The 'We're saving for a deposit' thread

purplevamp

Despite having to find nearly £1,600 for my DS1's uni debt, I have managed to reach my 2011 target a whole 3 months early :j. It has actually felt really hard this year to save anything so I'm hoping that this little victory will boost me on to do better next year.

Alejandro

End of month update: 138500. Still no sign of a house though.

J_i_m

debrag wrote: »

So what do people think prices will be like in 10 years time? I have seen 2 bed flats for under £120k & houses for under £150k. This is in Worthing & we want to be as close to Worthing as possible.

When we do move I'll be looking for hospital jobs between Portsmonth & Brighton. As we live in London I get the extra allowance on top of band 2 pay (£13,903 + £4,036), Band 2 goes up to £17,003. I'd be looking to be on band 3 (£15,860-18,827) by the time we move down to worthing (5 years time), I'd also have a health degree.

I'd be looking to either go into Nursing or train as an Associate Practitioner & move up bands.

Basically I'd like to be earning £22-25k. My OH would prob make £13k.

Can you get a mortgage based on 1 persons salary, so that we would get £77k ish or would that take into account both salarys even it one would be near retirement?

I'm looking to save £200 a month for 10 years so have a deposit of £24k

10 years?! We can hardly predict 10 weeks :rotfl:

You should be able to get a mortgage on one persons salary, since I'm single and will be buying alone. Though if you have a partner you might want to include theirs in your application, it might increase your chances and/or get you a bigger loan.

If you become a qualified nurse, I expect you'd be on band 5. If you're currently on band 2 I assume you're a care assistant?

bridget180282

I currently have 15k saved and I am trying to save 1k per month
I am a FTB and I am hoping to find somewhere I like before the Stamp Duty comes back down to 125k mark, in my current position With my deposit and what the bank will lend me max property price is 130k, I have viewed 7 properties so far and it has become apparent I am a post code snob the house hunt is becoming a dis heartning process because I like most houses at the 150k mark and I am 20 short and dont really want to wait a futher 20 months!
my savings are only making me 31pence per month via my bank's flexi save acc, anyone any suggestions on where i could put the cash?

Thanks
V

linz

bridget180282 wrote: »

my savings are only making me 31pence per month via my bank's flexi save acc, anyone any suggestions on where i could put the cash?

Thanks
V

Lloyds TSB have Vantage current accounts where you'd get 2.37% on £3-5k. Interest is paid monthly and I believe you can have up to 3 of these. I'm crap at working out what that would be per month on 5k, maybe someone cleverer will be able to tell you It'll be more than 31p anyway!


http://www.lloydstsb.com/current_accounts/classic_and_classic_plus_accounts.asp

beckythemadcow

linz wrote: »

Lloyds TSB have Vantage current accounts where you'd get 2.37% on £3-5k. Interest is paid monthly and I believe you can have up to 3 of these. I'm crap at working out what that would be per month on 5k, maybe someone cleverer will be able to tell you It'll be more than 31p anyway!

I think £5000 *1.0237 = £5118.5

So almost a tenner a month?

linz

Cheers becky, so bridget could be getting 3 x £10's per month, providing Lloyds still let you open 3 of these with 5k in each. One condition is that £1k needs to be swept through the account(s) each month (but it doesn't have to stay in there so you can sweep it from wherever your wages come from)

Easy money :beer: if I had 15k i'd be seriously tempted

BrettMorganxD

Update from me guys, my CRB is coming back friday or monday so I can officially start work . I have decided to live on the amount set my jobseekers allowance and save the rest.

I will take out £200 per month (£50 a week what jobseekers gives u) and put the rest in my savings account. Will leave £50 in current account as well just to pay my littlewoods bill. Which I hope to soon pay off in full.

So off I go on my journey to save for a house. .

I am 19 years old, dunno if that is relevant or not.

Wish me Luck Guys!

bodmil

Brett - I'd get that bill paid off before you start worrying about saving. Think of the interest you are paying needlessly.

BrettMorganxD

bodmil wrote: »

Brett - I'd get that bill paid off before you start worrying about saving. Think of the interest you are paying needlessly.

It is interest free. And I am planning to pay it off in december, ready for the new year