The 'We're saving for a deposit' thread

pop_gun

The mental aspect of saving is difficult. When you save money you're happy for awhile, but then it dawns on you how little the contribution is to your overall goal. This impatience is hard to throw off. I succumbed to it earlier this year and it cost me. I realise now that the temptation has reared it's head again, I won't be making that same mistake again.

Slow and steady wins the race.


Saving total: £14,560.15

ccbrowning

My 1st post on the forums...perhaps I should do it in an introduction thread.

Anyway, currently trying to save £25,000 which work out to only a 10% deposit - at around £13,000 now. However, since the rates seem a bit poor, perhaps we should aim for £62,500. Maxed out the ISA which I opened this year, so the rest is in a normal savings account - both with natwest.

My income is good, but we're still only managing to save less than half of my take home (other half is an artist, with... erratic earnings). So, immediate plan is to sort out our inflows and outflows and am trying YNAB to see if it helps here. On a good month we save £1000 or even £1500, but that is rare...

Nice to virtually meet you all!

lexilex

Thought it was about time I joined this topic.

My partner and I have been saving since January this year. I haven't been working full-time, just working in various temp positions, all of which come to an end very shortly. My OH is in a relatively low paid job too so it has been quite a slow process.We've so far manager to save almost £7000.

Our aim is £10,000 plus fees. We live in an area which has pretty low house prices, and we're hoping to get something for between 80,000 - 100,000. We don't want a palace, just something that is our own.

At the moment though, whatever the deposit it's very unlikely we would get a mortgage, so we will just have to carry on saving until I am in a full-time/permanent position.

[Deleted User]

Welcome to the house deposit saving thread CCBrowning and Lexilex.

D9

Starbrite

Woo Hoo I got a job today so can carry on saving from next mth so 30th Nov ish depending what date pay day is

Start Job on Monday, Unable to save anything this mth other than £50 but next mth hoping to be back into the swing of things again.

The timing i amazing I've only had 4 weeks out of work, and what redundancy monies is left come Novembers pay day will go straight into the pot or into the 6 mth emergency pot.

So happy thank you to everyone for keeping the faith that a job will come along soon

J_i_m

I project £600 this month which takes me upto £5200. It seems I abused the overdraft this month so I really need to behave myself and aim to keep clear of it next month, if I can do that then I should be able to put away £800 at the end of November and hit the 6k mark

DoubleOhScrimp

ccbrowning wrote: »

Anyway, currently trying to save £25,000 which work out to only a 10% deposit - at around £13,000 now. However, since the rates seem a bit poor, perhaps we should aim for £62,500. Maxed out the ISA which I opened this year, so the rest is in a normal savings account - both with natwest.

Im in a very similar position with £46k pa earnings. Wanted to buy 250k with 10% deposit. Dont ... the interest rates are punitive. A 15% deposit improves matters significantly. Look for 85% LTV mortgages.

[Deleted User]

Great news on the job front Starbrite!

morganedge

julieb1987 wrote: »

House prices are at their lowest in years.

Stupid question, but how does one check how house prices compare to the past. Are there sites with that information on them?
I didn't know that house prices are at their lowest in years for example, and i'd like to be aware from now on.

ccbrowning

DoubleOhScrimp wrote: »

Im in a very similar position with £46k pa earnings. Wanted to buy 250k with 10% deposit. Dont ... the interest rates are punitive. A 15% deposit improves matters significantly. Look for 85% LTV mortgages.

Yeah, I've decided to do this so will change our target to £37,500. MIGHT BE feasible for end of year 2013 (purchasing in early 2014) if we do an insane budget. Just have to hope house prices stay mostly stagnant.