The 'We're saving for a deposit' thread

lou_mango

Hi All,

A late update from me as trying to work out finances. My plans for saving have changed somewhat as I dont seem any closer to buying my own place (awaiting BF to get new job) so in the mean time I've booked a trip to NYC and am looking at new cars (my old one is about to die on me!). Still saving saving like my but have found that as I've already reached my target I can spend on the two big treats for myself - holiday and car - no point being miserable! I've updated my sig but will have another update Friday when pay day rolls round!

Feeling a little demotivated, any suggestions for a 'pick me up' would be much appreciated!

happy saving x

ChopperST

Now over 20% the way there. Mrs has had a promotion at work and we have cut back spending on shopping using mysupermarket to compare products and bulk buying goods when they are on 3 for 2's etc. Also now using our local farm shop and bulk buying meat, splitting the packs and freezing. Doing alot of home baking as well and taking home made bread sandwiches to work.

ljaneyr

nicedream wrote: »

Do you rent from a letting agent or landlord? I've found that letting agents are more likely to put the price up than landlords. 20% is such a crazy rise!

What you say about the London market has really hit home. I've never thought about it like that. I agree with you about relying on the rental sector. My rent has gone up horribly over the years. I hope you get your house soon, well done on the deposit :cool:

I've felt a little disillusioned recently about saving for a deposit. I like reading about the property market and discussing it but everytime I try and work out how much I need to save it just seems so unattainable ie from looking at what I would (realistically) like to live in v. how much a mortgage I could afford. I love saving though as it's (sadly) such a new thing for me. It's put a whole new value on money I never had. To try and stop myself getting further disillusioned, i've focussed more on saving goals. So by next April I would like to fill an ISA, which means I need to make £520 each month until the end of March. Hard work but I think it will give me the motivation. I have London rent/living costs, so am unable to save much from my salary. However I have a second job that, if I actually put in the hours for, would easily give me the £520.

Any pearls of wisdom from those who have save up deposits over a long amount of time would be lovely

Hi Nicedream

I have been saving for a deposit since I finished uni 4 years ago. I can't remember how much I had when I joined this site but looking back at my spreadsheet I had £2800 at the end of 2010 and I often felt it was helpless. I have changed my mind many times about whether I was saving for a deposit or not because it seemed pointless at times and other people were able to save much more than me. Since then I have managed to save a grand total of £10840. With my OH's huge savings of £968 (:rotfl::rotfl::rotfl:) we have just had an offer accepted on a property costing £110,000. We have a 10% deposit and the mortgage will be just under £600 a month. It's all in my name which really surprised me as I didn't think I earned enough to get a mortgage.

The house needs loads of work (which is where my OH comes in as he is a builder) but is bigger than we expected and only a few minutes from the sea!

I have everything crossed that it all goes through smoothly, I've already started writing cheques to various people. I just wanted to say it's not impossible. I can't believe I have come so far with very little help. Keep saving even when it seems slow and keep coming on here for encouragement. The more you save the easier it gets!

andrea1968_2

I've managed to get upto £21000 so its within touching distance now and I'm getting soooooooooooooooooo excited. Dont just have to daydream on rightmove I can start looking at some seriously :j

misscoupon

September update - we now have just over £3k saved :j
Would have been more but we had to tax the car this month. I hope you're all doing well on your respective saving targets.

CharlieN

Well done miss coupon...

Hi everyone I had a brilliant payday thank god for overtime i got £5000 saved thou this has come at the cost of setting back my wedding funds.My Fiance and I think a house is more important at the mo then wedding so wedding fund is 0 house fund £5000.

MiddyMum

Well done everyone, you are doing really well. Unfortunately, my savings pot will be taking a standstill till next year due to various reasons (going to uni but wont be taking a student loan so can still save) I will be staying on this thread and rooting for everyone though.

ceh209

Where do you even BEGIN to look for a mortgage?!?

Since my target's getting near (I know it looks like a lot of money to save in October but I've actually got a NS&I bond maturing which I hadn't counted till now as I could never track how much it was worth), and OH and I have found a house we like, I decided to take a preliminary look at mortgages.

Moneysupermarket.com is just confusing me! :eek:

archersluck

How exciting ceh! I'm afraid I'm just at the beginning of the road so clueless about that side of things.

Well I've paid off my student overdraft, and after buying a few bits I have a little of my bonus left so that can join the pot. Only problem is that other than 1% esavers I only have a rubbish 2% ISA. Think I'm going to have to bite the bullet and pay to get a lawyer to certify a copy of my passport so I have some ID. It's that or get a shot gun license or receive benefits!

Starbrite

Might be the last update for me for a while as redundancy happened

However got a very generous payout so I have put 2k into saving for house, rest is in easy access account. Fingers crossed I get a job asap so the rest of the money can also go into the house fund. Can only but hope.