The 'We're saving for a deposit' thread

Wantahouse_2

Hi All

I'm new to this thread, and so excited to be joining - though I'm already growing impatient with the whole process.

We're looking to buy a 3+ bed detached in Cambridgeshire, within a commutable distance to London as we both work in the City. Looking at the market it looks like we will be forking out about 250 - 300k for this (I have my eye on a house that I love already which is not good!!!!). As of the end of Feb we have £30,000 which is being put in a high interest savigns account. We are looking to save £60,000 for the deposit and an additional £10,000 for fees, stamp duty etc, and then furnish as we go once we are in So we're about 43% of the way there. My OH owns a flat that he lets out, which is now on the market, and with a bit of luck (fingers crossed everyone) this will sell soon and give us another £15 - £20k on top after paying off the mortgage and fees - so hoping it will sell before the summer.

That will pop us up to about 65%. And all the while we are saving at least £2,000 a month that will be added to that. So hopefully, if all goes well (does it ever?) we should be in a position to buy by the end of the year.

Just trying to decide when the best time to go see a Mortgage Advisor is..... and when to start viewing places etc. Really wish we were in the position to proceed now.... Don't we all though!

Good luck everyone with the saving!!!

littlemisskim

I've been watching this thread for months and thought I'd join in on the action.

My boyfriend and I finished university in the summer, and are now in our first full time jobs. We are living with my parents, and saving up what we would pay for a mortgage plus bills (and then some!) every month - so we don't get used to that extra income.

We are aiming for 15% of 90k, which is a realistic price for a two bed terraced cottage around here. It's growing really quickly. I've been doing a lot of eBaying as well, to add to the total. We are hoping to hit our aim of 13.5k by the beginning of October 2012.

Good luck everybody!

Edit: I've put our progress in my signature

nat21luv

I really admire you guys for finding yourself an OH that shares your enthusiasm for saving. Every long term partner I've had had no interest in saving a penny and I ended up breaking even every month because of their spending habits. Best of luck to you all and I really hope I can find someone who shares the same ideals as me

Nichelette

nat21luv wrote: »

I really admire you guys for finding yourself an OH that shares your enthusiasm for saving. Every long term partner I've had had no interest in saving a penny and I ended up breaking even every month because of their spending habits. Best of luck to you all and I really hope I can find someone who shares the same ideals as me

I know it's hard but people do change. I met my last OH when I was at uni. His dad paid for his rent and he had a job which covered a good chunk of his expenses, so he had nearly all of his loan and grant left which he was wasting on rubbish. Over two and a half years I did some sums and encouraged him to save... He graduated with thousands and no overdraft! (and then I left him lol - he is a nice guy though, and I'm pleased I showed him there is a better way of doing things).

The ironic thing is my circumstances were completely different and I graduated with loads of non student loan debt - all gone now though .

Current OH was the same too and I've *finally* won him around - much harder to crack as he earns a decent amount (much more than me) and is used to a certain lifestyle, but as you can see below we're now saving for a house. This is the most he has saved ever. People can usually be won around as long as you go the right way about it .

Kittenkirst

Hey everyone!
We're saving towards our deposit too, and since moving in together mid September we are 36% of the way there:j

We used a 0% spending c/card to buy our furniture on so paying that, paying the sofa and also on the last 8 months of paying off our car. Should all be gone by December wooop so really wanting to push our savings against target from 3% per month to around 8% at that point, just got to get through the next 10 months without any huge naughtiness splurging!

joined the 12k in 2012 thread too as its been fab encouragement for us :-) Have set us a target based on 10% of the average house price in Leicestershire, and found this has really focussed the mind! :-)

kaylz39

Kittenkirst wrote: »

joined the 12k in 2012 thread too as its been fab encouragement for us :-)

Can you please point me in the direction of this thread?

Kittenkirst

kaylz39 wrote: »

Can you please point me in the direction of this thread?

Hiya, no problem it is on the savings & investment board :0)
Not sure if I can hyperlink on my phone but its here:

https://forums.moneysavingexpert.com/discussion/3547675

Hope this helps

Joyce_M

Hello all! Some impressive updates- well done all! :beer:

This month we get an extra paycheck before the rent comes out so I'm banking it safely in the ISA before we spend it all! :money: One of the benefits of getting paid every 4 weeks = 13 paychecks a year Also don't have to pay council tax again this month (on a 10 payment a year scheme) so that will be banked on top of our normal £300 minimum. We managed to leave £160 in the account on top of last months saving so that has went into the pot. Total of £1012 banked, the most we've saved in a month so far. Feeling very very happy about this, as we started saving minuscule amounts, long may it continue!

Good luck all!

Starbrite

Finally I took my head out of the sand and worked out how much I need to save!

Can borrow £107k based on my wages, I have 7k saved so for a 15% deposit I need another 9k divide this by 18mths is £500 a mth...... (If not more)

That's all based on me actually finding something in SW London for 107K

I feel quite sick now...... Off to put my head back in the sand and check my euromillion tickets!

Joyce_M

Nichelette wrote: »

I know it's hard but people do change....

Reading this reminds me of my OH! His finances were awful and I spent a fair bit of time helping him sort this out. He used to leave all of the money to me saying it was 'my thing' but he's really tried very hard in the last few years, making decisions together, and even logging onto online banking regularly and pulling me up for buying unnecessary stuff! I think people can become 'good at money' but only if they are willing to try, e.g. set gradual goals and not give up at the first sign of failure.