The 'We're saving for a deposit' thread

gazfocus

samtoby wrote: »

What are you selling :eek:

Things from my hobby (music recording, etc). Got a few more bits to stick on yet :-)

Rahven

Haven't been posting for a while, but I've managed to get my deposit fund up to £4662.58 Nice to see so many new faces around and taking saving seriously

Suarez

I'm up to about 5k. Does anyone else get anxiety waiting for payday? Haha

easilydistracted

Suarez wrote: »

I'm up to about 5k. Does anyone else get anxiety waiting for payday? Haha

Completely. I almost feel itchy wanting to save more money. I've got past it by second job hunting (unsuccessful so far), signing up to DooYoo and thinking about what I can sell!

For those that are selling things off, do you mainly use ebay? I have a couple of paintings to sell but they're modern ones and the artists are not well known. Any ideas for where to look to sell these? Going to have an empty house by the time we move!:rotfl:

samtoby

Payday I will be on 11k. So I am excited I will be over half way

Eponym

stark_source wrote: »

Hi Everyone:

I've been contemplating getting off the rental threadmill, but, well, the more I read up on it, the more it seems as if now's not the time. However, I've taken the view that some time will be the right time, so I had better start saving.

So, I've got a long-term plan (see sig), unless a shorter term one suddenly reveals itself.

What I'm wondering: are there any single people on here, struggling toward getting a mortgage, god forbid, on their own?!?!

So far, that's my situation, and I've begun to accept that, for now at least, I'm going to have to be in it for the long haul.

Any folks out their indentifying with what I'm saying?

Me too! I'm not doing too badly at saving the deposit (got about 20% now but planning to try to get 25% deposit plus an extra £6000 or so to cover fees and furnishings) but I am concerned about affording the repayments and whether I would even get a mortgage buying alone on £18k.

I plan to have a lodger but need to be able to pay for everything myself just in case, and need to be able to pay it all if interest rates go up to 8% plus like they were pre-credit crunch...

Oh well, the more I save for the deposit the less of a problem that becomes!

samtoby

I am doing it alone with a child; but I need security. So here I am saving away

stark_source

Eponym wrote: »

Me too! I'm not doing too badly at saving the deposit (got about 20% now but planning to try to get 25% deposit plus an extra £6000 or so to cover fees and furnishings) but I am concerned about affording the repayments and whether I would even get a mortgage buying alone on £18k.

I plan to have a lodger but need to be able to pay for everything myself just in case, and need to be able to pay it all if interest rates go up to 8% plus like they were pre-credit crunch...

Oh well, the more I save for the deposit the less of a problem that becomes!

Wow, to know someone else is in a such a similar position to me, including having the same concerns and thinking about the same possibilities, feels great!

I too am considering the lodger possibility, but what to feel I can get by alone if need be. Currently, knowing - perhaps even expecting? - interest rates to rise as high as 8% at some point in the medium-term leaves me quite apprehensive. So, I've decided, like yourself, to build up as big as deposit as possible in order to reduce the monthly mortgage payments when I do buy, and also to avoid the possibility to finding myself in negative equity.

Right now I feel as if the current mortgage rates are feeding the delusion that such mortgages are "affordable". At rates as low as 2.99%, that are merely affordable now. In the future, that could quite quickly become incredibly unaffordable.

As you can see from my sig, I've not saved as much of a deposit as you, but I am incredibly fortunate to find myself renting at a very low rate, so I can save quite a bit (approx £500/month).

I'm determined both i) not to rush into anything that will leave me struggling in the future, and ii) to nevertheless eventually buy my own place. Just on my own terms, and not out of desperation. I've not been raised by my culture to have patience though, so it's a difficult process for me not to jump too soon.

Good luck on your goals!

Starbrite

I'm also saving for a home by myself, I'm looking to buy in south west London and at the rate I'm saving I have no idea when I will have enough for a deposit! I so need a personal trainer for saving. Was looking at flights to New York this morning and had to say NO!

Pre payday update from me.

Having closed a savings account with the Post Office I gained £15.24 in interest, This along with my Premiun Bond win of £25 and I also closed my low interest ISA with a balance of wait for it £1.11!

This all brings my total up to £7,121.35.

April is going to be a poor savings mth off to Austria for some snow and I had to pay my £250 car insurance excess (dozy woman crashed into me on a roundabout) Then there's MOT and Service! Hoping to save more on 30th April pay day.

mrcashman

Wow, had a great month. The percentage of my deposit aim has gone up by 6%. It was only 2% last month. Helped by interest from my Cash ISA, £200 from switching current accounts 4 months ago and myself being very frugal. Thanks Money Savers.

I also broke the £15k barrier. Didn't think I'd ever do it!:j Just another £5k to go (about a year) and I can start looking!