The 'We're saving for a deposit' thread

*Beki*

samtoby wrote: »

You have 159k saved?!:eek:

I know, I feel the same when I see the huge amounts some people have got!! Feels like I could never have that much money. Super jealous and very impressed :T

samtoby

*Beki* wrote: »

I know, I feel the same when I see the huge amounts some people have got!! Feels like I could never have that much money. Super jealous and very impressed :T

That would buy me my place! I am very impressed but its all relative. London house prices would not even be reachable for me!

aliclaire

Every little helps... just signed up with Card Town for the free £5 credit, used it to buy my husbands valentines card with so thats another £5 i can add to the house deposit account!

Abatement

TheMetalMan0 wrote: »

~8k interest wow! Awesome saving there!

It's not all in the 5% account, unfortunately! That would be nice...

Rahven

I haven't updated for a while, mostly cause the wedding keeps creeping closer and we're hectic trying to keep up with everything we need to do!

Haven't put any extras into the pot cause Xmas left me skint and I'm trying to build a small buffer in my account for emergencies, but the £220 a month SO has been going in so we're now at:
£3817.26
Should be able to start saving a lot more after the wedding and honeymoon. Here's hoping!

SAMFOB

..........

quintwins

SAMFOB wrote: »

Hi, me & my husband have decided to start saving to buy a house (we only decided just over a week ago!). We currently live in London in a rented flat, but want to buy an (ideally!) 3 bed house somewhere on the south coast. We have worked out that we can save £300-350 a month, much much more when someone decides I'm employable!

We would love some help with a couple of questions that I'm struggling to find the answers to, if anyone can help us!

1. If we do a part buy/part rent can we do it in an area that's far away from where we are now? When looking, we've found that a lot of them seem to say you have to already live in that borough/city, so would we need to move to rented accommodation there first & then apply?! That would be an extra cost we'd much rather not do!
these are usually council run schemes so you might have issues, but you could still manage it, however please read the threads of this on here alot of people have issues, this will most likely be the biggest purchase of your life so you need to make sure you know exackly what you getting yourself into.


2. How do you know how much to save for a deposit? We're looking at houses that are around £200k-250k & would hopefully get part buy/part rent that means we buy 40-75%, but how do we know how much a bank would be willing to lend us? Is it too early to talk to banks now, when we have no deposit? And won't they be biased? Will they give us decent advice or just try convince us to go with them?
you need a minium of 10% (20%+ is better as you will get a better rate and have the option of more lenders) plus fee's.

3. In the same vein, how can you work out a rough estimate of the payments you'll be paying in mortgage/rent each month?
if you click the mortgage tab at the very top of this site there is a calculator it's just and estimate tho .

4. My husband is currently our sole income earner, will banks be unwilling to lend to us as a couple if I'm not employed or just temping (doing whatever I can get!)? Would we be better getting a mortgage in his name, and adding mine when someone decides I'm employable?
no they will lend in both your names, really adding you at a later date makes very little difference, they will only lend you so much based on both your incomes, by the time you have an income to account for to be added in, if you already have a house you won't need to lend more.

Sorry if this is the wrong thread or if the questions are too much! We're just very excited and want a super duper plan of action with a deposit amount to aim for!

have relpied in red


put another £100 in my savings this morning however we are considering opening an ebay shop to make some extra money so we will possibly need to take a good chunk out soon for stock, gotta spend it to make it

Carrie85

Hi everyone,

good to see everyone doing so well.

So not a great month, had a weeks work, which although not much is a step in the right direction when you're self employed.
Once paid this will allow me to pay off my credit card fully and hopefully save between £100 - £200. Although this doesn't feel like much it seems huge at the moment and at least its in the right direction.

I've got no work lined up for February at the moment but lets hope this month gets better.

Some good news, i've accepted the New York job for the summer, visa's permitting, and am determined to budget really carefully so i don't need to use any of the savings I have already put aside for the deposit.

samtoby

Carrie85 wrote: »

Hi everyone,

good to see everyone doing so well.

So not a great month, had a weeks work, which although not much is a step in the right direction when you're self employed.
Once paid this will allow me to pay off my credit card fully and hopefully save between £100 - £200. Although this doesn't feel like much it seems huge at the moment and at least its in the right direction.

I've got no work lined up for February at the moment but lets hope this month gets better.

Some good news, i've accepted the New York job for the summer, visa's permitting, and am determined to budget really carefully so i don't need to use any of the savings I have already put aside for the deposit.

Keep your head up high Carrie85 your doing very well; I hope your work picks up :T:T:T:T:T:T

jencolescott

Carrie85 wrote: »

Hi everyone,

good to see everyone doing so well.

So not a great month, had a weeks work, which although not much is a step in the right direction when you're self employed.
Once paid this will allow me to pay off my credit card fully and hopefully save between £100 - £200. Although this doesn't feel like much it seems huge at the moment and at least its in the right direction.

I've got no work lined up for February at the moment but lets hope this month gets better.

Some good news, i've accepted the New York job for the summer, visa's permitting, and am determined to budget really carefully so i don't need to use any of the savings I have already put aside for the deposit.

Well done you keep going your doing great. New York for the summer will be awesome