The 'We're saving for a deposit' thread

Suarez

Marcus84 wrote: »

Update from myself - now up to £82,200. Still very undecided on what sort of house to go for, whether to go for a nice smallish house with small mortgage or something a little more expensive.

I would go for the smaller place so you get used to the cost of living with mortgage and bills etc.

Then pay as much of the mortgage off as quick as you can and save to upgrade to the bigger place.

Why give the bank all your money

tara747

samtoby wrote: »

I think we are all doing very well considering its January! I have just been into Nationwide and the assistant told me about an account which in a save to buy account where you get better rates if you save in it then apply for my mortgage. Subject to the credit reference I guess. x

First HomeSaver? I have that, it's great.

Marcus84 wrote: »

Update from myself - now up to £82,200. Still very undecided on what sort of house to go for, whether to go for a nice smallish house with small mortgage or something a little more expensive.

Buy the house that you know you can stay in for 5-10 years (and if your circumstance change e.g. having children) and ride out any further falls in property prices in the medium term. Don't compromise too much on something that you know you're going to outgrow in 2-3 years (in which time you may not even sell for what you paid), and especially don't compromise if you don't feel right about the area. Why pay EA fees and stamp duty twice if you don't have to?

Carrie85 - go to New York!!!!!!!! I would if I had the chance :D:D

samtoby

What does it entitle you to?x (firstsaver)

Nichelette

Hi everyone, I've been subscribed to this thread for ages, probably years now! Am in a bit of a rubbish situation after my parents divorce - first page of my diary details everything if anyone is interested. Have been trying to get out of student debt since graduating in 2008, including paying off a 12k loan so my dad didn't lose the house post divorce - told you it was rubbish! Am also on the mortgage with my dad (just to make it worse).

Have been to see the mortgage advisor at Nationwide today and the situation though bleak could be worse. OH's parents have offered us 20k deposit which we don't have to pay back, but we will both only treat it as a loan if we have to take them up on it (which is unfortunately probable). We are both saving now, OH has 5k and my figure is in my sig. We need to see how is best to work things so I have no idea at the moment how much we'll need to save, we just keep ploughing away. Will either pay enough off of the mortgage to get my name taken off, or save a huge deposit and just take mortgage in OH's name. If I do end up on both we'll need a minimum 15% deposit rather than the usual 10% because I'd be on two. I wish I wasn't young and stupid a few years ago!

Oh, and I live in the South East, and don't want to live in a shoebox .

Daelim

Hi all, if you don't mind I'm going to join in on this thread because it seems like fun!

Me and my fianc!e are saving and can't wait to get on the property ladder. Our goal is to save 30,000 by the end of this year/early next year to have a 25% deposit on a 100,000 house and 5,000 for buying costs (fees, furniture etc). We are at 10,000 as it stands. 20,000 to go!

Two things we are doing which may sound desperate to some but is extremely fun for us!

1. We are viewing properties now! We want to get a feel for what we like and what we can afford. It's great to get an idea of the different types of home available and what we like best etc.

2. We are buying up things for our new home now. For example, today we ordered a slow cooker. We will keep adding other essentials as time goes on and if we have spare cash to help make the moving process a bit easier!

Without further ado, here's the bold target figures as we start our journey;

10,000/30,000 by January 2013 (20,000 to go!)

samtoby

Everyone is in such different situations and of course with the right deposit you can obtain a mortgage is most circumstances.

I do not earn that much so I may have to have my Mum on my mortgage for a while until I have built a big enough equity to have it on my own. My Mum doesn't have a property, owns hers outright and works so I am lukcy like that; to be honest I think she will help me to move out of hers in anyway she can!x

debrag

Carrie85 wrote: »

Hi everyone,

I last posted on here about 11 months ago and a lot has changed since.

My savings have depleted but in 2011 I did have some big life experiences which i'm really proud of myself for. Just a shame i had to use so much of my savings to do them.
I learnt to drive and passed my driving test! and worked in New York for 3 months with a bit of a holiday afterwards. These things incurred big costs which I beat myself up over a bit about but so glad I did them.
Driving will help me a lot as i'm self-employed and will mean I can work in a lot more areas now.

The downside is my self-employed work has really dried up so I don't know where or when my next wages will come from which is depressing when trying to save.

I still have a chunk saved which is good, although because I have nothing coming in I will probably have to use some of these savings in the short term to pay bills etc.

I do plan on being frugal and searching out as much work as I can and changing my luck. I've been offered the job in New York again this year for 3 months, which although it pays for itself wont allow me to come back with any savings.
But as I feel like it will take so long to save up for a deposit I may as well take this work and have another amazing experience.

It is frustrating when you've had a high amount saved and then things change and it depletes but I need to change it round again.

Feel like I need to get motivated to save again so hoping to post on here a lot more to help me.


At least I can pay my tax bill without having to use any savings, which feels like a big achievement at the moment. Onwards and Upwards, let's hope!

Glad to see everyone doing well

wow NY you lucky thing, shamne about the ithough.

MandM90

Added £130 today as some money appeared in my account from TV Licensing (moved out before paid year was up!) and I didn't want to spend it. Brings me to 3,735.44, 27%. Only crept up one percent but better than nothing

Ithilien

Oooh can I join this thread? I'm saving up for a deposit too!

We're looking to save about £60000 in about 4/5 years. This will be about 15% of mortgage + costs + stamp duty. We live near London (Ilford) and although looking to buy a house a bit more east, still commutable to London and houses in the area don't come cheap :-(

At the moment I've got about - wait for it - £700! But I really want to start saving properly this year - although I want to buy a cheap-ish 2nd hand car in the next 2/3 months. However, from March/April looking to save about £1000 - £2000 a month. I get paid commissions on top of my base salary so basically I want to save the commissions.

To give you a better idea of our finances: income me (age 25) about £55k a year (yes I know that's a lot - I personally think I'm way overpaid , I've been very lucky in being offered a sales job at my current company after working in client services), OH (age 28) gets £24k although that'll probably be increased to 26/27k in April.
Then the costs - boyfriend has got too many degrees lol so although he got bursaries etc as he studied the BVC he had to take out a £25k loan ("professional academic loan" or something like that) to cover his studies. We (well he, that is) pay £600 a month towards that, for another 4 years Interest is about 7% so really we should speak to a financial advisor to see what's better - saving up with pretty crap interest rates or paying off the loan first. Call me a bad girlfriend and selfish but to be honest I don't feel like saving up all my commissions to pay of HIS loan. If we'd be married or at least engaged that'd be different We've been living together for about 3 years but I don't want to pay off his debts...

Then other monthly costs: £1275 rent including water (as I said, expensive near London!), regular utility bills, internet etc, Virgin Active gym membership (although only £17 a month for me ), etc. etc. I think we're pretty good with shopping - boyfriend was brought up by an unemployed single mother so knows what it's like to live on a budget. I sometimes go a bit crazy on shoes and clothes unfortunately, so I hope setting a real savings goal will help me sticking to the budget!

So - hope to save about £14k by the end of the year. :cool:

eviekins

Hi Everyone,
Happy New Year! It's great to hear how well everyones doing with their deposit savings!
I now have £31,500 The boyfriend on the other hand is definitely slacking on the savings front! Very frustrating!!