The 'We're saving for a deposit' thread

quintwins

purplevamp wrote: »

Just been on Rightmove and the house I really wanted has been sold (stc) . Probably just as well as we're nowhere near getting enough deposit for it, 4-bed @ £275K :eek:

i wouldn't be too diheartened, my dream house sold a few months back but came back on last week, it does say it needs redecorated now due to water damage :eek: what does that even mean? surely if it has water damaged it needs more than redecorated? it's now £5k less aswell but the water damage has put me right off, saying that if it's still on when i wanna buy i'll prob still go see it :cool:

[Deleted User]

Oh dear seems like some people are getting quite disheartened waiting for their deposits!

.....we will all get there in the end! (promise),and so long as we're all going in the right direction (even very slowly), we're still on the road to getting there!

Keep up the hard work everyone,

D9

Marcus84_2

Payday update from me. Now up to £84,200. Hoping to break the £90k barrier by beginning of April.

The more I save the lower the value of money seems to me. If I watch a programme like Deal or No Deal and somebody gets really excited to win £10k I always have the feeling that its not very much! does anybody else feel the same? Its the same with pay rises - you think if only i could get an increase of £200 a month it would make me so happy, but a couple of months down the line you want more and more.

Although i have more than enough for a deposit i still dont feel the need to step on the property ladder. I think whilst house prices are staying roughly the same it is better to keep on saving and build an even bigger deposit. Now hoping to get to £120k before buying, will use £100k as deposit and keep the rest back as emergencies. Hoping to hit this figure by the end of this year.

Average prices near me are £150 - £160k.

[Deleted User]

Marcus84 wrote: »

Payday update from me. Now up to £84,200. Hoping to break the £90k barrier by beginning of April.

The more I save the lower the value of money seems to me. If I watch a programme like Deal or No Deal and somebody gets really excited to win £10k I always have the feeling that its not very much! does anybody else feel the same? Its the same with pay rises - you think if only i could get an increase of £200 a month it would make me so happy, but a couple of months down the line you want more and more.

Although i have more than enough for a deposit i still dont feel the need to step on the property ladder. I think whilst house prices are staying roughly the same it is better to keep on saving and build an even bigger deposit. Now hoping to get to £120k before buying, will use £100k as deposit and keep the rest back as emergencies. Hoping to hit this figure by the end of this year.

Average prices near me are £150 - £160k.

You'll be mortgage free before you start!

Well done you!! (not envious at all, not one bit )

Marcus84_2

Lol Domino9. I would love to be mortgage free before i start but having such a large deposit does not make me feel any easier about buying. It is still a very daunting prospect.

It amazes me how many people have an opinion of the property market. The majority of people i speak to (all of which currently own a house) say you should buy a house now and that you should get the biggest house you can afford because eventually they will go up in price. Yes, i completely agree, in 20 years from now the average price today will seem like a snip, but i think prices will stay the same for a while longer.

As a FTB i have done so much research, read numerous articles, read lots of people's opionions on here so i feel i have a good understanding of how it all works. I think it all depends on circumstances and mine is that im in no rush to buy. To me the more i save the better i will be in the long run, especially with house prices remaining steady! I also dont want a huge mortgage as my job is never going to be 100% secure, rarely is when you have a high salary.

Sorry for the essay but it gets very frustrating when people tell you to buy now and that you are mad not to!

And well done to everybody, you are all doing really well with your saving! What i love about this thread is that everybody comes together with so much encouragement.

mrcashman

purplevamp wrote: »

Just been on Rightmove and the house I really wanted has been sold (stc) . Probably just as well as we're nowhere near getting enough deposit for it, 4-bed @ £275K :eek:

Drove past a home I have really liked that's been on the market nearly two years and the sign has changed to "Sold" . It was about 20k over my budget, but I'm sure the person who bought it paid about that. I will have to have a cheeky look if it comes up on zoopla in three months time.

lvm

I have just found my absolute dream home...and it's only £1.2m! 6/7 bedrooms, gym, library, games room, music room, hot tub, closer to my work (190 miles instead of 230 miles...don't ask - it's a hell of a commute!)

I might need to rethink the initial £25k deposit target for my next house...gutted!

Good news is that it's been on the market since July and no price changes. So reckon I can take my time to plan a bank robbery which will allow me to buy it

Ladykernow

Hello! I am new!

Started saving for my first deposit for a house in 2011, but wasn't as focused as I have been the past few months! The house I am looking into getting is a new property, around £100,000. Thankfully, on the great vine there is a new development hopefully going up at some point, and they will be 2 bedroom houses, aimed at first time buyers and at the price of £74,000! But I should have my £20,000 deposit by then. However, I will be possibly renting it out to start with rather than moving in. So far I have saved £7,700.

Hope you all get your deposits by the end of this year or earlier!

vl2588

Marcus84 wrote: »

Sorry for the essay but it gets very frustrating when people tell you to buy now and that you are mad not to!

I have been thinking about this and I can never decide whether it is better to contonue paying rent a little longer and save more deposit to get a lower interest rate, or buy asap with minimum deposit (say 10%) but end up paying more over time due to higher interest.

Has anyone bothered to actually work this out?!

[Deleted User]

vl2588 wrote: »

I have been thinking about this and I can never decide whether it is better to contonue paying rent a little longer and save more deposit to get a lower interest rate, or buy asap with minimum deposit (say 10%) but end up paying more over time due to higher interest.

Has anyone bothered to actually work this out?!

I think it's a bit more complicated than that!

Depends on the house prices now and in the future, cost of renting now and in the future, how long you plan on living in the same place, employment/personal life situations and how likely this would change over time, the type/interest rate on the mortgage you can get (now and in the future), inflation, interest rate you're earning on your savings (now and in the future), tax band you are in etc etc etc

The short answer is that it's different for everyone!