The 'We're saving for a deposit' thread

iwantahome

FINALLY!!! :j:j:j

I have been able to put the first instalment of my deposit into my savings account. What a relief it is to actually have started. Thats £1000 for me this month. I just have to work extra hard now to stick to my budget and not need to dip into my deposit savings.

SuzieSue

iwantahome wrote: »

I feel exactly the same. Wishing my life away first it was paying off debt, and now its saving for a deposit. It is sad, but I don't really know how to stop that feeling. I do wish I had my own place and wasn't living with my parents, but I don't feel like I can enjoy the journey as I don't want to live here, I just have to in order to make my dream of owning my own home come true. (On the flipside it is nice not having bills to pay at the same time).

Not sure how old you are, but I lived at home with my parents (I had to share a bedroom with my sister) until I was 30 and saved every penny I could towards purchasing a property and it wasn't any fun. However, I am now 44 and am mortgage free and I believe it was worth all the sacrificies that I made.

beckythemadcow

Hi all!

This is the thread for me! I am desperately saving for a deposit with DH. We are overjoyed to have reached £10k by the end of 2010 (after getting married that year too!)

It did mean every penny we spent this month was on the CC, but that will be paid off in full come payday(s). It just felt good to get it to a nice round number! After filling in the comprehensive budget planner, it is possible we will have £20k spare funds in 2011 (living at the most extreme end of frugalness), so are aiming to save £15k this year, to bring us up to £25k.

We want to start looking for a place to buy in January 2013, and want to save as much as possible by then. The reason that we have a date target rather than an amount target is because we are living in cheap student accomodation (DH is doing a PhD) and it makes sense to live here as long as possible!

I will probably go back to uni come September, which will mean less income for a year so 2012 will not be as fruitful as this year.

iwantahome

SuzieSue wrote: »

Not sure how old you are, but I lived at home with my parents (I had to share a bedroom with my sister) until I was 30 and saved every penny I could towards purchasing a property and it wasn't any fun. However, I am now 44 and am mortgage free and I believe it was worth all the sacrificies that I made.

I'm 29, and moved out of my parents when I was 18 for precisely that reason, that I wanted my own space and did not want to share a room anymore. I lived in student accommodation and then with my ex (obviously not an ex at the time). I had to return to my parents to clear debts as I couldn't even afford to rent let alone buy when the relationship ended. Whilst I am gutted to be living here now while I'm saving I do see the benefits, but I would never change the past 10 years living away from my parents as I definitely wouldn't have had the experiences that I did if I lived with my parents. As I did not grow up in this house it doesn't feel like home so that is part of my dislike of living here. Having said that I am on a little bit of a high at the moment as I've actually started my deposit savings. Being mortgage free by 44 would be a dream come true, but for me I think it will be more likely to be mortgage free by 54 as I want to grab some of my life back as soon as I can.

gemmacantan1

I'm saving too!!!

We bought our first property nearly 6 years ago, with the help of the housing association. We own 75% in a shared equity scheme. Since then it has never been the right time to buy the remaining share which is worth roughly £34k. I have 5 defaults from my younger years that will disappear next summer so we've been waiting to move then when we can get a high street mortgage. We remortgaged with a bad debt mortgage 2 and 1/2 years ago but like most of the country houses in this area aren't selling and while we have never really been in the position to save more until now. We have a small 2 bedroom house, with two young children so we would like to move to a bigger 3 bedroom house we have a little equity of £9k (this obviously depends on house prices in the spring of 2013), we are borrowing £15k from parents. We have 2 years to save £10k. This is our saving plan.

1. £100 per month - Regular Saver
2. £400 per month - Regular Saver
3. £50.00 per month - ISA
4. £50.00 per month - ISA

Total - £600 a month for 2 years

Total savings - £14400 not including interest. Once the regular savers expire all money will be transfered to the ISA's. I'm obviously hoping to save more than this depending on avaliable money, hoping to make some extra cash selling some stuff on ebay.

Good luck to everyone with your own savings.

Gemma

SuzieSue

iwantahome wrote: »

I'm 29, and moved out of my parents when I was 18 for precisely that reason, that I wanted my own space and did not want to share a room anymore. I lived in student accommodation and then with my ex (obviously not an ex at the time). I had to return to my parents to clear debts as I couldn't even afford to rent let alone buy when the relationship ended. Whilst I am gutted to be living here now while I'm saving I do see the benefits, but I would never change the past 10 years living away from my parents as I definitely wouldn't have had the experiences that I did if I lived with my parents. As I did not grow up in this house it doesn't feel like home so that is part of my dislike of living here. Having said that I am on a little bit of a high at the moment as I've actually started my deposit savings. Being mortgage free by 44 would be a dream come true, but for me I think it will be more likely to be mortgage free by 54 as I want to grab some of my life back as soon as I can.

