The 'We're saving for a deposit' thread

SolvingDebtCrisis

Deposit for a home saved so far 6k. So glad to have savings and no debt. But I have defaults from 2 and 3 years ago so can't wait for them to disappear from credit files. .

Sales from eBay I will insert once they have all paid. Unfortunately some winning bidders don't pay, Waste of time if you ask me.

Lizling

Well, it's all changed again since my last, very upbeat post.

OH has spent a few weeks unemployed, and has just taken a new job 2 hours away that he's not particularly keen on. He's going to rent a room up there and try to save up for a trip around the world. He's decided not to go ahead with buying in London.

That leaves me with rent I can just barely cover on my own for our current flat. I'm reluctant to get a stranger in to houseshare again (I'm getting too old for that now and I really want my own space.) Soo, I'm going to start looking for a flat of my own. My salary probably wouldn't stretch to a big enough mortgage to get anything on my own, but my parents have offered to act as guarantors, and with that and my 10% deposit, I should just about get a studio or 1-bed flat. The repayments would be much lower than my rent is. The alternative is shared ownership. It seems I'd be eligible for it - in the priority group for the local scheme, in fact - so that might be another option.

All in all, it could be worse, but I do wish I had a way to save up that final 4k. That would mean I had a 10% deposit (on a 170k flat), enough to cover stamp duty and other moving costs, and a small financial cushion left over. As it is, it's a 10% deposit on 160k (tough to find anything for that) and no cushion.

nat21luv

How many bedroom do you have lizling? Have you thought about students? I'm getting £2k for the next 6 weeks of back to back students.

Lizling

I've got 2 bedrooms in my current flat and I'd be totally open to the idea of subletting one out temporarily to students. There doesn't seem to be anything in my tenancy agreement to prevent it, either.

How did you go about doing that?

nat21luv

Get in touch with a language school, in I'm Torquay snd surrounded by them! Google your nearest one, the whole application probably takes a few weeks max. Pesk weeks I get £15 per student per night. Next week I've got four staying, you do the math if your rooms a nice size you could have two, you'd soon have that extra £4k saved! You do have to give them 3 meals which isn't that bad, I tend to give them s basic packed lunch as you'll find they usually can't resist a McDs! Hope you find something!

Lizling

Oh, that probably wouldn't work then

I'm out most evenings until at least 9, so cooking for people won't work. I might look into some other kind of short-term tenant though. A pity I'm on the wrong side of London for the Olympics!

SupermumTGF

Hi all, I would love to join

My partner and I are saving for a house deposit. We are hoping to save a large deposit of £50,000 so we can have a shorter mortgage.

I will be going back home to live with parents at the end of the year to avoid paying rent and extras in housing association flat in order to save an extra £800. per month. Very sad that it has come to this but will not be able to save otherwise.

Will be back to update. Happy saving all xx

confused76

hi supermum, i'm in the same boat at the moment! I've lived on my own or with my partner for years but we are now living with MIL to save. We wouldn't be able to pay rent and save a significant sum without doing it this way and i think a lot of people are in the same boat.

Quick question for everyone, what % are you aiming for? We were aiming for 20% but we might go for 30% whilst we can

eviekins

Living with my partner's family also so I can save as much as possible! It's going well, by the start of July I will have hit 40k! The boyfriend has also saved 12k so although it can be frustrating not having your own space at times, its been fantastic for saving our deposit quicker. I can save the majority of my wage each month this way!

SolvingDebtCrisis

It is hard not having your own space or sharing your space. I have problems with a messier partner but it does allow me to save. I can't wait until I have my own place and can socialise at home.