The 'We're saving for a deposit' thread

SG27

nat21luv wrote: »

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

Thanks

Well luckily we are both natural savers anyway and even before we met five years ago we had about £10,000 each. Although I bought myself a car out of that! It's taken us 4 years of very tight living to get this far. Living with our parents helps as we don't pay much in rent. It's a boring existence though, and starting to get to us now.

skinnyman9000

After my meeting with the mortgage brokers we're now aiming for a 15% deposit instead of 10% due to the rather massive difference it makes to the interest rate (5.1% down to 3.2%), so our new target is £21-£23k. The missus has car tax and insurance due this month, which doesn't help, and mine is due at the end of April, BUT, we've made a big push this month and we should be able to put around £2k into savings, thanks mainly to a bonus at work.

_Chris14_

Skinnyman - What sort of house prices are you looking at? Your savings target is the same as ours

eviekins

I try and save the majority of my wage each month, but me and my partner both have low wages, so that's my worry as 3 x our income would certainly not be enough. Looking at properties at about 195k so it will be a long time saving for a larger deposit!

neilem

eviekins wrote: »

I try and save the majority of my wage each month, but me and my partner both have low wages, so that's my worry as 3 x our income would certainly not be enough. Looking at properties at about 195k so it will be a long time saving for a larger deposit!

Hmm, 195k for low income earners? Why would you need to stretch yourself that far?

purplevamp

neilem wrote: »

Hmm, 195k for low income earners? Why would you need to stretch yourself that far?

It could be that the area eviekins lives in has really overpriced properties, like my area. We're looking at around £250K :eek:

jetblack61

Have been merrily reading all the posts and thought I would update on our situation....we've now got £12k saved, but really no clear idea of how much we need.

Working on the premise of around 15%, we probably need about £24/25k, but we don't actually know much about this house-buying thing :embarasse ...so we're going to have £15k as our first mini-goal, and then go to the banks for a chat about how it all works and how much we do really need from their point of view.

We're both good with money and now we've agreed we're saving properly, we will be able to put money away each month...just not sure how long it's going to take...!

samtoby

I found having a target was a great way of making me save more. x

[Deleted User]

samtoby wrote: »

I found having a target was a great way of making me save more. x

Yeah me too, as I'm in this for the long haul and my ultimate target is a fair way off, I have set mini targets on the way to keep me focused and motivated!

samtoby

Its like anything no target it doesn't encorage. I guess it depends how strict you are but from being in debt and having no money its just the same but I hopefully will have something to show for it. x