The 'We're saving for a deposit' thread

angrypirate

Can I ask, for those who are approaching their target, how much are you setting aside for survey fees, conveyancing, stamp and a general pot for upgrades / maintenance to the property you are planning on buying?

Me and the OH have started looking - we have around 125k, (thinking of a little 2 up 2 down property in zone 3 of london) of which we were thinking of setting aside 15k for stamp, mortgage arrangement, survey and conveyancing and then setting aside 10k for work (potentially new kitchen / bathroom / boiler) so that would give us around 100k for the deposit (aiming for a 75% LTV mortgage).

J_i_m

Don't take my guess as accurate... but I added 5k onto my target simply for fees, though I have no idea of how much to expect to spend on fees.

Jackies

angrypirate wrote: »

Can I ask, for those who are approaching their target, how much are you setting aside for survey fees, conveyancing, stamp and a general pot for upgrades / maintenance to the property you are planning on buying?

Me and the OH have started looking - we have around 125k, (thinking of a little 2 up 2 down property in zone 3 of london) of which we were thinking of setting aside 15k for stamp, mortgage arrangement, survey and conveyancing and then setting aside 10k for work (potentially new kitchen / bathroom / boiler) so that would give us around 100k for the deposit (aiming for a 75% LTV mortgage).

We've set aside about 10k.............but thats us being extremely cautious I think as we'd quite like to have some money left to restart the savings funds afterward

SG27

Marcus84 wrote: »

Quintwins - i can imagine it is difficult to save when your kids are that age! Good luck to you both, although it is difficuly it certainly will be worth it in the end!!

nakiwala123 - i am the same age as you and also living at home still! most of my friends have their own place now but have huge mortgages. I would just love as smaller mortgage as possible and then enjoy life rather than worry about finances. £800+ per month is a very good amount. Good luck with your target!

superted187 - i am 27. What is your target

beckythemadcow- good luck with it!

Thats the same as me. I know people who are paying over £1000 a month on their mortgage! I don't know how they expect to survive when rates rise!! Im 28 girlfriend is 26. Our plan is to have the smallest possible mortgage. Saving hard now will mean it will be much easier later and mean we will still be able to have holidays and enjoy ourselves!

What keeps me going is that if you save £1000 extra now it will save another £1000 interest over the long term.

We are just above £90,000 now!

Simon11

I'm 22 holding on for dear life to keep myself at home to save money :P

Currently have close to £39k, however I feel what would stop me would be my salary now, esp living in London.

loveGSDs

J_i_m wrote: »

Don't take my guess as accurate... but I added 5k onto my target simply for fees, though I have no idea of how much to expect to spend on fees.

ditto

iwantahome

29 here, heading far to quickly to 30.

I moved out of home at 18 (as quick as I could) without a penny to my name, went travelling, went to university, partied all day every day, all on someone else's money (the banks). Had a great time and would do it all over again. The past year has been rough taking the move of shame and boomeranging back to save, but it's part of life, my life and I can't change it. All debt is cleared off now and deposit started. Think i'll probably need 20k for a deposit before I can start viewing, but then again I'm currently reviewing my options and may go for something smaller and cheaper so I can move out quicker.

One thing that is for certain though, I will get on the MFW board as soon as I actually have a mortgage and start paying it off as quick as possible. I know that staying with parents longer and saving more would achieve this but right at this moment I want out quicker. Next year when I aim to have the 20k I may change my mind.

Oh and I'm going on a few weekends away this year and a week long holiday, some people may disagree with my doing this while saving but I can't let life slip by me too fast. Plus when i've actually got a mortgage holidays may be out of the question so why miss out on them twice??

lazer

Payday update from me.

I had £57 left in bank account at the end of the month - returned the £7 borrowed from the deposit account!
Remaining £50 has gone into the credit card "stoozing" account (which was also emptied last month)

Its time to get back on track with this saving. New plan is do a monthly budget at the start of each month as its more realistic than a general monthly budget as every month is different especailly when there is a number of friends weddings and hens this year!

£1000 transferred from pay into Deposit account. Hoping to increase it a bit more at the end of the month to break the £17k mark!

Also going for a second viewing on a house tonight!

PS - I'm 28!

Rahven

iwantahome wrote: »

Oh and I'm going on a few weekends away this year and a week long holiday, some people may disagree with my doing this while saving but I can't let life slip by me too fast. Plus when i've actually got a mortgage holidays may be out of the question so why miss out on them twice??

Personally, if I didn't have things like this to look forward to I'd go mad. I want to enjoy myself (modestly) whilst I am still young, and if that means I spend a bit more one month I'm OK with that. It often helps me save me the month before/after anyways.

Good luck at the viewing tonight Lazer!

markalanious

Hello savers!

I've had a few looks at this thread and decided to join since people seem to find it helps with motivation.

Background:

I'm 31 and have a good career in IT. I've lived my life well thus far, i've travelled, i've loved, i've lost and most importantly, i've SPENT! My year travelling was sponsored by HSBC and Lombard Direct, unfortunately they asked for their sponsorship back when I returned to these shores and I spent a long time trying to overcome that hurdle. I'm now basically debt free other than my student loan which obviously doesn't count

I'm finally settled down now and me and the missus are looking to buy a nice house in which to start a family and all that jazz.

Money wise (as my sparkly new signature will atest) is off and running. I've opened two santander ISA's (the 3.3% ones) and our goal is to have both of them filled before the end of the ISA year cut off thingymebob. We have put £2300 in so far so i've worked out we'll need to save £932 per month to achieve this.

We rent at the moment which severely impacts how much we can save, but at 31 and having lived on my own since being 18, moving in with the folks isn't really an option

I reckon I can bang away 1k a month on a good month and about £700 on a bad month. The missus will be adding to that too, but she only earns 1/3 of what I do so the emphasis is on me to fill the pot!

Right well that's about it, I look forward to updating you guys and my sig as regularly as possible and hopefully getting to know you other savers along the way.

Peace out

Mark

P.S. wow, this is motivational - it's like free therapy