some moral support!

I am single (well I have a girlfriend but I dont intend on purchasing a property with her yet!), I take home £1600 a month after tax, etc. I am 24 and living at home with parents for the expressed reason of saving money. I aim to save at least £800 a month but am trying to make this £1000 whenever I can.

Current savings are £17,900 stored in an ISA and savings accounts. I am targeting saving at least £25,000 to use as a deposit on a 2 bedroom property in the region of £125,000. I am really worried about the hosuing market though, I do feel it could crash at anytime and as I am not a million miles away from buying a house I could get stuck. At the same time, I dont want to live with my parents much longer but I abhore the concept of renting a property.

What do you guys think? I'm sure there are others like me.

RedfordML

2011 Target, £6000.

We already have £2000 saved and are aiming to save £300 a month and add extra's as we go...

Good Luck all

**woody123**

The_K_Man wrote: »

Excellent, some moral support!

I am single (well I have a girlfriend but I dont intend on purchasing a property with her yet!), I take home £1600 a month after tax, etc. I am 24 and living at home with parents for the expressed reason of saving money. I aim to save at least £800 a month but am trying to make this £1000 whenever I can.

Current savings are £17,900 stored in an ISA and savings accounts. I am targeting saving at least £25,000 to use as a deposit on a 2 bedroom property in the region of £125,000. I am really worried about the hosuing market though, I do feel it could crash at anytime and as I am not a million miles away from buying a house I could get stuck. At the same time, I dont want to live with my parents much longer but I abhore the concept of renting a property.

What do you guys think? I'm sure there are others like me.

Hi,

I'm single too.

I've just reached my target of 30k, and plan to buy sometime next year. Like the K Man, i am a bit apprehensive about buying because house prices may drop or they may not.

I think what another "single person" poster said about us having to have a larger deposit is very important. I'm looking at houses priced at around 85k, so therefore having a mortgage of under 60k.

Good luck all...

Doshwaster

The_K_Man wrote: »

Current savings are £17,900 stored in an ISA and savings accounts. I am targeting saving at least £25,000 to use as a deposit on a 2 bedroom property in the region of £125,000. I am really worried about the hosuing market though, I do feel it could crash at anytime and as I am not a million miles away from buying a house I could get stuck. At the same time, I dont want to live with my parents much longer but I abhore the concept of renting a property.

These look like sensible figures. It will allow you to put down a deposit of at least 15%, pay fees and have a few thousand left over for setting up the house.

koopa_coffee

I'd like to join this thread as well!

I'm a single guy, 23, living alone and wondering just how long it will take for me to achieve my dream of owning my own home. My take home pay after income tax, national insurance and student loan repayments is just over £1500. I'm trying to save £400 a month at the moment but that's incredibly difficult with rent, bills and other outgoings

I currently have £1100 saved but have no idea how much I'll need overall. My estimate is a ballpark figure of circa £50000 to cover deposit, fees, furniture & white goods, as well as a 3-6 month emergency buffer. So I'm looking at 10 years minimum of hard saving! It's going to be a hard slog but hopefully worth it in the end

Simon11

Quick update from my story:D

21, completing my final year at university now. I've set the target of £32,000 for September 2011, so after I've completed my final year and hopefully 3 months gap year style in Asia( hopefully):D

Currently have £30,500 so doing well:j

House prices where I live are min of £150k (London) however a new job could lead me to a new place:j

I would have a guess that I'm a small tiny tiny tiny minority of students that leave university without any debt and have good saving to move out and afford a mortgage;)

Most important thing now is to get a decent job for after university. Applied for loads of jobs, however not a positive one yet:( However I'm doing lots of networking over the spring time to boast my CV and gain more contacts in the industry. Fingers Crossed:j

Credit_Jake

koopa_coffee wrote: »

I'd like to join this thread as well!

I'm a single guy, 23, living alone and wondering just how long it will take for me to achieve my dream of owning my own home. My take home pay after income tax, national insurance and student loan repayments is just over £1500. I'm trying to save £400 a month at the moment but that's incredibly difficult with rent, bills and other outgoings

I currently have £1100 saved but have no idea how much I'll need overall. My estimate is a ballpark figure of circa £50000 to cover deposit, fees, furniture & white goods, as well as a 3-6 month emergency buffer. So I'm looking at 10 years minimum of hard saving! It's going to be a hard slog but hopefully worth it in the end

Save what you can whilst enjoying life. Owning a property will be great when it happens but if you've spent 10 years of hard saving and not enjoying your life only to be faced with another 25 years of it you might regret it. I'm saving hard but this year I think I will focus less on the saving. Alot of my friends have accepted at our age that they're likely to be renting for a very long time, maybe indefinitely. In this country there is undeniably a sense of pride that goes with owning your own property but if you're enjoying life renting isn't all that bad. Just my opinion anyway.

TashaC

This is a great thread!

I'm 25 and have decided that I really need to think about saving for my future. I still live at home and really want to start saving for a deposit. This is the first time I have seriously taken control of my money so I decided to do a budget, I couldn't believe the amount of money I should be left with after paying bills (not that I usually see it) so I have decided to try and save £500 per month :eek: Good luck everybody, I'm looking forward to reading your progress!