The 'We're saving for a deposit' thread

tara747

bodmil wrote: »

Rictus breathe.... worry about the now and get those debts paid off, then get excited about savings!

I just got a tax rebate but am about the quit the well paid job that gets me them so looks like I'll be eating into my deposit fund for a while until I get a new career sorted.

Tell us more. Are you quitting because you want a 'happier' job or a better work-life balance? I hate my job sometimes, would love to quit and do something more worthwhile but would hate a drop in salary. I guess we want it all, don't we!

quintwins

tara given how much money you can save i think you'd cope fine with an lower income those savings wouldn't grown as quickly mind

seriously tho i think people are brilliant at adjusting to new situations if they want to, and happiness means alot more than money after all you can't take it with u when you die

spugzbunny

Can someone help explain something to me please?

If I need to 25% deposit and think I can get a morgage for around 180K then is my 25% deposit £45k? and then is my total money available to buy a house (plus fees, furnishing etc) 180K + 45k ie. £225k?

Jay83

Hi all,

Big time lurker, post maybe once or twice so far but i do love to read how you guys save

I don't know when i will be able to afford to buy a house but every little helps. So i am just prodding along. Talking about work i don't think alot of us can say we really love what we do and who we work for but its what gets the billed paid, keeps us warm and provide food on our table.

Just wondered, what percentage is everyone saving from their wages? I currently live at home so can afford to save 50% but is that good for someone living at home? feel like it should be alot more sometimes.

Jay83

spugzbunny wrote: »

Can someone help explain something to me please?

If I need to 25% deposit and think I can get a morgage for around 180K then is my 25% deposit £45k? and then is my total money available to buy a house (plus fees, furnishing etc) 180K + 45k ie. £225k?

If you want to buy a house for £225k then you work out the 25% deposit on that figure. So i believe your 25% deposit would be £56,250. So House work out 25% from house value. Someone please correct me if i am wrong.

quintwins

jay your right, it's 25% of the house value then 75% in a mortgage or in our case were gonna see if we can manage of a 10-15% deposit

we save about 40% of our income on a good month but we have rent to pay and 3 kids, you just need to do whats right for you if you try to strech yourself too much your more likely to give up because you think your failing so yoour shud set reasonable targets so you can feel good when you meet them

tara747

quintwins wrote: »

tara given how much money you can save i think you'd cope fine with an lower income those savings wouldn't grown as quickly mind

seriously tho i think people are brilliant at adjusting to new situations if they want to, and happiness means alot more than money after all you can't take it with u when you die

So true...

iwantahome

spugzbunny wrote: »

Can someone help explain something to me please?

If I need to 25% deposit and think I can get a morgage for around 180K then is my 25% deposit £45k? and then is my total money available to buy a house (plus fees, furnishing etc) 180K + 45k ie. £225k?

If you can get a mortgage for 180k then 180k becomes 75%. 1% would be 180k/75 = £2400. Therefore making 100% 240k and the 25% deposit 60k. Hope that helps.

If you want an smaller deposit then just divide by a larger number, i.e. 20% deposit, divide by 80 and multiply by 100 to get max house price. Just beware that a smaller deposit will mean the cost of your monthly mortgage will increase as the interest rate will increase due to less equity in the home.



I currently live at with my parents and save 60-70% of my monthly income depending on how frugal I am being, and what car problems crop up. Some months are better than others. There have been months where I have saved almost nothing, but I always aim for 60-70%. Different people will save a different percentage depending on their own circumstances, whether they pay rent/board or if they have larger monthly commitments. Equally my 60% may be twice the amount or half the amount of your 60% as we will probably earn different amounts of money. There are people on this thread that save vast amounts every month and then there are people who save only a few pounds. The key is to not get too disheartened by the other people overtaking you and just do your best yourself. Don't race anyone else, only compete against yourself. We will all get there eventually, just at different paces.

Also we are all saving to different targets.

bodmil

tara747 wrote: »

Tell us more. Are you quitting because you want a 'happier' job or a better work-life balance? I hate my job sometimes, would love to quit and do something more worthwhile but would hate a drop in salary. I guess we want it all, don't we!

Bit of both I suppose! I either spend my time working away from home or on standby so I can't really plan any thing. I could easily earn twice what I do now if I went freelance in this industry and of course it is a massive temptation but I know that shouldn't be my sole motivation in life. It would just be wonderful to share financial stresses with someone else in my life!

SG27

Jay83 wrote: »

Hi all,

Big time lurker, post maybe once or twice so far but i do love to read how you guys save

I don't know when i will be able to afford to buy a house but every little helps. So i am just prodding along. Talking about work i don't think alot of us can say we really love what we do and who we work for but its what gets the billed paid, keeps us warm and provide food on our table.

Just wondered, what percentage is everyone saving from their wages? I currently live at home so can afford to save 50% but is that good for someone living at home? feel like it should be alot more sometimes.

Im living with patents still too and they only charge me a small amount of rent which helps massively. I save about 75% of my income each month. I don't have any luxuries maybe a meal out once every few months but watching our deposit grow makes it worth it!

Our total is up to £88,300 now!! :j