The 'We're saving for a deposit' thread

vl2588

Quick update as I'm a busy bunny but I have achieved my goal for 2011, which is to get a new job wooooohoooooooooo (I've been looking for 3 years). This also means I can put away a bit more each month and hopefully get a larger deposit/get a house earlier. Yay!

debrag

So my plan is to own my own place before I am 40 so in 10 years time. I'm aiming as soon as my new job starts & I've paid off the small debts we have (£1500) be save £200-300 a months. I'll have around £24-36k by then which isn't great but if my partner improves his wages then we can save more.

rictus123

Well Im now up over £4,500. Should have at least another £1,000 in by October. I need at least £15,000 in this fund by this time next year so 12 months, £1,000 a month starting now gives me £16,500. We will be looking at places £160k max with 10% deposit. So il need half the deposit, max of £8k. The other £8,500 for fees, moving costs(be cheap since i have a transit) and general furnishing and setting place up as a home.

On top of this £16,500 im looking at getting at least 3 months new expenses before i move out.....i think £4,500 should cover this, obviously wont know until after a few months of having moved out.

Only 12 months to go is a great thought

J_i_m

Congrats on the new job!

I've just received a refund of some council tax, most of which I shall put into my savings and if all goes well, I should be able to put away between £500 to £600 after payday this month as well.

ferox666

rictus123 wrote: »

Well Im now up over £4,500. Should have at least another £1,000 in by October. I need at least £15,000 in this fund by this time next year so 12 months, £1,000 a month starting now gives me £16,500. We will be looking at places £160k max with 10% deposit. So il need half the deposit, max of £8k. The other £8,500 for fees, moving costs(be cheap since i have a transit) and general furnishing and setting place up as a home.

Aim for 15% deposit as these days the only 10% deals will cost MUCH more due to higher interest rates.

For fees, moving, furniture I have budged £4,500 - £5,000 so you £8.5k seems high unless you are buying a lot of expensive furniture, or if you only have 10% deposit mortgage fees will be higher...

Ltd_Company_advice

Hi all,

Thought I would post something in here as well as like someone else has said I never thought I could get excited about not spending money and trying to save!

I've only just started so figures are a lot lower than some people on here! Me and my wife currently have a 2 bedroom flat which we own and have mortgage on but we want to move to a bigger place, but because of negative equity etc it just makes the problem even worse!

Either way we have begun by paying off all the debts first and then we will be working on the deposit afterwards. So far I think I have paid off around £6,000 worth of debt! Not much left to go and then we can start saving! My target is to save £60,000! A mammoth amount when I think about it but never say it can't be done!! I did set myself a time limit of within a year I had to have at least £30,000 in savings and having paid off all debts!

Just stopped smoking as well so that will help for the savings/paying off! Just wish I had done that 10 years ago!! ha!

If anyone has any tips on how they save or make extra money to save that would be great! Obviously paying off debts first is the high priority!

Good luck everybody! I know the house I want as well!! :-( Still on the market!!

embob74

Hi all
Love looking through this forum and how everybody is doing so well and is so determined.
I would love to buy a house with my partner but would like some honest views as to whether I'm dreaming.
I currently rent with a HA so cheaper than private but still about the same amount as we could pay on a mortgage for our target property range of £100k.
Partner works away (work pays for this) and we would love to live together but there's no jobs here for him and due to the distance it seems nigh impossible to get a house swap. Most of my income is taken up with essential bills but I believe I could save £200 a month if I budgeted more carefully. I think my partner could save that amount easily although he is a bit loose with his spending.
Is there any point in saving for a mortgage or should we accept we are just not earning enough to do so? I am pregnant atm which will mean 2 babies under 2 so I won't be able to work full-time again for a couple of years as the childcare costs are more than I could earn.
Any stories of those who have managed it on a small income would be great to hear :beer:

Matt1977

embob74 wrote: »

Any stories of those who have managed it on a small income would be great to hear :beer:

I'm currently working at a supermarket so I am on a low wage. I am hoping to find a better paid job but in this current climate, it is easier said than done.

I have no debts and I am managing to put away £200 to £250 a month into my ISA (see signature below). I'm lucky in a way because rent and council tax aside, my other expenses are quite low.

Personally, I would prefer to buy my next property outright (hence the ambitious £100k target) although I may cave in @ £50k if I can get a mortgage for the remainder.

I have just authorised another payment of £250 into my ISA, which should take me up to £8,259.22 (can't remember what my sig currently shows :huh: ). Hoping that the falling housing market values over the next few years will increase the amount of good quality homes into my budget.

vl2588

embob74 wrote: »

Hi all
Love looking through this forum and how everybody is doing so well and is so determined.
I would love to buy a house with my partner but would like some honest views as to whether I'm dreaming.
I currently rent with a HA so cheaper than private but still about the same amount as we could pay on a mortgage for our target property range of £100k.
Partner works away (work pays for this) and we would love to live together but there's no jobs here for him and due to the distance it seems nigh impossible to get a house swap. Most of my income is taken up with essential bills but I believe I could save £200 a month if I budgeted more carefully. I think my partner could save that amount easily although he is a bit loose with his spending.
Is there any point in saving for a mortgage or should we accept we are just not earning enough to do so? I am pregnant atm which will mean 2 babies under 2 so I won't be able to work full-time again for a couple of years as the childcare costs are more than I could earn.
Any stories of those who have managed it on a small income would be great to hear :beer:

I don't know anything about HA and swaps etc but my advice is to never admit defeat. Saving is never wasted money as it accumulates interest (albeit small amounts!) and you can always change your mind about what to spend it on. Also, you never know what's around the corner! A lucky win or gift or a million things you haven't thought of *might* just happen, and boost your savings to your desired amount!

There are loads of threads elsewhere in the forum about making more money and saving money. I'm sure you'll get plenty of good ideas

Good luck

Beckyy

aless02 wrote: »

Anyway, REALLY nebby question that DH & I were debating about last night...does anyone know what your typical fees will be? Legal/conveyancing + searches + Land Registry, etc. Obviously there's the mortgage arrangement fee as well, but it's hard to pin semi-recent figures using Google as a lot of articles on it are a bit old...

It depends alot on the price of the house you're buying.

We bought a small house (£69K, so no stamp duty) and used a independant financial advisor for our mortgage.

Solicitors fees were £800
Financial Advisor was £150
Mortgage fee was £995 (this was added onto the mortgage)
If possible, I would allow £2000 (or more if you're going for a higher priced property)
Our house came with a basic home report (we're in scotland), and we didn't bother paying for a more advanced survery. But you'd need to factor in teh cost of that if you want one.