The 'We're saving for a deposit' thread

Mikazaru

Hello,

first post here, been waiting ages to join this thread! Have just finished uni for the second time around and after a couple hermit like months have paid off my overdraft and credit card, both were 0% but I decided to pay them off so as not to worry about them. I owe my dad a little bit of money for fees so am going to focus on paying him back first and save for a deposit on the side. I'm on a short term work contract so don't know where I'll be aiming to buy so I'm just going to aim for £10,000 as my first target and then go from there.
Am very impressed by the totals in this thread,amazing work!

Jaymz

What sort of properties are people in this thread aiming for? My current deposit + mortgage total would get me a 1 bed flat in the town I would like to live, however once I reach my target I should have enough to get myself a lower end 2 bed flat (which is ideally what I want) a little further away.

If I could save a tiny bit more and house prices were to come down a little more I think I might be able to stretch to a 2 bed terrace or something like that.

Unfortunately for me, time isn't on my side as I really need to move out of home this year, I'm doing it alone and I also live in a really expensive area of the country

gazfocus

Hi all,
I posted on this thread just over a year ago saying that we were aiming to save for a deposit but it just didn't happen. Our rented house (at the time) was extremely cold during Winter 2010/11, even with heating on full so we needed to move, plus we got married in the summer so had the wedding to pay for, so only managed to save a measly amount which then got spent over Christmas.

Anyway, I've been reading through the last 10 pages or so of this thread and I'm so pleased about how everyone is doing

We've got a very flexible tenancy agreement on our current home and love living here so we've set ourselves a new target of £10,000 by 31st January 2013. It's gonna be extremely hard and on paper it would seem impossible but we will try our best and see how far we get

quintwins

Jaymz wrote: »

What sort of properties are people in this thread aiming for?

If we decide to get a mortgage we're aiming for a 3 bed semi, however it's our dream to build our own home, in which case we would like to build a 5 bed detatched, we don't acually need a 5 bed house at the moment however another baby isn't completely out of the question (but off the cards completely until we have our own home) and as our twins share when there older they may want there own room.

A 3 bed does seem more viable right now so thats our current aim.

Added £100 this morning i will build it back up if it kills me :T

samtoby

I want a two bed flat but around here looking at around 130k for that

lou_mango

Hey happy savers

So in a few months time after a lot of hard saving going to let myself view some properties. I think my
Top range will be £140k. How much under the asking price do you think is cheeky enough to put in for a first bid? For example if they asked for £150k what would you offer as an initial offer? I'm told I'm in a good position as we'll have a 15% deposit and aren't in a chain

Your thoughts would be appreciated x

dawyldthing

littlemisskim wrote: »

Burnsie, have you heard about the Santander Preferred Current Account? They pay interest of 5% on current account balances of up to £2500. That way you can have your cake and eat it too!

Exciting news for me, I was offered a new job on Thursday. Not only is it an extra £150 a month, it's also a permanent contract, so hopefully in 6/12 months time, I should have enough employment history for a mortgage!

if its a permanent contract with probation built in you can still possibly get a mortgage on it as i have done

gazfocus

How much employment history are you likely to need to get a mortgage?

Until last week I had two part time jobs. I now have one part time job (that I've had for 15 months) and a self employed position. We are looking to buy around this time next year but I'm concerned that it might be frowned on that I've recently left a job.

quintwins

gazfocus wrote: »

How much employment history are you likely to need to get a mortgage?

Until last week I had two part time jobs. I now have one part time job (that I've had for 15 months) and a self employed position. We are looking to buy around this time next year but I'm concerned that it might be frowned on that I've recently left a job.

i'm not sure how selfemployed works but usually they like you to have 6 months employment history, friends of mine had to get just the hubby to get a mortgage because she'd only been in her new position for 6 months.


well i took yet more from my savings but it was for more stock, i have registered as self employed now and have an appointment of friday to set up and account just for my ebay sales, i've sold half the stock i bought 2 weeks ago already but i made a huge mistake with my ebay account thats means i havent made my profit, i will break even when they all sell tho so nothing lost and good feedback gained. plan to take another £1000 from my savings for more stock in a month or 2 and then i'll let it tick over using profit to buy more stock and keep going like that. sales are going well considering we only have one product so you never know this could be the way to get my own home.

Barneygumble_2

Hi All,
Got married last year and between Mrs Barney and I have amassed £65k, looking at properties in the home counties from £200k - £250k. There is a big saving in rates (then monthly payments) between having a 15 and 20% deposit, often a whole 1%!

There are 2-3 bed terraced houses for around £230k and we are viewing them at present.

Just remember as each month goes by, another £x goes into the pot, we are managing £2k per month, hoping to increase savings to £2500 to be able to furnish the house, tv licence, council tax, bills etc. What a nightmare!