The 'We're saving for a deposit' thread

Starbrite

Oh I'm even more excited about payday/end of mth

Finally I've opened up one of those halifax reward current accounts where you get £5 for putting in 1k, and I had a Ebay moment last night and put some bits on that i'm never going to wear/use. (I looked around the office today at work trying to work out if i could sell my desk laptop etc, no one would notice and pocket the money!)

As Asda say "Every little helps"

I'm a bit to excited over a free fiver though, told my boyfriend last night I could hear him roll his eyes....

shoujoA

J_i_m wrote: »

I'd suggest aiming for 20k deposit.

that seems a bit much considering im looking at houses under £70,000 (i can get a mortgage upto that amount)

my local council is running a 95% deposit scheme which im eligible for as well so i could use my extra savings for fixing up a house

i know some people have told me to put more down as a deposit so i dont have to pay as much but i cant afford much more...

immoral_angeluk

Thought I'd post and say hello!

I'm a single mum to 2 girls currently living in a 2 bed HA property. Work FT and currently working at repaying my approx 6k debts by Aug 2014 as well as saving for a mortgage deposit at the same time. Once the debt is paid off every spare penny will then go towards a deposit and should be able to be built up at a decent rate. I have a boyfriend who is currently in a homebuy 50% share property and the intention is at some point in the future to set up 3/4 bed home together using his equity and my deposit.

I haven't got much at the minute, I've got £306 in my 'mortgage deposit' account and have a regular payment set up of £55pm, but I'm adding extra bits and pieces when I can as I sometimes get some money towards it from my father who is trying to help as much as he can. I'm also trying to build up savings in general as a buffer for one off costs etc so I don't have to use cards etc and the debt comes down ASAP.

Have been reading this board more and more of late trying to pick up hints and tips. It's great to see such a font of knowledge!

Simon11

I would forget saving money away for a deposit, work on getting rid of your debt first!

You'll get there quicker!

No point getting 3% interest on savings, when you have debt costing 15%!!

immoral_angeluk

Simon11 wrote: »

I would forget saving money away for a deposit, work on getting rid of your debt first!

You'll get there quicker!

No point getting 3% interest on savings, when you have debt costing 15%!!

Oh I know, but that's why I only have a small amount so far. The bulk of my money is going on paying the debt off. However I'm still saving some to ensure I stay motivated towards my overall aim

J_i_m

shoujoA wrote: »

that seems a bit much considering im looking at houses under £70,000 (i can get a mortgage upto that amount)

my local council is running a 95% deposit scheme which im eligible for as well so i could use my extra savings for fixing up a house

i know some people have told me to put more down as a deposit so i dont have to pay as much but i cant afford much more...

You're saving a similar amount (monthly) to me. So you probably can afford it if you save for long enough, unless it's hell at your parents at 23 yrs old my option would be to stick it out a few more years. I'm 29 by the way and back at my parents, I rented elsewhere for a while.

You may be aiming for a low value property which is of-course your choice. To me that either says that prices in your area are significantly lower than in my mine or that you're happy to live in a ran down area (no offence).

It's not a bad idea at all to plan to save a far larger deposit than your currently planning. For one it could reduce e interest you pay on on your mortgage loan and might even increase your chances of actually getting a mortgage because you'd be taking on more of the "financial risk" and also a better money management impression to the bank.

ruby_eskimo

Well it's all go go go here. We've managed to find a flat to rent that's at the top of our budget, so things will be a bit tight around here. Still going to try and put £500 away each month but we're going to crack on hard with the wedding savings.

Jaybo10

House fund total updated!

Does anyone else get that weird excitement from updating their signature with their new total?

compbren

What an inspirational thread. I've spent the last few days reading.

One question though. What happened to tara747 ? She seems to have disappeared. I was very impressed with her savings.

beckythemadcow

I think Tara posts quite infrequently, I'm sure every post brings another £10-15k!