The 'We're saving for a deposit' thread

Lizling

MiddyMum wrote: »

Are any of you here, choosing to buy in London? What is your deposit target? Do you have a high salary as it is, I will probably save a decent deposit, as by the time I get to seriously look, I will be working two jobs but since the property prices are around £400k + in London, they would laugh at my piddly 30-40k salary. Im not sure what to do, as I dont live in London at the moment but I have the option too, and the shared ownership horror stories put me off a little.

Hi Middymum,

I’m buying in London on one very average wage and it’s definitely doable. None of the EAs have laughed at me yet, but then I haven't exactly been asking in Knight Frank's Chelsea branch either! My target deposit was £25k (£20k plus £5k fees).I’m there now but haven’t updated my sig because a little bit more wouldn’t hurt and it'd be great if I could hit the 15% mark while I'm looking.

How big a place do you need? 1-bed flats in about zone 3-4 even of south west London start at around £155,000, so that’s about 4 times a salary in the middle of your range after putting down a 10% deposit. Studio flats are less. Not a great option if you've got a family with you though.

MiddyMum

Hi Lizling,

I only have one daughter, I am still with her dad but he is so unreliable with money that I only ever count one salary in my future plans, that way I wont feel disappointed if I am single by the time I apply.

By the time I get to have a mortgage, I will want to buy a 3 bed minimum. Just incase, I decide to extend my family. Although, it is very unlikely. I intend on living there until I am mortgage free not before. So, with Martin's advice on overpaying, that could be 10 years minimum.

My salary will probably stablise around the 40-50k range thats why I dont know how I could ever afford London with my requirements. I am really put off the Shared Ownership schemes they really scare me!

Are you looking to have just a one bed? I wish I was in that position!

MiddyMum

^^^ adding to this, I have considered hertfordshire which is a little further out. For now, I will just concentrate on saving the 1 million pound deposit I am going to need...:rotfl:

Lizling

Yup, just looking for 1-bed myself, or 2 bedrooms if I can find one cheap enough.

You'll be fine though. There are loads of 3 beds up at about £220k to £250k.

Starbrite

Woo Hoo Technically I've hit the 8k mark, But alas started saving for a Christmas holiday, new Mattress and Bicycle (feeling inspired after the Olympic road race) So due to this new saving account for such things I have now got 7,900 Unless I choose not to buy the above items.

quintwins

i'm back to £0 again as we lent some money to family, it will come back before we need it but for now i'm back to the start £230 saved this morning

Aming for £1500 by the end of this month.

SolvingDebtCrisis

Domino9 wrote: »

Saving for a deposit is a fairly long term savings plan - and you have to enjoy the journey (and life) and have treats every now and again, or you'll not stick at it.

Sounds like you got a great deal - where are you off to?
-have a great time where ever it is.

D9

Thanks for your response D9.

We went to Venice for 5 days. Got a good deal on the whole package, hotel and flights as a last minute deal.

Althought Venice is expensive I was very realistic with what I had budgeted to pay for meals and excursions.

Venice is very well geared for tourism and it was easy to travel around on local transportation water boats. We enjoyed the culture, beach and nightlife of Venice.

SolvingDebtCrisis

Back from my holiday. I cannot update my savings yet as I have massive car payments; MOT (possibly repairs if MOT fails), Road Tax, Insurance, to pay in the next 2 months, therefore will dip into savings again.

Currently my saving for a deposit amount stands just about same as my signature although I have been paid wages recently but will be paying car payments.

However, I can say that I have sold 2 items on Ebay = £13.50 less postage, and have transferred Topcashback payment to my account £12.12. Every little helps.

Have paid off my CC in full :-)

ShAnE

Hi all, I thought i'd chip in with my story.

My original plan was to start saving for a new car, having saved up £6,000 I haven't been able to find a car I truly want, and to be honest my current car is still running fine *touch wood*. So i decided, i'm almost 25% of the way towards a deposit on a house, so why don't I just keep going??

I'm currently renting a shared place for £400 a month including all bills so i'm hoping I can save approx £600 a month towards my total.

misscoupon

Pay day update from me : £1250 saved!

We are slowly getting closer to our saving goal, however we bought a car last month so we're a bit behind where we expected to be.