The 'We're saving for a deposit' thread

smileigh

Hello, I've been reading through everyone's posts and getting inspiration
Thought I'd add my piece. My husband and I currently have £12,300 saved, hoping to be up to £15,000 by end of March. We don't have an overall target yet, we just say £xx by the summer so it's easier to keep tabs on. We'd love to buy this year but it looks unlikely with only £12k saved so far.

jencolescott

Hey thought id bump this thread back up to see how everyone is getting on?

Im still so much at the start of our journey as come tomorrow we will have our first £1k saved Every little helps eh? Still not sure as to whether we are actually going to buy a new house. We have alot to think about. We are saving though anyway so we can make our own decision either way.

Our main issue is that even though we can afford a nice big house, do we really want all our money going into a mortgage. I just want to enjoy life and go holidays and spend alot of quality time with my kids.

Our biggest reason for wanting to move house is we only have 2 bedrooms and are trying for another baby. If this baby is a boy then there are no issues with staying her as they could share a room. So I guess our decision is based on the sex of our next baby

quintwins

well i spent £300 of my savinsg last week on stock for me new ebay shop profit's not much but everything helps, i've already put £100 back so i'm at £2207

lou_mango

Little update from me as its payday. Back on track now after a disastrous January and my grand total is now £15809.41 GO ME! Off to Berlin tomorrow for a little trip and then back to save save save!

Happy saving everyone x

AndyGuil

lou_mango wrote: »

Little update from me as its payday. Back on track now after a disastrous January and my grand total is now £15809.41 GO ME! Off to Berlin tomorrow for a little trip and then back to save save save!

Happy saving everyone x

That's great, well done.

I've just booked a trip to Berlin.

quintwins

well i added another £100 today, however the stock we bought has been going really well, we sold 6 from yesterday which ok is only £6 profit but even still good going and every penny helps which is pretty good in one day (infact our ebay ad hasn't even been on for a while day yet) so we're seriously condidering dipping way into our savings in order to buy more stock and have already priced some, will see how the next few days go and decide from there.

ljaneyr

Hi everyone

I haven't posted here in a long long while, probably over a year! I was having doubts that we would ever be able to buy our own house. Anyway I kept on saving and now the focus has returned to buying.

I've joined all sorts of challenges this year (see sig) to help motivate me and plan to search out extra supply work for my day off when I'm back on my feet properly after months of being unwell.

On the plus side my OH has very nearly paid off his debts and is making all the right noises about saving for a deposit.

On the down side he has a very dodgy credit record from a couple of years ago and I sometimes wonder if it will be possible to get a mortgage at all. I need to do a lot of reading on credit records and mortgages as we're really very clueless.

Does anyone on here have any advice? A couple of years ago my OH had several months off work due to ill health and then struggled to get work again as he was self employed at the time. He missed many payments on one of his loans. Since then he has been really good and is now employed by a company. He also has his name on 6 mortgages with his parents and seems to think this cancels out the problems on his credit file. Can you get a mortgage with a record like this? I have had sleepless nights worrying about it!

Thanks if you could be bothered to read all that:eek:! Off to read up on mortgages now...

quintwins

ljaneyr wrote: »

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Does anyone on here have any advice? A couple of years ago my OH had several months off work due to ill health and then struggled to get work again as he was self employed at the time. He missed many payments on one of his loans. Since then he has been really good and is now employed by a company. He also has his name on 6 mortgages with his parents and seems to think this cancels out the problems on his credit file. Can you get a mortgage with a record like this? I have had sleepless nights worrying about it!

ok i this might not be completely correct so check with a mortgage adviser first.

A default will most definetly go against him and will stay on his file for 6 years after he defaulted, not matter that he paid his other debts (like the other mortgages he's one) he really needs to check his credits report (you can get a basic one for £2).

this is the bit i'm unsure about you can only have so much credit depending on several things but mainly your job (and how many kids you have will bring it done i was suprised to learn this) so if his names on 6 other mortgages that have outstanding balances you could find this acually goes against him, because they will decide he can't borrow as much as you may like, this is why they recommend closing any creditcards you don't use rather than leaving them open as eventually it could result in your being turned down for credit. however if there is some equity in these houses it could help, but it won't cancel out a default.


oh and i got a refund from groupon (that was more hastle than it was worth) so i have £48 to go in my savings as soon as it transfers out of pp

samtoby

Week until pay day......I need it!

[Deleted User]

samtoby wrote: »

Week until pay day......I need it!

Me toooo!