The 'We're saving for a deposit' thread

Odette

HouseHunter2010 wrote: »

That's me hit my target. Around 3 weeks late but who cares, I've done it!!! No houses on the market that I want to see at the moment but thankfully more and more are going on each day. Now that the deposit target is met I've started the 'new car' fund

Well done HouseHunter! I hope it goes well, please let us know how it turns out?:T I cant wait till we're there...

andrea1968 wrote: »

I just want my total to go up again, sick of looking at the same balance now on the internet banking. Roll on pay day 2 days and counting.....................

I am with you on that one. I have to wait till the 31st :mad:
However I did get paid £100 for switching my account to Natwest. Which was luvvverly. BUT I am going to NZ for a wedding in March so I doubt any of it will hit my savings :mad:. There's always something else...

MandM90

Some BEAUTIFUL houses for our budget have been popping up (thank goodness for moving away from the South East ) Can't stay off rightmove...though I know it's naughty as we aren't ready yet!

quintwins

well done househunter!!!!

well theres been some debating over houses here because hubby wants a nicer area but taking into account interest it would cost us 3times where i want and alot longer to pay off, we will just have to wait and see how house prices look when we're ready, he wants to look into co-ornership again :mad: hopefully he'll talk himself out of it so i don't have to

another £50 to add to my savings from ebay sales/money i was owed


seriously considering forgetting about it and booking a holiday to disneyland, my husband had a posher upbringing than me so has higher standards, we did live where i would like to buy when we first got married, he hated it but tbh it wasn't as bad as he makes it out to be and is a nice area, and given our income perfect for our price range, i hope he wakes up one day and relises i'm just being realistic

MandM90

quintwins wrote: »

well done househunter!!!!

well theres been some debating over houses here because hubby wants a nicer area but taking into account interest it would cost us 3times where i want and alot longer to pay off, we will just have to wait and see how house prices look when we're ready, he wants to look into co-ornership again :mad: hopefully he'll talk himself out of it so i don't have to

Don't give up, quintwins. Keep your eye on the prize. Why not set up a separate holiday fund (perhaps from a 'secondary income' such as babysitting or something) once you've got your home fund established.

From what I've read co-ownership is just a headache...I wouldn't touch one with a barge pole!

In some respects I would say area is important; whereas we'll be able to buy fairly large semis in some areas with our budget we're actually looking at 2/3 bed victorian terraces in a desirable area. Firstly because if we have to leave the area (moving there for uni in the first place) and do a little work - step dad is a builder, though - to turn the front room into a dining room it can fetch an 11% yield from uni students and also it might retain it's value better and be easier to shift should we need to sell. Not only that schools etc tend to be better. But I can only speak for where we are looking. The 'not so desirable' areas aren't necessarily bad or dangerous and I'd agree that it'd be much better to have a spacious family home and feel comfortable than feel stressed and have a much bigger debt for the sake of a postcode.

quintwins

thanks m&m i just feel like i'd doing all the work and we had decided on this and now he's moving the goal posts, i really don't want a co-ownership house i've already talked hubby out of it once

house prices are low here but just to give you an idea

£40,000, with a £8k deposit we could hopefully buy this time next year, roughtly £350 a month over 10 years, can over pay up to £1k, so in total would cost us £34k (plus our deposit) and we could own it out right in 3 years and 8 months
http://www.propertynews.com/Property/Portadown/PNC576681/1-Oakwood-Place/186373052/

£80000, we'd have to do 50/50 co-ownership and stair gate, but it even means that out half will take longer to pay because we have to pay rent £90, it will cost us £35k so not that much more but we'd only own half and and take us 5 months longer

http://www.propertynews.com/Property/Portadown/PNC505776/4-Baltylum-Park/186373339/

stupid thing is these 2 houses are less than 10mins walk from each other so can't be that much better of an area , we lived in the same square as the first house so know what to expect

also sitting tight and saving isn't really an option because as we're a one income family no-one would be willing to lend us £80k

also i've been reading into universal credits and it means our savinsg will be taken into account with our tax credits, more so than now, so we could end up a good bit worse off if we saved over £16k to the point where we would be no longer able to save, so would just be stuck

MandM90

If you've lived there before and they are so close, I wholeheartedly agree with you that double the price is not worth it. Keep saving and hopefully he will come around! I'm not sure what the NI market is like but hopefully you'll be able to look at slightly more expensive houses anyway as in many parts of the country the norm is 80-85% of the asking price.

quintwins

tbh 10-15% isn't much on £40k we could push to £55k possibly £60k but theres no big chnage in the size/area/ or quality of the houses here for that difference, i feel a home is what you make it, and altho that used to eb a bad area about 20 years ago it's fine now, has a lovely park and is full of families, i'd be happy to live there again if only short term, no matter where we go will be a huge down size

we have a "we'll decide at the time agreement"

Joyce_M

HouseHunter2010 wrote:

That's me hit my target. Around 3 weeks late but who cares, I've done it!!! No houses on the market that I want to see at the moment but thankfully more and more are going on each day. Now that the deposit target is met I've started the 'new car' fund

Well done Househunter :T

Don't know if anybody picked up on this in the latest MSE email, it confirms that 0% stamp duty to drop to £125k as of 24th March 2011:
http://www.moneysavingexpert.com/mortgages/stamp-duty

Which is a little good news for a few of us

samtoby

does that mean any property over 125k will be paying stamp duty at 1% up until 175k or around that x

Odette

1% up untill 250,000 yep.
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4015918
However if the market continues to be sluggish maybe Banks / EA's will introduce other incentives...