The 'We're saving for a deposit' thread

Jaymz

It seems there are a lot of us saving on our own, it certainly makes it more difficult when doing it alone!

I've added another £300 to the total this month however my situation is probably about to change which means from next month I will be saving for fees and furniture etc. Reason for this is that I need to move out of my parents very soon and I'm going to rent for maybe a year but not touch my deposit. Therefore I need to make sure I have enough for stamp duty, fees etc so I can buy somewhere further down the line.

If I was in another part of the country I would have bought ages ago, prices round here (both buying and renting) are stupidly high

Eponym

stark_source wrote: »

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!

Thanks, and good luck to you too! From the looks of your sig you are aiming to save a lot more than me. I think £30-£35,000 should be enough for me. (Looking for a property around £100-£110,000).

You're doing well to save that much when renting! That's what I aim to save whilst living at home and paying a low rent to the parents.

Still concerned about whether I'd even get a mortgage on my figures though!

gazfocus

Didn't have as good a week this week. Only managed to add £400 to the savings from selling things but have paid rent and a couple of other bills off so all in all, fairly positive. Can't wait for pay day on Friday though

loveGSDs

signature update from me.......79% there! :j

haven't had a very good time money wise the past few months so very pleased with the current total

happy saving everyone! :cool:

pop_gun

Starbrite wrote: »

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.

I too will be saving for a deposit alone. I know sacrifices have to be made, but in the past i went to extremes and have hated the saving experience. This is my second serious attempt to save for a deposit as i found myself unemployed 2 years ago and had to use my entire savings.

I chose your post to respond to because my total savings as of today, is

*drum roll please*

£7,143.05

Starbrite

pop_gun wrote: »

I too will be saving for a deposit alone. I know sacrifices have to be made, but in the past i went to extremes and have hated the saving experience. This is my second serious attempt to save for a deposit as i found myself unemployed 2 years ago and had to use my entire savings.

I chose your post to respond to because my total savings as of today, is

*drum roll please*

£7,143.05

Oh dear I have someone with almost same amount as me I see a friendly competition happening

Well done for saving so much, where abouts are you looking to buy? That sucks that you have to spend your first lot of savings but at least it helped while you was unemployed.

pop_gun

Starbrite wrote: »

Oh dear I have someone with almost same amount as me I see a friendly competition happening

Well done for saving so much, where abouts are you looking to buy? That sucks that you have to spend your first lot of savings but at least it helped while you was unemployed.

Just out of curiousity how many premium bonds do you have?

I ask because i brought a single premium bond in 07 and was thinking about redeeming it for cash. your premium bonds are a cash equivalent asset and therefore you could add them to your total.

p.s. i haven't thought about any locations and i won't until i hit at least £25k

[Deleted User]

Well, payday update from me! Reached my end of march target. Still waiting on interest from one account (paid yearly) which should be arriving in the account before the end of April, and regular monthly interest on other accounts should be 31st/1st - so there'll be a little more added before April payday!

Hope everyone's sorted out their new ISA's - I'm still deliberating, but think I'll settle on Cheshire BS as per Martin's recommendation.

D9

Simon11

I'm up to over £54k and saving alone. I'm expecting to start looking for properties in a few months when I start my new job in Birmingham. Can't wait

Mikazaru

First update - £1025, hope to get to £10000 by the end of the year, maybe Feb 2013.
Well done for everyones updates :T