The 'We're saving for a deposit' thread

nicedream_2

Hello
Payday! :beer: I've put in 1% from July's pay and (hopefully not too optimistically) 1% from August's pay which brings me up to 8%. Better get working for the all important double figures. My savings this month have been boosted by my returned deposit from my last flat - if only that could happen every month!

Well done on your savings, savingmummy!

I'm another London person. As you'll see from my signature, I'm "only" aiming for £20k. I realise this won't get me very far but I felt it would be a realistic amount to achieve over several years and an achievable goal is very important. Once I have a magic £20k, I will sit back down and look at the market and look at my next goal. I'm probably looking at £300K property which means 10% - £30k or as Domino9 rightly suggests 15%, which is £45k... gulp. Better stick to my £20K right now At least £45K won't seem so daunting with £20K behind me.

It is very daunting look at how much you need to save, but I would suggest not focusing on that too much. The daunting effect stopped me saving for a very long time and I think is probably the case with many people.

I currently have two jobs and the income from the second is very important towards my saving.

MiddyMum, I went to King's and a high proportion of people were from Essex and beyond and commuted in (probably around 70% of my class). It's a popular option and a good uni to have on the CV.

MiddyMum

Thank you for replying nicedream,

Well done on saving 20k I cant wait till I am in that position. Do you not need to be earning 75k a year to be eligible for a 300k mortgage though, dont mean to pry. So tell me to shut up if I am..but I guess by having 45k you will only need to earn 65K. I think by the time I have saved all of that I would be earning that! lol. I agree, a 20k target is much more manageable. Its very inspiring though, lots of people just dont have the dedication for this.

nicedream_2

I haven't saved it yet That's just what i'm aiming for.

I plan to by with my OH which makes the salary point much easier. I haven't looked into it too much, so it might be difficult but then I will continue saving

The news is filled with how hard it is to get on the ladder, it's easy to not try. That's certainly how it was for me.

MiddyMum

I know, I read somewhere that the average age of a first time buyer is 38. This scared me!

ruby_eskimo

Middymum - I'm from Thurrock in Essex (not saying you should move there by any means) but it's only 35 minutes into Fenchurch Street really from there and the rent prices are decent; around £550 a month for a 1 bed flat. Whereas I have now moved to Surrey and we're paying £800 for a 1 bed flat!

note_2

i'll probably end up having a decent chunk of my deposit paid for by my parents. wont stop me saving as much up as possible to get the deposit as high as possible though.

had a discussion with them about how they got on the ladder 20-25 years back. turns out they got financial help from their parents too.

very sad that its the only way of getting on the ladder for many people though.

If_My_Pennies_Were_Pounds

Yeah I guess I will need to sit down with OH and see realistically what our yearly aims should be and just how quickly we want to be able to buy.

We are quite fortunate in that the house prices up here in Scotland are nowhere near as expensive as you lot down south, particularly down London way! Although it also means the salaries aren't as high!

We are currently saving £500 per month, I think we need to be aiming for more

dhalliday

Hi everyone,

This is my first post (ever!) and in this thread, just read through about 20 pages and it's good to see that there are so many people in my position!

My OH and I have been saving since last July having moved in his parents after a couple of years of renting and what felt like throwing cash away.

We're hoping to buy a place in or near Edinburgh with a 10%(ish) deposit. Just now we've got around £18K and are aiming for £20K plus fees etc so here's hoping we can get the ball rolling before Christmas. Yay!

RedfordML

We are aiming for 18k by February 2013!

Good luck everyone, some very inspiring stories and has def motivates us!!!

andrea1968_2

Another £1000 transferred into the savings today. Fingers crossed might be able to put another £200 in but this is an expensive month birthdays wise, so keeping it in the current account for the moment until I know it can definately stop in the savings account.

Another month closer to achieving the dream :T