The 'We're saving for a deposit' thread

Starbrite

Domino9 wrote: »

Me toooo!

Me three............

I have an "extra £100" if I can get to payday without spending it it's going straight into the saving pot.... fingers crossed nothing breaks......

jencolescott

Me four

Cannot wait until payday altho I wont be able to add any savings until hubbie gets paid on the 15th March boohoo but not to worry So proud of myself that Ive kept £1k in the savings. Extra money from Feb's wage for me is going straight towards a holiday and also a golf trip (Glad I did that overtime now)

Happy savings everyone

nat21luv

I've been reading this thread for a long while and Im very impressed with your totals. I started saving then had to stop as life got in the way and my emergency pot was eaten up, then christmas, a holiday straight after that(was planned and budgeted for for over a year) and everything went worng. I lost my job, my partner and I seperated and now Im here on my own with my children. Anyway, I came on here in hope to keep me inspired to save (after the emergency pot regains conciousnes!) and after following someones suggestion about looking up the mortgage tab, I did. I almost wish I didnt but I used the calculations calc and I am horrified to see that over 25years I would of overpaid by £135k! I then did the overpayments calc based based on previous calculations and still, after overpaying on a 25yr mortgage, payments would finish 12years early and I would of still repayed back nearly £54k extra. Im not ok with that. So I have a new plan.....

Im now saving for a house. Not a mortgage, nor a deposit. A house, the whole house (and maybe a garage!)

I dont see why not, Im not with anyone, not even dating, the home I live in is gorgeous and spacious and the rent is about £200 less a month than what it should be for the size. I dont even have a job. Just reading and doing calcs has lifted a foggy cloud and finally I can see straight; I will by the whole house. It may take me years, im ok with that, I can go at my own speed, change my career and move within a few months, save for a holiday but know that however long it may take me, I havent payed the bank £132k too many. But best of all, I own the whole house.

Love to know your opinions on this....

quintwins

nat we're similar to you in that we don't want to pay a bank loads of money, however we really want to build so that we also have the perfect house for us , i'm assuming your kids are little and ur on benefits? i just wanted to point out that you could lose some benefits if you save too much, means tested benefits are slowly reduced from £6k (and when universal credits come in tax credits will eb included in that aswell) not that that would stop you i'm sure, but if your like me you like to know whats ahead and plan accordingly.

well my ebay items are doing well just added £268.53 to my savings taking me over the £2.5k mark (ok i kno wee bttons to you lot but not to me) hoping to save enough reach the £k mark by the 10th of next month

nat21luv

Yes I am for the next few months, only a little help with housing though, hoping to get another job sharpish. Glad its not just me then, I could buy another house with the money I repay back over 25 years!

quintwins

well we have been looking at a wee town house however prices are soooo cheap here if we overpay at the rate we save (our savings were empty at the start of nov so we're doing well) we could pay it off in less than 3 years and only pay £4k interest, we are still undecided about what were going to do, our inlaws offered to get a mortgage for us last week when they saw a fab bargian but it was suck a good deal it had offers near double asking price. they plan to share out some inheriteince they are due we have discussed them buying us a plot instead of giving it us, or using it for a mortgage and all sorts of different things, but until it's in my bank i plan to keep savings so we can get there on our own if need be.

i will get there one day

SG27

Well I've not been on this thread for ages! So here's an update from us. We now £103,900!! and have set a target of £110,000 which we will reach on the 1st of May. This will give us £100,000 deposit and £10,000 for fees and contingency fund. We actually made an offer on house a couple of weeks ago even though we Could only just cover the fees but we loved it so thought it worth a try. The rejected and then accepted our offer but we changed our minds as in hindsight the property probably wouldn't have been great with regards to parking.

Apart from that bit of excitement I've been getting a bit down about saving. I think living on such a tight budget for so many years is finally getting to both of us. I used to excited every payday but now it's just another boring day! But we are going to stick it out until may. Then reduce our saving direct debits so we can treat ourselves and each buy ourselves something nice!

nat21luv

Well done SG! Can I ask, how long did it take you both to save that amount? That is a fantastic amount, very jealous!

SG27

nat21luv wrote: »

I've been reading this thread for a long while and Im very impressed with your totals. I started saving then had to stop as life got in the way and my emergency pot was eaten up, then christmas, a holiday straight after that(was planned and budgeted for for over a year) and everything went worng. I lost my job, my partner and I seperated and now Im here on my own with my children. Anyway, I came on here in hope to keep me inspired to save (after the emergency pot regains conciousnes!) and after following someones suggestion about looking up the mortgage tab, I did. I almost wish I didnt but I used the calculations calc and I am horrified to see that over 25years I would of overpaid by £135k! I then did the overpayments calc based based on previous calculations and still, after overpaying on a 25yr mortgage, payments would finish 12years early and I would of still repayed back nearly £54k extra. Im not ok with that. So I have a new plan.....

Im now saving for a house. Not a mortgage, nor a deposit. A house, the whole house (and maybe a garage!)

I dont see why not, Im not with anyone, not even dating, the home I live in is gorgeous and spacious and the rent is about £200 less a month than what it should be for the size. I dont even have a job. Just reading and doing calcs has lifted a foggy cloud and finally I can see straight; I will by the whole house. It may take me years, im ok with that, I can go at my own speed, change my career and move within a few months, save for a holiday but know that however long it may take me, I havent payed the bank £132k too many. But best of all, I own the whole house.

Love to know your opinions on this....

So great if you can manage it! The interest you pay back it's massive! On our first key facts we had with our aip two years ago it said that for every £1 borrowed you repay £1.87!! The house actually costs you nearly double!

[Deleted User]

SG27 wrote: »

So great if you can manage it! The interest you pay back it's massive! On our first key facts we had with our aip two years ago it said that for every £1 borrowed you repay £1.87!! The house actually costs you nearly double!

I agree that it is a lot to pay back and that you do end up paying so much more than what you really think you've paid, with all the interest added on. But, depending on your circumstances of course, you are probably paying a similar, if not higher, amount equivalent to the rent you will/would be paying in the interim period while saving for the house.

I think it's all down to individual circumstances and preferences - for me right now renting suits better, and I will continue to increase by deposit pot until that changes. But I think for those living and working in the area they plan to stay forever (or a very long time), have a sufficient deposit for an affordable mortgage, have as secure an income as incomes can be right now - then buying might be the better and cheaper (in the long term) option.

D9