The 'We're saving for a deposit' thread

Alejandro

Tiggy10 wrote: »

Hi everyone, I would quite like to join. Im in my last year of my teaching degree and as of the end of June I will need to find somewhere to live. Looking at renting a small 2 bed flat or house with 600-800 pcm rent. What would i be looking at deposit wise. This will be split with my OH whos moving with me.

Just need to start saving now!

realistically minimum of 10% of the house price as a deposit (15%-25% ideally). How much that is depends on where you would be looking to live.

There would also be other costs to take into account (solicitors, survey, mortgage application fee, removal costs, stamp duty etc). Again, exact amounts difficult to say, but you're likely to be a looking an extra couple of thousand at least.

EDIT: sorry, i misread - thought you were buying.

Tiggy10

Thanks, realistically I think we will look at 1000 each to save. Then i should get 300 deposit back from my student accomodation and anything else i guess we will have to borrow.

nat21luv

Still havent made a donation to my deposit fund
I seperated from my partner last month and this month I have been finding my feet financially. I also have to pay the remainding balance off my holiday in January (£700) and as I was supposed to be going the the ex-OH for his 40th (:D) I will have to pay it off myself. I will still go, even if I go on my own! Its my first ever holiday at the ripe old age of 25 so think of the money I've saved dipping out of girls holidays to Ibiza!

Alejandro

Tiggy10 wrote: »

Thanks, realistically I think we will look at 1000 each to save. Then i should get 300 deposit back from my student accomodation and anything else i guess we will have to borrow.

sorry, misread your post - thought you were buying. For renting, in my experience, it's normally 6 weeks rent as deposit.

nat21luv

Depends if your renting privately or agent. Privately its generally one month rent and deposit in advance and with agents its two months deposit and one month rent in advance. As a private landlord I only ask one month rent and deposit.

butterfly72

Well done everyone on your saving! I haven't posted for sometime now but thought i'd do a quick update. We hit 100k a long time ago and things seem to have slowed a little since then. We're now up to £144k with an extra 15k for fees and a 25k emergency fund.

I've just finished a years secondment for which I received a lower wage, but that will go up this month. Also, we got virgin tv and just bought an iPad and new laptop so we've had a 6 month period of spend spend spend. I'm also paying extra into my nhs pension which works out around an extra 700 per month on top of my usual pension payments, but I see that as a safe investment! We've also started having personal training sessions every week, which is a bit naughty and indulgent but I feel good.

Our allotment did well this year and has undoubtedly saved us a fair bit
and we have potatoes to last us a year! I'll be making lots of Christmas gifts this year and have prepared my chutneys. I'll also be using my baby aloe Veras, put into charity shop pots as gifts. I have a few text books to sell so will get them on amazon soon.

Our plan is to keep saving and topping up all our savings, house related
and non house related. We are not looking to buy this year.

Keep going everyone!

rictus123

Well im flat out ahead with a to do list...however £3,000 out last week for something but il have fortnights wages in on Friday plus another £4,000 or so...just got to keep dealing with everyday things, making small progress and soon i will be good to move in. Should be set for moving in end of October 2012. So just 12 short months to go, and the age of 21 i should be getting my first place!! Might start looking then and could take upto 6 months even? So will have an even bigger than planned emergency fund. Bring it on

BrettMorganxD

*sigh*

Little update from me. Have to buy a xbox 360 controller as mine broke. pffft £20-£40 I have to pay out.

Oh well I will just pay for it out of the money I allowed myself for spending. I am NOT digging into spending

BrettMorganxD

Nope Nope found a spare. £20 safe. Phew

nat21luv

butterfly, where are you loking to buy? Thats an impressive amount you've stashed away-well done!