The 'We're saving for a deposit' thread

tara747

CheeseCat wrote: »

No offence, but it seems a bit 'off' that you've been in council housing which has allowed you to save up for two houses? :eek: Doesn't seem right to me..

Well, I don't really agree with the Right To Buy scheme at all, since they are not replacing the council housing stock!

Also, the ethos of the RTB scheme was to give council tenants a stake in their homes so that they would keep them nice and take more pride in their houses and their area as owner-occupiers. Not sure how renting out a RTB house to someone else, having received a £38,000 discount to buy it, fits with me morally tbh. Just my tuppence worth.

Chocolate_Cookie_Monster

CheeseCat wrote: »

No offence, but it seems a bit 'off' that you've been in council housing which has allowed you to save up for two houses? :eek: Doesn't seem right to me..

Anyway!

I am also saving for a deposit, I am only £300 away from having 10% :j

Well done CheeseCat.:j

Wouldn't there be restrictions on renting out a RTB flat either from the mortgage company or the HA?

A lot of the government schemes have covered themselves with people profiting from the property. So I doubt its as easy as that. Well I hope not anyway. This country is in enough financial trouble as it is.

ManPants

Chocolate_Cookie_Monster wrote: »

I guess when you're saving for a deposit though its just more of a solid figure that you can keep an eye on and target rather than reducing a debt you can't see month by month (if you see what I mean)

When we originally went to see our financial advisor prior to buying current house I can distinctly remember her telling us that should we overpay our mortgage by £100 each month for the first 2 years of our fixed rate mortgage it was the equivalent to knocking off 5 years of the 25 year loan period!

Unfortunately it was an old house that hadn't been refurbished in decades so we used our money on that (I got a patio door for my 34th birthday!) for the first 2 years and didn't overpay.

After the initial 2 year fixed rate finished and we got a new mortgage then we started overpaying and I also added in the deposit I had previously not had any money to do. I have had the excitement of saving up and seeing a nest egg build up but it is even more exciting to 'phone up the mortgage company and enquire what the balance is and know that it is hurtling down towards mortgage freedom. If you look up "which" magazine mortgage calculator then play around with the figures and you will see that the money that you are "saving" in interest is quite a motivator. I live in a neighbouring county to you so also pay "southern house prices" so the amounts of interest saved on the initial mortgage projection is many many tens of thousands of pounds! I am sure there are many other wiser people who can input better, sounder advice but this is what is currently motivating me to save!

Stupotstu

mellymeep

Hi, thought I'd join the thread too! My husband has come from a very financial savvy family, whereas unfortunately I haven't! Thanks to some extremely kind donations we have saved up close to 50k. Don't think we're ready to get into the housing market just yet and are continuing to rent, and I hopefully want to be able to make some contributions to the savings funds myself. We also know very little about mortgages and house buying so looking to educate ourselves over the next year where we shall be looking to getting onto the ladder

iwantahome

Hello everyone,

I've managed £1000 this month. I was hoping for more but unfortunately the car needed a few repairs, so no matter how frugal I was with my spending budget I still had to spend it all making up the payments to car repairs. Hopefully being tighter with finances in march will mean I can have a bit extra to plough into the deposit.

My total now stands at 11.19% of my first target.

tara747

Copied from t'other thread...

I saved £1,540 in February wayhey! It would have been even more but I bought a couple of things that I changed my mind about, but haven't got around to returning them yet so still count them as Feb spends. They'll be counted out again when they're brought back in March lol.

So I am now up to £45,643 (off to edit my sig). Totally chuffed!!!!!!!! :beer:

beckythemadcow

Wow! £45k! Impressive!

I have just transferred most of my pay into my ISA, DHs is full and mine will be mid March. That's a relief to know, all the overtime (and 3rd job) paid off on Friday. Happy pay day!

Created my sig too! The numbers look good written down. :j

tara747

beckythemadcow wrote: »

Wow! £45k! Impressive!

I have just transferred most of my pay into my ISA, DHs is full and mine will be mid March. That's a relief to know, all the overtime (and 3rd job) paid off on Friday. Happy pay day!

Created my sig too! The numbers look good written down. :j

Thanks, well done you too! :T

BettiePage

I'd also like to join this thread. I need the motivation to stop buying more Pandora items for my collection. Just realised I have spent just over £200 on it since xmas, gulp!

purty

Hello everyone

I've been following these threads for a while but haven't posted much - I've been getting rid of some irksome credit card debt. Now it's gone, I want to concentrate on saving for a house deposit, I'm so desperate to get on the property ladder now!

I'm aiming for about £15000-20000 in savings, and have a pitiful £500 at the moment.

I was wondering if any of you brilliant people could give me some tips? I've already started taking lunch to work - and been quite astounded by how much I've saved. So any more tips would be brilliant!

Thanks so much!