Yes, it must be difficult for you as you are already 29. At least you had the foresight to get rid of your debts, and I can totally understand how you wouldn't want to swap the 10 years you lived away from your parents. Unfortunately, there aren't any easy answers and at the end of the day, you need to decide what is most important for you. I knew that owning my own home and becoming mortgage free was my most important priority and I put that first before everything else. Other people might say that I wasted years of my life and they might well be right, but I am happier now than I have ever been, and a lot of that is due to the fact that I don't have any financial worries.

vesper

Well looks as though we are back to saving up. I posted a while ago saying that my partner and my self had saved up enough to put down a deposit on the house we wanted leaving enough to do the work we wanted. Well we didn't get the house after the EA messed us around. We had a second option but our Mortgage Broker for some reason also canceled out Mortgage agreement with the bank, and because of the economy and banks being ultra reserved we have now been refused a mortgage. So it's back to the drawing bought and do some more mega saving.
Currently we have £24,000 but looks as though we are going to have to save up at least £30,000 which as only my partner works full time and I part time on very poor wages (minimum wage) and rent our place at the moment it could take forever to save up. So somehow don't think we will be moving soon.

SG27

We have just broken the £80,000 barrier :j:j:j nearer to £81,000 actually. I think now we will save a contingency fund of around £6,000 one years mortgage payments and maybe £3,000 for fees and we are ready to go!

Also noticing some lower priced houses on rightmove now which is very encouraging! Makes us not too hurried about buying straight away we can take our time searching and saving, unless we see somewhere we love of course

Good luck everyone!

tara747

iwantahome wrote: »

I'm 29, and moved out of my parents when I was 18 for precisely that reason, that I wanted my own space and did not want to share a room anymore. I lived in student accommodation and then with my ex (obviously not an ex at the time). I had to return to my parents to clear debts as I couldn't even afford to rent let alone buy when the relationship ended. Whilst I am gutted to be living here now while I'm saving I do see the benefits, but I would never change the past 10 years living away from my parents as I definitely wouldn't have had the experiences that I did if I lived with my parents. As I did not grow up in this house it doesn't feel like home so that is part of my dislike of living here. Having said that I am on a little bit of a high at the moment as I've actually started my deposit savings. Being mortgage free by 44 would be a dream come true, but for me I think it will be more likely to be mortgage free by 54 as I want to grab some of my life back as soon as I can.

Totally agree with this. I love my family to bits but am glad I moved away to go to university and have lived away ever since. I would like to live closer to them but I love being independent. It is totally worth the rent! OH and I hope to be mortgage free by our early 40s as well, we have almost £60,000 saved up and are on track for about £85,000 by the end of 2011. :beer: By the end of 2012 we will have around £107,000 saved if we haven't bought by then. We hope to have as small and short a mortgage as possible to save tens of thousands in interest... if we get the price right, we could have it paid off in 5-10 years! We keep an eye on the local property market but haven't seen anything we like at a good enough price yet. But we are patient and our rented house is lovely (as is the LL). Our friends who bought in the last few years are in negative equity and on 30-35 year mortgages!!! :eek: Boy did we make the right decision not to buy during the boom.

SuzieSue wrote: »

Yes, it must be difficult for you as you are already 29. At least you had the foresight to get rid of your debts, and I can totally understand how you wouldn't want to swap the 10 years you lived away from your parents. Unfortunately, there aren't any easy answers and at the end of the day, you need to decide what is most important for you. I knew that owning my own home and becoming mortgage free was my most important priority and I put that first before everything else. Other people might say that I wasted years of my life and they might well be right, but I am happier now than I have ever been, and a lot of that is due to the fact that I don't have any financial worries.

Good for you. Each to their own, and I am glad that you made the right decision for you.

vesper wrote: »

Well looks as though we are back to saving up. I posted a while ago saying that my partner and my self had saved up enough to put down a deposit on the house we wanted leaving enough to do the work we wanted. Well we didn't get the house after the EA messed us around. We had a second option but our Mortgage Broker for some reason also canceled out Mortgage agreement with the bank, and because of the economy and banks being ultra reserved we have now been refused a mortgage. So it's back to the drawing bought and do some more mega saving.
Currently we have £24,000 but looks as though we are going to have to save up at least £30,000 which as only my partner works full time and I part time on very poor wages (minimum wage) and rent our place at the moment it could take forever to save up. So somehow don't think we will be moving soon.

Don't be disheartened. You have done so well by saving up that kind of money, and you WILL reach your target. :T

The house you didn't get wasn't meant for you, a better one is out there waiting for you, I promise.

tara747

SG27 wrote: »

We have just broken the £80,000 barrier :j:j:j nearer to £81,000 actually. I think now we will save a contingency fund of around £6,000 one years mortgage payments and maybe £3,000 for fees and we are ready to go!

Also noticing some lower priced houses on rightmove now which is very encouraging! Makes us not too hurried about buying straight away we can take our time searching and saving, unless we see somewhere we love of course

Good luck everyone!

Well done you! :T:T:T