The 'We're saving for a deposit' thread

YoungBusinessman

This is going to sound terrible to alot of you guys....the last thing i want is to move out and rent. Its just my own personal choice, id much rather have a mortgage. Im 21, staying with parents. Currently pay £100 a month 'board'. I am however having to leave by summer 2013 at the latest as parents are down sizing.

But i have £28k business debts. It costs £806 pcm. This is spread over 4 debts ending on 03/15, 03/16, 05/17 and 01/17

So my debt free date is January 2017....4 and a half years away paying at minimum payment.

Buying with gf we are looking at saving £10k each for deposit and then an extra few between us for emergency fund etc...

Im going to try and save my half by Christmas time and into new home start of 2013. Then the money iv been saving i will put to debts.

On £3k a month net i think £1k my half expenses, £200 emergency fund leaving £1k to overpay + any bonuses + any dividends + pay rises.

Looking at property costing around £110k.

Can it be done ? I will soon find out.

Nichelette

YoungBusinessman wrote: »

This is going to sound terrible to alot of you guys....the last thing i want is to move out and rent. Its just my own personal choice, id much rather have a mortgage. Im 21, staying with parents. Currently pay £100 a month 'board'. I am however having to leave by summer 2013 at the latest as parents are down sizing.

It doesn't sound terrible at all. If it makes you feel better I'm 26 and still live with my dad along with my siblings (24, 21 & 18) though the mortgage is technically in both our names...

I absolutely hate renting and would never feel at 'home' in a rented place knowing that I could be asked to move with little notice, not be able to decorate, praying I get my full deposit back every time I move and having to pay silly amounts to agents for renewing contracts and so on. Aside from that I live in the south east and couldn't afford to rent and save enough for a deposit on my wages.

I've thought of moving away from the SE having seen some lovely houses further north for a fraction of what we'll be paying but to be honest I wouldn't want to be so far from my family and friends. My other worry is that both myself and OH have secure and not too bad jobs (though his is a lot better than mine) which to be honest we'd rather not leave, especially when jobs are so hard to come by at the moment.

Feels like we'll be saving forever!

YoungBusinessman

Well i will pay off the debts and take on a mortgage...just the wrong way about!! And possibly the hard way about!! Will see what happens at Christmas but as it looks right now, should definitly manage to see £12k in account by early next year.

bodmil

Bye bye deposit....

Just handed over the rest of my deposit totalling £46250 plus solicitors fees of just over £3200. I'm officially in massive debt!! :eek:

Moving in next week and thanks to this website I got a brilliant 5 year fixed deal so already have my finances planned until then, including projected income from a lodger so I can't wait to get started on overpaying!

I think if you start your mortgage journey learning to scrimp and save for the deposit you're already building a great habit and outlook for a much more successful financial future than many people have been through before us. Keep up the good work everyone!

savingmummy

bodmil wrote: »

Bye bye deposit....

Just handed over the rest of my deposit totalling £46250 plus solicitors fees of just over £3200. I'm officially in massive debt!! :eek:

Moving in next week and thanks to this website I got a brilliant 5 year fixed deal so already have my finances planned until then, including projected income from a lodger so I can't wait to get started on overpaying!

I think if you start your mortgage journey learning to scrimp and save for the deposit you're already building a great habit and outlook for a much more successful financial future than many people have been through before us. Keep up the good work everyone!

Well done :j Good luck in your new home

Jaybo10

hello all,

just a quick update from me. We are just shy of £38K after the last deposit - I am now rummaging around for some ebay items to round the total up to £38K!!

Glad to see everyone doing so well! keep going!

nat21luv

Well done bodmil, that's fantastic news!! I'm of the same mind set as you, may look at getting a house with an extra room (or a big room that can be divided) for hosting students. I do this already and love knowing my rented house is working for me. Id do this with my own home too but put the money made from hosting towards overpaying my mortgage. My income so far from students this month is at £980 with 10 days left imagine how quick I could pay it off.....:D:D

nicedream_2

bodmil wrote: »

Bye bye deposit....

Just handed over the rest of my deposit totalling £46250 plus solicitors fees of just over £3200. I'm officially in massive debt!! :eek:

Moving in next week and thanks to this website I got a brilliant 5 year fixed deal so already have my finances planned until then, including projected income from a lodger so I can't wait to get started on overpaying!

I think if you start your mortgage journey learning to scrimp and save for the deposit you're already building a great habit and outlook for a much more successful financial future than many people have been through before us. Keep up the good work everyone!

Hooray! Well done I love that you're already thinking about paying it off!

This thread should have a hall of fame!

bodmil

Thanks all! Saving as much as possible is just addictive, especially now I'm calculating how much interest I'm paying instead of getting, eeek!

vl2588

Awesome, well done!!!