The 'We're saving for a deposit' thread

Simon11

Choco1208 wrote: »

Hi everyone

Can I join in too.

We have a saving of approx £4000. We have spent a lot recently due to certain responsibilities. However, we want to save as much as we can in the coming year.

In total our income per month is approx £2000 (mine and partners combined).

We are currently staying with a family member, and help out with a couple of bills (approx 500 a month).

We both have normal saving accounts.

Please advise me on what options would be good for us to save money. Shall we open an ISA account?

We would like to buy a house costing approx 100k, FTB. Does that mean we will need to save 20% percent that?

Plus I really need to start researching on mortgages and how we can prepare ourselves from now.

It's so nice that you have a thread where were all aiming toward the same things. It's nice reading everyones posts, and I hope everyone has positive results soon!

Forget ISA, they're the second option if you have money left over.

First invest in Santander First Home Buyers Account.

5% Interest, or 4% after tax. Far greater rates than ISA!

You can invest up to £5,000 at the begining, then up to £300 a month.

A few restrictions, but its worth it!

After filling the Santander account, I then fill up Isa's

Eponym

Simon11 wrote: »

Forget ISA, they're the second option if you have money left over.

First invest in Santander First Home Buyers Account.

5% Interest, or 4% after tax. Far greater rates than ISA!

You can invest up to £5,000 at the begining, then up to £300 a month.

A few restrictions, but its worth it!

After filling the Santander account, I then fill up Isa's

Unfortunately the First Home Saver account is closed to new applicants, so reckon you probably are best off with an ISA.

[Deleted User]

Hi everyone
I've not updated on this thread in absolutely ages, although I have been reading at least 2/3 times a week.

I have a total of £7K saved so far and am hoping to add to this quite a bit in the coming months.
My aim is to have my own place by the middle of 2012 at the latest
P
X

Barros

ok, its been a long time since i posted - rarely online these days. But I've still been saving and I am now just over £30, 500.

So, pleased with that but a bit disappointed I'll miss my target for the year - however I did have things unexpected that came up - 2 weddings, big hol so pleased I haven't missed it by too much.

lou_mango

Just out of interest, how long has everyone been saving for? Some of your saving totals are unreal and I just wondered how long you had been saving for to get to that amount?
I've been saving for 2 years and have just under £14k. Im hoping to step up my saving and put away £1k a month next year as I've set a date to see a mortgage advisor in June and want to go prepared with a 15% deposit.

Its bloody hard work this saving malarky.

Also decided no more holidays as thats were a lot of my income goes lol

[Deleted User]

Quick update from me...59% of the way there, and will hopefully get to 60% by the New Year, or the end of Jan at the latest!

Simon11

Its been around 4 years for me, just working as many hours as possible, but still enjoying life with holidays and student life

planningforthefuture

Think I’ll formally join this tread. Been a long time lurker for the last 2 years. Currently have a savings pot of £29,000. Was hoping to have £30,000 by January the 1st but I’ve no way of achieving this now. Feel a bit deflated about it really. Still, I’m fortunate to be able to keep saving and as such hope to increase the deposit fund to £40,000 by December 2012.


To all of you saving away – keep at it! I was £25,000 in debt at one point and with no family support available (not even a free cup of tea) I have had to work really hard to turn things around. There were times when I thought that the position I’m in now would never be a reality. Just goes to show that pennies really do make pounds.


Well done to all of you who have worked hard to make your goals become a reality. You sure as hell deserve it. Thanks for the thread starter and for all contributors who support others on their quest for home ownership. I know that this support has spurred me on during times of hardship.


Oscar speech over!

xx

purplevamp

lou_mango wrote: »

Just out of interest, how long has everyone been saving for? Some of your saving totals are unreal and I just wondered how long you had been saving for to get to that amount?
I've been saving for 2 years and have just under £14k. Im hoping to step up my saving and put away £1k a month next year as I've set a date to see a mortgage advisor in June and want to go prepared with a 15% deposit.

Its bloody hard work this saving malarky.

Also decided no more holidays as thats were a lot of my income goes lol

£14K in 2 years is impressive :T

I've been saving for about 4 years. After we saved for our wedding I got the bug. In those 4 years we've saved nearly £30K. For a while we were able to save over £1K a month but now we only get my p/t wages we have to mainly rely on ebay and Amazon sales to get it up. DH has just had an interview for his PGCE and is waiting to hear if he's been accepted :eek:. If he is then that will mean at least 18 months more on a low income. If he doesn't get it then I'm making him get a job asap

J_i_m

lou_mango wrote: »

Just out of interest, how long has everyone been saving for? Some of your saving totals are unreal and I just wondered how long you had been saving for to get to that amount?
I've been saving for 2 years and have just under £14k. Im hoping to step up my saving and put away £1k a month next year as I've set a date to see a mortgage advisor in June and want to go prepared with a 15% deposit.

Its bloody hard work this saving malarky.

Also decided no more holidays as thats were a lot of my income goes lol

I've only formally been saving since August and I had to sacrifice my freedom living independently in rented accommodation to do it. I'm living with my parents again. This removes large rent from my monthly outgoings and enables me to live, pay off my debts and save. Currently I'm saving £4-600 a month but expect that to climb to £5-700 a month from may onwards. One or two months may be dropped in the meantime wih regards car insurance & servicing.