The 'We're saving for a deposit' thread

Uncle_Rico

JimLad wrote: »

Welcome to a fellow James!

Sounds like you have it all planned out mate! You would also hope that in 4 or 5 years property prices will have gone up a bit so u might get a small profit for your efforts.

I give up!

vl2588

Keep the positivity people! :A

[Deleted User]

How have people decided on their deposit targets?

I've resently been looking at houses in the area (not for me I might add, that's a long, long way off yet!!!) but helping a friend who's looking in similar area and price range to me. And as a result think I'll need a lower deposit than origionally thought. So I've lowerd my target, but will review when I reach it (It'll be at around 3-4 years before I have any intention of starting to even look for properties)

This has got me thinking, are my other targets way off too? How have you guesstimated what you need for other savings pots (like emergency savings and fees and costs)

My emergency saving target is currently set at what a guestimate of a years salary will (hopefully) be.

And my target for my pot for solicitors fees and other related moving costs (e.g. surveys and searches, white goods, anything else that crops up etc) was a complete stab in the dark (as I though it way to early to investigate these things) and so I've put it at 10% of the maximum budget I would go to for the house (and well under stamp duty threshold). Is this realistic?

D9

vl2588

My target is roughly what I believe I can save in 3 years (as getting an 'investment' amount from my mum in 3 years' time). Not really related to house prices and/or solicitors' fees as I have not a clue where I might be living (could be London, could be Scotland) by then.

I imagine the fees element may be £2-3k but not the most educated person in these matters!

I don't have an emergency fund as such, but I put aside a monthly amount to cover yearly bills plus a bit of margin. I always use instant access ISAs so in a true emergency I could use the deposit fund.

I think you're doing fine, it's being motivated to save that really matters

quintwins

house prices are very low here a decent house for us is going to be £10k a liveable house to get on the ladder and that we'd be happy to live in fr 5-10 years is £70k but they go as low as £40k


my target was based on a 10% deposit plus extra for fee's and any minor work that needs doing

i swear the world is against me, my mums being evicted so i'm [STRIKE]lending[/STRIKE] giving her £500 in the morning so thats the guts of my savings, shud still manage to get abit in the savings tho

loveGSDs

iv targeted £20k for the actual deposit, £3k for fees/moving costs and £2k coz i dont want to be left with zero in the bank

problem is, i keep seeing more and more expensive houses that i want so my 15% deposit target is dropping to 10%

90%ltv has rubbish rates tho so il need to start being more realistic

xx

tara747

Domino9 wrote: »

How have people decided on their deposit targets?

I've resently been looking at houses in the area (not for me I might add, that's a long, long way off yet!!!) but helping a friend who's looking in similar area and price range to me. And as a result think I'll need a lower deposit than origionally thought. So I've lowerd my target, but will review when I reach it (It'll be at around 3-4 years before I have any intention of starting to even look for properties)

This has got me thinking, are my other targets way off too? How have you guesstimated what you need for other savings pots (like emergency savings and fees and costs)

My emergency saving target is currently set at what a guestimate of a years salary will (hopefully) be.

And my target for my pot for solicitors fees and other related moving costs (e.g. surveys and searches, white goods, anything else that crops up etc) was a complete stab in the dark (as I though it way to early to investigate these things) and so I've put it at 10% of the maximum budget I would go to for the house (and well under stamp duty threshold). Is this realistic?

D9

My target is as high as possible!!! OH and I are seriously thinking that we might be able to buy for cash if house prices (and our savings) keep going the way they're going! :beer:

By the end of this year we aim to have £75,000 saved, and by the end of 2012 we hope to have £95,000 or thereabouts. House prices are dropping so dramatically here that it's starting to look like a realistic dream to be instantly mortgage free! :j:j:j:j Although I do keep looking at more expensive houses as our savings go up... :rotfl:

rictus123 wrote: »

Well took a little risk today and invested £500 of my deposit money...ended up with £911.46! So £411.46 up! Brilliant...even if i say so myself! So im now upto £1,257.54! So well on track for my £2k by end of May goal!

