The 'We're saving for a deposit' thread

[Deleted User]

HouseHunter2010 wrote: »

First viewing done, first house rejected!

that's a shame - but at least you know what you don't want!

hopefully the next one will be closer to the mark

D9

planningforthefuture

Hi there, long time lurker of this thread. Well done to all who are succeeding in their chosen goals J

I’ve currently got a deposit of £21,500 but I’m getting really itchy feet and keep convincing myself that now is the time to buy. The problem is that if I buy now I’ll be settling for a property and not a forever home! This doesn’t stop me looking though. I’m keen to know...

How people decided on their deposit amount?

What motivates people to continue adding to their deposit when they already have enough for a mortgage application?

Finally, I can add £500 per month to my deposit fund. My rent is however £500 per calendar month. I can’t quite figure off if I’m better off saving for another 12 months or buying straight away.

Thanks in advance J

[Deleted User]

Hi there, long time lurker of this thread. Well done to all who are succeeding in their chosen goals JWelcome to the thread

I’ve currently got a deposit of £21,500 but I’m getting really itchy feet and keep convincing myself that now is the time to buy. The problem is that if I buy now I’ll be settling for a property and not a forever home! This doesn’t stop me looking though. I’m keen to know... My personal goal is to get a deposit together for a home I'd be happy living in forever, this is personal choice though, as I'm currently enjoying the freedom renting brings (just have to give a months notice)

How people decided on their deposit amount? Total guestimate - when I reach my goal I will assess if it will be enough for around 25% deposit on a home I'd be happy living in forever, if not then I will keep saving. My current goal is based on house prices (on right move) in areas I'd consider living in - but I haven't viewed any of them, so really it's just a total guestimate, but will do for now!


What motivates people to continue adding to their deposit when they already have enough for a mortgage application? The thought that I'll be able to live in a home for forever/a long time without wanting to trade up/move area/need bigger in at the very least the short term

Finally, I can add £500 per month to my deposit fund. My rent is however £500 per calendar month. I can’t quite figure off if I’m better off saving for another 12 months or buying straight away. personal choice as to what suits you, just weigh up the pro's and con's of each, or view some of the places that you could afford now and see how you feel about them - you may fall in love with a place or you may decide that they're not what you're really wanting

Thanks in advance J

HTH

D9

thriftychap_2

Not come accross this thread before but considering my positon I would love the opportunity to join in.


My position in a nutshell:

• Getting married in July, all spare/saved money going on this, after this we can save/overpay more.
• We want to move to a 3 bed with garage and garden, 220k-250k as soon as we can with at least 25% deposit (was 15% but following reading this forum and taking advice from it and doing many calculations 25% is more sensible).
• We currently overpay mortgage by £305.
• Would like to overpay by a total of £7000 by the end of the year and set a new target after this.
• Have about 14k equity at present.

I love a target!

Good luck to all!

tara747

planningforthefuture wrote: »

Hi there, long time lurker of this thread. Well done to all who are succeeding in their chosen goals J

I’ve currently got a deposit of £21,500 but I’m getting really itchy feet and keep convincing myself that now is the time to buy. The problem is that if I buy now I’ll be settling for a property and not a forever home! This doesn’t stop me looking though. I’m keen to know...

How people decided on their deposit amount?

What motivates people to continue adding to their deposit when they already have enough for a mortgage application?

Finally, I can add £500 per month to my deposit fund. My rent is however £500 per calendar month. I can’t quite figure off if I’m better off saving for another 12 months or buying straight away.

Thanks in advance J

My deposit amount is 'as much as possible'! OH and I are both saving (his total is not included in my sig) and will buy when we see the right house at the right price. We want to buy for cash or have as small and short a mortgage as possible.

vl2588 wrote: »

Not many people can buy a house outright at 40 though! 90k is a huge deposit

Rent v.cheap though; long may it continue!

If I kept saving at my current rate, I'd have £140,000 by age 40! :eek:

mbga9pgf

We will have paid ours off by 40. It can be done, it just means sacrifice of various things that are categorised these days as essential, when effectively they should be categorised as "guff", eg new car every 3 years, smartphones, holiday abroad etc.

We bought at 4 times single salary and are on track to have it paid off by 38, in 9 years time.

tara747

mbga9pgf wrote: »

We will have paid ours off by 40. It can be done, it just means sacrifice of various things that are categorised these days as essential, when effectively they should be categorised as "guff", eg new car every 3 years, smartphones, holiday abroad etc.

We bought at 4 times single salary and are on track to have it paid off by 38, in 9 years time.

Good for you! :T We haven't even bought yet, but are well on track for a very short (10 years max) mortgage, and if prices keep falling at their current rate, a cash purchase wouldn't be out of the question in a couple of years!

I also agree about the 'guff', although travel is my biggest passion and I will not sacrifice it. I value experiences and memories over 'stuff'.

We are just very choosy about where we go and how we spend our money, and we are frugal elsewhere so we can afford it.

SG27

planningforthefuture wrote: »

Hi there, long time lurker of this thread. Well done to all who are succeeding in their chosen goals J

I’ve currently got a deposit of £21,500 but I’m getting really itchy feet and keep convincing myself that now is the time to buy. The problem is that if I buy now I’ll be settling for a property and not a forever home! This doesn’t stop me looking though. I’m keen to know...

How people decided on their deposit amount?

What motivates people to continue adding to their deposit when they already have enough for a mortgage application?

Finally, I can add £500 per month to my deposit fund. My rent is however £500 per calendar month. I can’t quite figure off if I’m better off saving for another 12 months or buying straight away.

Thanks in advance J

I'm the same as Tara. I want to save as much as possible. I don't have a specific target. My motivations are

1, for every pound you borrow on a mortgage you will pay back two. So when you add £500 each month it is actually saving you another £500 on top over the term of the mortgage!

2, the bigger the deposit the smaller the payments so you will have more spare cash.

3, the bigger the deposit the better interest rate you will get saving thousands over the mortgage term.

4, house prices are falling almost everywhere now

We will just keep saving until we see our dream home at an affordable price. We are not in any rush and don't want to buy somewhere only to have to move because we are not happy. Also my partner is facing redundant so we need to comfortably afford it on one income, which means more saving!

Good luck.

HollyBman

Think most of the 20 something to 30 somethings are in this boat

redbull5

Just did a quick transfer, I now have £5843. And will possibly have another £500 by the end of the month. My total for this year is going to get smashed i think. Will update my sig later.