The 'We're saving for a deposit' thread

ManPants

lou_mango wrote: »

Really need to take up the £10 day challenge as I feel like I've been getting no where the last couple of months, but with Christmas its hard to save for both!

Any saving tips would be welcomed!

Hello & Welcome,

Something I did that i feel helped me was that I enrolled in a saving scheme with my bank over a 12 month period on a 10% interest account. Each month I paid a set amount by standing order on the day after I was paid so that the payment immediately disappeared from my account. If I defaulted on the payment or missed it the account was immediately closed and my money transferred into a normal (low) interest account. After the 12 months was up I had several thousand to pay into my "saving for a mortgage" account plus 10% interest on all of that too.

The pluses are that you can't default on it or dip into it and if you find yourself short at the end of the month you have to find another way of earning some extra cash like flogging some stuff on ebay when you normally wouldn't bother!


Good Luck!

Stupotstu

lou_mango

lou_mango wrote: »

Hi All

I've followed this thread for a little while and thought I'd join myself as a little motivator. Im 26 and planning on buying my first house with my boyfriend next year at some point (the sooner the better!). We're looking for a 2/3 bed in Liverpool for £130-£140k. Saving towards a 15% deposit so thats roughly £21k. So far I've managed to save just over £13k but have got a long way to go by the time we go to see a mortgage advisor in June.

Really need to take up the £10 day challenge as I feel like I've been getting no where the last couple of months, but with Christmas its hard to save for both!

Any saving tips would be welcomed!

Thanks all x

Its not a problem putting the money away, once its in my savings I dont touch it. I just need more of it! lol I'm putting away between £500-£1000 a month. Its my own fault, I go on too many holidays a year but I've promised myself no more holidays until we move in!

Any saving tips or money making schemes anyone could share ?

mattdragon2

I managed to save 40k and have just bought my first house. Currently going through the process now. Can't believe I'm going to see all that money gone. Took me 5 years to save all that.

[Deleted User]

stupotstu wrote: »

Hello & Welcome,

Something I did that i feel helped me was that I enrolled in a saving scheme with my bank over a 12 month period on a 10% interest account. Each month I paid a set amount by standing order on the day after I was paid so that the payment immediately disappeared from my account. If I defaulted on the payment or missed it the account was immediately closed and my money transferred into a normal (low) interest account. After the 12 months was up I had several thousand to pay into my "saving for a mortgage" account plus 10% interest on all of that too.

The pluses are that you can't default on it or dip into it and if you find yourself short at the end of the month you have to find another way of earning some extra cash like flogging some stuff on ebay when you normally wouldn't bother!


Good Luck!

Stupotstu

Unfortunately there is nowhere offering nearly as good a rate of interest as 10% at the moment!!!

Lucky for you though!

D9

Starbrite

Well that was depressing!

Was talking Fri night down pub with my two close friends about me trying to save for a deposit and picking their brains on how it works, how much needed etc etc (they are on their 2nd home a 3 bed house)

I casually asked how much deposit was needed for their 1st home a two bed flat with a small garden, I was informed they need 5k which her parents lent them and they paid back...... He looked at me laughed and said your need 50k now!

How times have changed from 2005 I'm more determined to get a deposit, to prove it can be done, I might be 105 when I get a place but I got it

iwantahome

Starbrite I know exactly how you feel. You will get their in the end.

I went over 50% of my target savings today. :beer::T

The light at the end of the tunnel is finally getting bigger. Although it still feels like it is miles and miles away.

Starbrite

iwantahome wrote: »

Starbrite I know exactly how you feel. You will get their in the end.

I went over 50% of my target savings today. :beer::T

The light at the end of the tunnel is finally getting bigger. Although it still feels like it is miles and miles away.

Oh well done

I still have £80 from an ebay sale and 2 x £25 I won on premium bonds to add to my total, slowly getting there

where are you looking at buying?

Simon11

Do remember that while you might have to save more for a house, you might own your house 100% outright quicker than your friends as they will have additional costs of running a house along with higher interest rates

iwantahome

Good point Simon.

Also, as is the case with many of my friends, they have loans and credit cards coming out of every orifice and have done since buying their homes. Whereas I and many people on this board will be in the fortunate position to buy free of other debts, and then will no doubt go straight into becoming a MFW.

iwantahome

Sorry Starbrite I didn't see your question.

I'll be buying in the north east so I won't need an astronomical deposit like those buying down south, but it is still a large amount of money to me.