The 'We're saving for a deposit' thread

samtoby

I will be buying under the stamp duty and to be honest once I have done the deposit I will start looking and I will probably have another 3k by then. I know its not the best idea but I need to get that deposit first to me!

x

Jaymz

samtoby wrote: »

I will be buying under the stamp duty and to be honest once I have done the deposit I will start looking and I will probably have another 3k by then. I know its not the best idea but I need to get that deposit first to me!

x

Same, I will be buying under the stamp duty threshold and am going to set aside 5k for fees and furniture. I won't start saving for those until I have reached my deposit target!

Suarez

samtoby wrote: »

Its sad we have to do it this way; but the economy makes that the only way x

But then with a good deposit you will have a smaller mortgage and pay it off quicker & pay less interest to the bank.

Every cloud

samtoby

I'm trying as hard as I can. Just patience I guess. I do not have a lot. But I'm working on it x

quintwins

hi all not doing great this month however i had paid a few big bills, aiming for £200 this month, next month will be better

ive seen a few houses i'd like lately, smallish houses but we can manage and in an area hubby would prefer not to live but not the end of the world, all around teh £40k mark, im thinking we can get a good £5k knocked off given how much houses are selling for, so really gonna get stuck in and aim for £8k by the end of the year and buy this time next year....a girl can dream

jencolescott

Hey,

Can i please join this thread. Currently live in a 2 bedroom house. Bought for £125k hoping to sell for £122k. Mortgage outstanding = £117 so not much equity.

So really in order to move we are starting again. Saving for a 10% deposit so probably around £18k.

Just starting this month and doing the 12k challenge in 2012. Hoping to have saved enough to move late 2013.

Odette

samtoby wrote: »

I will be buying under the stamp duty and to be honest once I have done the deposit I will start looking and I will probably have another 3k by then. I know its not the best idea but I need to get that deposit first to me!

x

I thought that stamp duty thing runs out this March? I guess they may extend it? Do you know something I dont

Actually I think that's a good idea, there is usually quite a few months before starting looking and some money actually being put 'on the table' as it were.

samtoby

I do not know what is happening with the stamp duty; guess it will be looked at when the budget happens.

I feel I have to take things in chunks. So first will be the deposit and then fees. For me this works best.

I went today, to Nationwide and have placed the deposit in a Home Saver Nationwide Account which can lead you to better rates and a chance of 5% deposit rates if credit matches. I thought it was worth it as I am hoping for a mortgage with them but with a higher deposit.

Joyce_M

Odette wrote: »

I thought that stamp duty thing runs out this March? I guess they may extend it? Do you know something I dont

Actually I think that's a good idea, there is usually quite a few months before starting looking and some money actually being put 'on the table' as it were.

I thought it was going back to 0% for properties 125k and under, so as long as it falls into this category you wouldn't have to pay it?

I have a question, how much are you lot putting aside for fees etc?

Think my original plans were total budget £5000:

Solicitor Fee £2000
Arrangement Fee £500
Valuation Fee: £500
Stamp Duties £0 (under 125k property)
Emergency Fund/stuff I haven't considered £2000

To be honest I chop and change these figures all of the time. Some people I ask for advice make my sums sound like I'm putting aside too much, other people seem to wildly exaggerate the costs, and make me worry too much! When I'm a bit closer I'll start to really look into more realistic values.

samtoby

Who can say what the Government will plan next!x