The 'We're saving for a deposit' thread

Waino696969

Hello!

New to the site! Great to see how much support there is on here for people trying to get themselves up straight financially! :-)

I've just cleared all my debt which i'd built up over the last 10 years. Nothing horrific, just Credit Cards, Store Cards, Personal Loan, but it did all add up to over £10K.

Debt free now and looking to save for a deposit to secure a property. My bank just laughed at me when I spoke to them about mortgages last month, which has made me even more detirmened to save hard and stick two fingers up to them once I have the deposit.

The downside is I live in the South East, and because my credit record isnt 10/10 I need to raise about £50K (based on a 75% LTV mortgage). Putting just under £800 away a month (i've had to severly tighten my belt!). Can't wait to see it growing!!

:-)

quintwins

Welcome Waino696969 and good luck your £800 will soon add up and that will help spur you on with that belt tightening

Back up to £571 with £230 set on go in on monday. I might hit the £2k mark this month possibly, i'm still aiming for £1500 which i know i'll def reach but more would be nicer.

Jaybo10

A brief update from me.

£1000 added to the pot but coming from other half's OT, so a real bonus. This takes us to just shy of £39K.. My next pay packet will takes over the £40K mark whoop whoop!:T

I don't think we are going to hit our target by Jan, but its looking good for midway through next year.

Welcome to all the newbies joining. Its my one of my favourite times of the month when I get to do my little post on this thread and update my signature! Good luck saving!

Kind regards

ruby_eskimo

Still not got any wiggle room in the budget to put anything in the pot at the moment. Will have to wait till the wedding is paid for and then we'll be able to focus all our attention on it. Still what we do have is collecting interest all the time it's in the ISA.

beckythemadcow

I have finished a one year course at uni (yay), and am between the bursary payments from that and starting work... Therefore hubby and I have been living on one salary, and have been able to save a lot less. £700 over three months, and that is by foregoing a summer holiday.

We are going to be really tight for our end of year target now.

On the positive side, we have less than £4k to save to have a deposit pot of £50k! Woop!

MiddyMum

I hope you dont mind me asking, but for the people who have managed to save 40k plus, how long has it taken? Also, has it been a joint effort with partner?

SG27

We are back adding to deposit savings again now after saving up for a nice holiday treat after reaching our target. Keeping an eye out for houses but not rushing just waiting and saving until our dream house comes up. We are up to almost £112,000 now!!

SG27

MiddyMum wrote: »

I hope you dont mind me asking, but for the people who have managed to save 40k plus, how long has it taken? Also, has it been a joint effort with partner?

Ours is a joint effort and has taken about 7 years. Luckily we were both savers when we met so both already had something to build on when we decided to save up for a house together.

It's gone very quick and although it has been very frugal in the last few years it's been well worth it! When we finally move out we actually have more money to spend on ourselves than we do now after all our savings comes out!

MiddyMum

You have done so well! And 112k is an amazing deposit to have.

Jaybo10

MiddyMum wrote: »

I hope you dont mind me asking, but for the people who have managed to save 40k plus, how long has it taken? Also, has it been a joint effort with partner?

Though just a smidgen below £40k its taken us since Jan 2011. We moved in with my dad and severely tightened our belts. Lots of sacrifices to get to this point but we think its worth it.