62.8% of Target for end of May and 6.28% of target for June 2013!

Might have a quick review of goals...think i could be good for £8k(at least) by the end of the year...that includes another 6 payments of car, then getting rid and buying and insuring a van!

Doing well even if i say so myself!

Good for you! What did you do with the £500 if I may ask? :T

butterfly72

Domino9 wrote: »

How have people decided on their deposit targets?

I've resently been looking at houses in the area (not for me I might add, that's a long, long way off yet!!!) but helping a friend who's looking in similar area and price range to me. And as a result think I'll need a lower deposit than origionally thought. So I've lowerd my target, but will review when I reach it (It'll be at around 3-4 years before I have any intention of starting to even look for properties)

This has got me thinking, are my other targets way off too? How have you guesstimated what you need for other savings pots (like emergency savings and fees and costs)

My emergency saving target is currently set at what a guestimate of a years salary will (hopefully) be.

And my target for my pot for solicitors fees and other related moving costs (e.g. surveys and searches, white goods, anything else that crops up etc) was a complete stab in the dark (as I though it way to early to investigate these things) and so I've put it at 10% of the maximum budget I would go to for the house (and well under stamp duty threshold). Is this realistic?

D9

Like Tara747 we're just going for as much as possible. We set an initial target which we met and we just keep adding to it. We just looked at what we could realistically afford and set the target.

We set an emergency fund at 25K, but perhaps need to increase this consideruing the current economic climate. Our fees fund, I think we set this at 15K. This would cover a couple of months rent if we needed to move before our tenency was up. Soliciter fees, changing locks, carpets, bit of new furniture, removals etc. Actually, I think I probably need to increase this to account for the stamp duty. I dont even know how much that is but I'm positive we will need to pay it. I feel another 'pot' coming on!!:rotfl:

what we also do is put a considerable amount of our pay into our pensions/pension savings. (Me 15% and OH 21%) I think its important to think about retirement now rather then later. you want to be able to afford the upkeep of the lovely house you are living in!!

well done everyone and keep going!!!

Barros

Hi all

just my thoughts

i too am in scotland, and looking for a decent 1 or 2 bed flat. will seriously start looking in a year, i have just under £26K just now, so by then hoping to have all in about £35. i dont have a final figure in mind but i do set targets as i am more likely to meet them - it is too easy to make excuses frittering cash away when you dont have a target.

so if i have £35K then max £30k for actual deposit, and the rest for fees/furniture which aren't that expensive where i am. i have alot of furniture already so lucky that way too.

but basically my motto for now - save as much as i can.

JimLad

Domino9 wrote: »

How have people decided on their deposit targets?

I've resently been looking at houses in the area (not for me I might add, that's a long, long way off yet!!!) but helping a friend who's looking in similar area and price range to me. And as a result think I'll need a lower deposit than origionally thought. So I've lowerd my target, but will review when I reach it (It'll be at around 3-4 years before I have any intention of starting to even look for properties)

This has got me thinking, are my other targets way off too? How have you guesstimated what you need for other savings pots (like emergency savings and fees and costs)

My emergency saving target is currently set at what a guestimate of a years salary will (hopefully) be.

And my target for my pot for solicitors fees and other related moving costs (e.g. surveys and searches, white goods, anything else that crops up etc) was a complete stab in the dark (as I though it way to early to investigate these things) and so I've put it at 10% of the maximum budget I would go to for the house (and well under stamp duty threshold). Is this realistic?

D9

The new build house we are buying will be ready in February 2011. Its priced at 174k and barratt homes give a gift deposit of 5% for first time buyers. We are therefore aiming for 15% of the total price in order to get a 20% deposit overall and get some better rates.

We also want a few thousand for an emergency fund, 2k for fees, and a few thousand for house extras as you can upgrade things like kitchen, carpets etc.

Once bought, we plan on overpaying 90% of any surplus money we have each month and the rest will go to a holiday / car savings pot.