The 'We're saving for a deposit' thread

samtoby

gazfocus wrote: »

Wow, go you! I kinda wish we had the chance to live with parents hehe...would make things so much easier It does but can get complicated!:eek:

I get paid weekly from my main job and it's so frustrating because it's hard to save the money but we've set ourselves a weekly goal of £50/w and then just as much as we can on top of that throughout the month. Thats great when I was not living at home I was paying debts so glad I am now out of that:o

My self-employed business is web design (and associated services) so am hoping to make enough from that the top up what we don't manage to save through work and I've just applied for Working Tax Credits which will give us an extra £45/w which will go straight to savings.

Really hope we can make it work though because I'm so tired of paying off someone else's mortgage lol

I hate paying someone else mortgage so I am on my way to have my own (hopefully):rotfl:

quintwins

we also made a big decision, we're moving to a mobile home in my in laws garden, we need to talk to the neighbours first, and plan to stay there for 2 years at which point we can buy a plot so there will be a huge dent in my savings in order to purchase a mobile home and get it to a comftable standard but watch this place and our savings grow we're hoping to move in a month and give our notice here once everything is agreed, theres a few small issues like hubbys guns and our dogs we need to work out.

my new aim for this year is £10,000, next year will be £17,000, at the moment we save £100 a week.

Fredula

Me and the boy are arranging a viewing to see a house! First viewing! Scary but exciting!

Wantahouse_2

Just looking for some viewing advice from all ye experts!

Our situation is we have a 10% deposit ready to go, though the aim is to have at least a 15% for mortgage rates purposes. We have a BTL flat that we rent out that we currently have on the market which if it sells will bring us up to the 15% straight away.
Even if it doesn't sell, with what we're able to save per month, we'll have the 15% saved in 4-5months.
So I'm just wondering when ye all think we should start viewing possible properties? We're not technically in a chain because in 5 months we can move regardless of whether or not we sell the flat (the selling would just be a bonus!).

Thanks in advance

[Deleted User]

Wantahouse wrote: »

Just looking for some viewing advice from all ye experts!

Our situation is we have a 10% deposit ready to go, though the aim is to have at least a 15% for mortgage rates purposes. We have a BTL flat that we rent out that we currently have on the market which if it sells will bring us up to the 15% straight away.
Even if it doesn't sell, with what we're able to save per month, we'll have the 15% saved in 4-5months.
So I'm just wondering when ye all think we should start viewing possible properties? We're not technically in a chain because in 5 months we can move regardless of whether or not we sell the flat (the selling would just be a bonus!).

Thanks in advance

Would you still meet the mortgage affordability without selling the flat? Or will that have any impact on the amoount the banks would be willing to lend to you.

Sounds like you need a chat with a independent whole of market broker for advice.

Personally, I'd not look at properties until I was in a position to proceed - you may see and miss out on a property you really love, and it's unlikley that any offer you made would be accepted if you're not proceedable.

I'd still keep your eyes peeled on the online sites, and perhapse start to register with estate agents in your area so they can forward on details of properties in the areas you're interested in.

D9

Wantahouse_2

Domino9 wrote: »

Would you still meet the mortgage affordability without selling the flat? Or will that have any impact on the amoount the banks would be willing to lend to you.

Sounds like you need a chat with a independent whole of market broker for advice.

Personally, I'd not look at properties until I was in a position to proceed - you may see and miss out on a property you really love, and it's unlikley that any offer you made would be accepted if you're not proceedable.

I'd still keep your eyes peeled on the online sites, and perhapse start to register with estate agents in your area so they can forward on details of properties in the areas you're interested in.

D9

The flat is let out so it covers the mortgage payments on that - we just don't want to keep it when we are planning on moving so far away.

We have a mortgage broker, and the mortgage is not a problem, whether we sell the flat or keep it for a bit longer. Ideally it will be gone so we can use the extra bit of money to reach our deposit target faster, but if we have to keep it a bit longer we will - as I said it pays for itself.

I just wonder when we will be considered 'proceedable'. We can get an AIP tomorrow if we wanted to, as we have the 10% deposit required already.

How long do you all think it normally takes from starting to look for a place until exchange/completion. We'll continue saving the same amount every month right up until completion. So if it takes say 12 weeks on average for a house purchase to go through, we could start looking in a couple of months as we know we'll have all the funds needed by then?

I've never done this before - the flat we bought that we rent out was previously owned by a friend so we just bought direct from them!

Fredula

http://www.findaproperty.com/for-sale/property-10097438

Look how pretty this is! I love the windows

samtoby

That would be about 200k here :eek:

gazfocus

Well the end of our first week since kick starting our saving for a deposit and we've found plenty around the house to sell and have managed to raise £1000 :-D

We're now in the process of taking photo's of everything we don't need that we can sell so we hope to have a good chunk of savings fairly soon.

Can't believe how focussed we've become though.

We've been looking at properties on the Internet and have decided we're going to aim for a shared ownership scheme but only one whereby we'll be able to eventually own 100% of the home.

mrcashman

I don't want to spoil it by saying it too early but this month is looking very promising. Despite having to replace my Galaxy S2 (£260) that was stolen I will hopefully save £800 this month! I've had £200 for switching my current account to the co-op credited finally, the 8 months interest from my ISA (£300) and a very quiet month so haven't managed to spend much.

Will post an official figure at the end of the month.