The 'We're saving for a deposit' thread

Doshwaster

mouche wrote: »

I haven't posted on here in ages but I was a regular when the thread first started. OH and I have saved steadily for 5 years now and have finally saved up a 20% deposit. We've found a house, offered 3% below asking (the asking was our maximum budget), been accepted, signed the mortgage papers yesterday and are now waiting with bated breath for the survey/ valuation to be done. fingers crossed everything turns out ok and we could actually own our own home by April-May!!!! Really really excited.

Congratulations. It's a very exciting time of the moving process - but also a very nervous one. You are about to be inundated in paperwork, there are going to be lots of decisions to make and there are so many things which could you wrong. But, hang in there, most people get through it.

Just two words of advice: First, don't panic when you read the survey (assuming you got a homebuyer's report or full structural). It's these people's job to highlight any and every potential problem with a property in order to cover their liability.

Second, the period between getting an offer accepted and getting the keys can seem like it takes forever. Just keep on top of your solicitor, surveyor, mortgage provider and selling agent to keep things ticking over. A day or two delay in each step of the process can add up to a significant change to your moving date.

Queen_of_the_Hive

Just been reading the last page in this thread! Well done everyone. Keep up the hard work! Im aiming to save £6000 this year to put towards moving house. Flat is on market and had some interest. Not found the perfect buyer yet though! Keep going!!

hollieannx

Just spent most of my morning reading through this thread.

Me and my boyfriend are currently renting a property in Hertfordshire and before reading this thread I never ever thought I would be able to afford my own home. It is so inspirational to see all the support and motivation everyone has.

I am going to start saving as from today. If I am honest I am not left with much each month but as I can see from past posts this is not a problem. I know it will take time but I feel if I keep coming on here everyday it will keep me motivated!

Big well done to everyone :T

JimLad

hollieannx wrote: »

Just spent most of my morning reading through this thread.

Me and my boyfriend are currently renting a property in Hertfordshire and before reading this thread I never ever thought I would be able to afford my own home. It is so inspirational to see all the support and motivation everyone has.

I am going to start saving as from today. If I am honest I am not left with much each month but as I can see from past posts this is not a problem. I know it will take time but I feel if I keep coming on here everyday it will keep me motivated!

Big well done to everyone :T

Welcome along!

Its certainly a big task, but keep at it and you will eventually get there! Every penny counts!

Make sure you get your boyfriend on board to! Two people saving a little bit of their income is better than one!

We started saving 3 years ago and it looks like we be buying our first house around September time

tara747

Well done JimLad, hostie and mouche!!!

Welcome to the newbies

Carrie85

Hi everyone, haven't posted on here in a while.

After a higher than expected tax bill and a few other things i'm down a bit on my savings from £10,000 to £8,100. Which is a bit of a disappointment, but i need to get motivated again and got to keep going.

I am also looking at retraining in an area that will give me more work opportunities, got an interview for a course this week.
If this goes ahead the savings will deplete a bit more. Hopefully i'll get on the course which will be better job prospects longer term, but means what i can save will be reduced.

So with everything up in the air i'm not sure on what i can save in the near future, but am looking forward to a change in direction. It is frustrating but have to look at the bigger picture i think.

Will still keep plugging away in the meantime. Have got to have a big clear out after this interview and should have quite a lot of things to sell so hoping that brings in a few pennies


Glad everyone is doing well with their saving

loveGSDs

hi everyone

just found this thread, can i join? my reasons for signing up to MSE was to try and sort out finances so i can save up to move. bought my first house in 2007 (just before crash), desperate to move and have found the house i want. unfortunately i have no where near enough for the deposit (see my signature)

anyway, positives are that im not in negative equity, OH wages go up in june and il have cleared my student loan by may....so more pennies to go towards deposit.

hopefully this thread will help with the dark days where i think "what is the point????" :rotfl:

thanks,

love GSDs xx

lauzellen

I'd like to join this thread...

My background
I'm due to start a new job which is finally of permanent nature *yay* which is much better pay than i'd been receiving. My last contract finished on the 31st Dec - I had some savings but these have been eaten into and will continue to do so until I start my new job - and money earned previously was to help me to get back on my feet in 2009 as a single parent to my DD after a torrid and controlling relationship that had got me in some dire straights financially.

So that is my background... I now have no debts except my student loan but my credit record will be shot to bits until it all drops off in the next 5yrs and my financial house is now in order with all current commitments bills wise paid and my 2K graduate overdraft paid off.

The Plan
I'm hoping to save a decent deposit in the next 6yr with a view to building a decent credit record by well managing a credit account or two in 4yr time so by the time I am ready to buy all the negative activity creating during my "bad" relationship will have dropped off and good history will be showing.

I am aiming to save about £300 a month basic - plus another £200-£250 more if I am able to obtain more cover at work. In 6yr I will have 21.6K + interest gained if maintained the £300 a month but I am hoping (due to cover and career progression which is good in my field) to obtain a figure closer to 40K + interest gained.

My Questions
When I start saving for my house deposit (once I start my new job) am I better to pay into a higher interest regular saver until it matures at which point pay it into ISA or to pay straight into an ISA from the off? I know there is the ~5K deposit limit in a cash ISA per tax year so once this is reached each year I'd have to pay into a regular saver or notice account. Is an ISAs interest included in the deposit limit after the 1st yr? or is this on top?

Thanks And everyone seems to be doing really well - I hope this thread will help to keep me motivated once I start my saving!

kacie

Just updated my sig, I'm almost at £3000, but if only got a month left in my job so wont be putting as much in my savings soon

JimLad

kacie wrote: »

Just updated my sig, I'm almost at £3000, but if only got a month left in my job so wont be putting as much in my savings soon

Sorry to be nosey, but I noticed your target is 12k for a deposit on a house?

The lowest i have seen is mortgages with a 10% deposit and they are at ridiculous rates. That puts you at 120k for a house, and unless you live in an uber cheap area i think your asking a lot.

Maybe im wrong?