The 'We're saving for a deposit' thread

ZoeGirl_3

sarah_elton wrote: »

I'm saving as I want to sell my flat next year and it will be in negative equity. Can I still come and play in this thread? If I start one called "The 'We're saving to get out of negative equity'" thread I'll get all sorts of abuse from the HPC lot. :rolleyes:

Lol, some people have nothing better to do with their time obviously. And you can hang out with us, :beer:

But I agree with looking into whether selling now would be a better option. You never know, and at least if you have looked into it you know for sure.

ManPants

Morning!

Just hit the 20% mark of my proposed £30,000 deposit!! Yippee!!

Poor for the rest of the month now!!

Stupotstu

oldMcDonald

sarah_elton wrote: »

I'm saving as I want to sell my flat next year and it will be in negative equity. Can I still come and play in this thread? If I start one called "The 'We're saving to get out of negative equity'" thread I'll get all sorts of abuse from the HPC lot. :rolleyes:

Need to save about £10k to cover NE plus the costs of selling.

You know, I don't think you would get abuse if you did start such a thread. Maybe you bought at the top, maybe you chanced a 100% mortgage, maybe, maybe, maybe.....there are many reasons why people fall into NE (Been there myself - bought on the way down last time!). To actually see the situation as it is and to plan on a way out of it is, IMHO, something to be admired - how much more responsible it is to save, get out of NE and move on with your life rather than bury your head in the sand and have a plan to move next year and *hope* that something will change.

Good luck with the savings plan / move next year - I reckon you are many, many steps in front of others who are in / at risk of NE :T

oldMcDonald

stupotstu wrote: »

Morning!

Just hit the 20% mark of my proposed £30,000 deposit!! Yippee!!

Poor for the rest of the month now!!

Stupotstu

:T Well done Stupotstu

MrDT

oldMcDonald wrote: »

You know, I don't think you would get abuse if you did start such a thread. Maybe you bought at the top, maybe you chanced a 100% mortgage, maybe, maybe, maybe.....there are many reasons why people fall into NE (Been there myself - bought on the way down last time!). To actually see the situation as it is and to plan on a way out of it is, IMHO, something to be admired - how much more responsible it is to save, get out of NE and move on with your life rather than bury your head in the sand and have a plan to move next year and *hope* that something will change.

Good luck with the savings plan / move next year - I reckon you are many, many steps in front of others who are in / at risk of NE :T

My thoughts exactly - and I'm one of the "HPC lot" (well, house prices subforum, not housepricecrash.co.uk!!) as are a few names I recognise on this thread

Good luck Sarah

lostinrates

MrDT wrote: »

My thoughts exactly - and I'm one of the "HPC lot" (well, house prices subforum, not housepricecrash.co.uk!!) as are a few names I recognise on this thread

Good luck Sarah

My MSE home is also the loony bin above here. no shouting from me either.

TriffidQueen

Without divulging too much info I hope to have £20K saved before the end of this year. I'm stepping up my saving levels though by becoming a tightwad!

I've made the effort to get into a higher paid job, earning £3K more before tax. A percentage goes on travel into London. But i'm still better off. I'm even debating on wether to exchange my flat(housing association)for one in central London, cutting out travel costs.

I really would like to buy, but i'm still weighing up the pros and cons between renting and buying.

sarah_elton

Unfortunately I'm not in a position to sell and rent. Firstly, as of today I'm probably approx even on equity, maybe slightly negative, and I can't afford selling costs. Secondly, OH is in the process of moving into my flat (it's a slow process as I've lived alone for 4 years and it's freaking me out a bit lol) so the purchase next year is assuming we don't kill each other while living together. I can't see it, but if it finishes I'll just stay in my flat. Thirdly, fixed rate mortgage till Jan so penalty before then.

Bought for £115k in Jan 06. At the peak early last year it would have sold for £124,995 (others did). Currently owe £110k and at the mo it's probably worth that or a bit under, maybe 108k or something.

I'm hoping to sell for say £102k spring-time next year, but for that I'd need the £10k to cover it (NE plus costs). If price falls accelerate beyond that then I won't be able to sell at that point and we'll have to sit tight.

I did chance a 100% mortgage. It was a 4.2 times my salary (good interest rate though as it was the HSBC Graduate Mortgage). But I've moved jobs a few times since then and it's now a much lower multiple, so living in the flat is very affordable; and will be even more so when OH moves in fully and we're splitting bills.

I knew the risks with a 100% mortgage, and that's the way the market goes - no point crying about it. I'm 27 so over the course of my life in the housing markets there'll be ones that gain value and ones that don't.

OH and I are looking to jump up from my 2 bed flat to something like a 4 bed detached, so price drops at that end of the market are much larger than the loss on mine (in absolute terms). Therefore it'll make sense to sell rather than wait 5-10 years for my flat to go back up.

Anyway, long story over. As I said, first target is £2,500 at year-end. My targets are very do-able so hoping to overshoot them a bit and be able to move earlier (or chip in myself to next house).

EDIT: And thank you for the friendliest welcome to a thread I've seen in ages. I like this thread.

mstopham

lilmissmup wrote: »

Thats the plan plus to save more and get OH on board as it was just my debts not his!

Today is the day my money starts working for me

:beer: :T

WTG! Can't wait to join you!

Bone_Idle

sarah_elton wrote: »

And thank you for the friendliest welcome to a thread I've seen in ages. I like this thread.

This is a very friendly thread! :T

In answer to Lilmissmup, we rent at the moment, and I've rented ever since I moved out of home in 2001. We live very near some of OH's family but a couple of hundred miles from mine (had more visits from my family though!) I'm hoping that a combination of a growing deposit (slowly growing, but growing nonetheless!) and falling house prices will mean that we can get a mortgage with a monthly payment that's less than what we pay at the moment - that way we know we can manage it, and can even think about overpayments right from the start!