The 'We're saving for a deposit' thread

[Deleted User]

beckythemadcow wrote: »

Payday update from me, I'm pleased we managed to save this month as we paid our car insurance in one go. Not as bad as I was expecting considering I wrote my car off a year ago, but still a lot of money!

Starting to think about the target for next year. I'd love to be buying in 2013 but both our contracts are up during the summer so no-one is willing to lend. This also makes picking a savings target difficult.

Hey-ho!

That's a similar predicament as me, the deposit is looking healthy enough, and nearly reached my minimum desired deposit, got the emergency savings in an ISA, and starting to work towards a pot for fees and other costs but I keep going from one fixed term contract to the next. Although I've not had no monthly income for over 6 years - and then only briefly - I'm not in a position to actually go out and get a mortgage yet, because of work situation.

Oh I dream of a permanent job!

Good luck on deciding for your next target,

D9

kingstreet

Domino9 wrote: »

I keep going from one fixed term contract to the next

There are lenders who will provide mortgage funds to contract workers. Find yourself a good independent or whole market broker who'll be able to find you the right deal from the right lender.

[Deleted User]

kingstreet wrote: »

There are lenders who will provide mortgage funds to contract workers. Find yourself a good independent or whole market broker who'll be able to find you the right deal from the right lender.

It's something I might have to ultimately consider. Unfortunately, I don't always get contracts in the same geographical area - so, at least at this point, I don't think it would be the sensible thing to do. And although I've been with the same organisation for over 4.5 years, the next job I get *could* be at the other end of the country!

D9

beckythemadcow

kingstreet wrote: »

There are lenders who will provide mortgage funds to contract workers. Find yourself a good independent or whole market broker who'll be able to find you the right deal from the right lender.

Domino9 wrote: »

It's something I might have to ultimately consider. Unfortunately, I don't always get contracts in the same geographical area - so, at least at this point, I don't think it would be the sensible thing to do.

Thanks Kingstreet, I shall look into it, but I don't want to waste anyone's time as it sounds as if I am in a very similar position to D9 - my husband is looking at a 20% chance of his contract being renewed and as his skills are far more specialised than mine, so it may mean a big move for us.

Hopefully we will know about May time if we can stay, at which point if I haven't secured a permanent job, I will be going to a mortgage broker. This does make me feel a little uneasy as I think this will mean us taking a hit on the interest rate...

[Deleted User]

beckythemadcow wrote: »

This does make me feel a little uneasy as I think this will mean us taking a hit on the interest rate...

This worries me too, I'm hoping though that the descent deposit will go some way to mitigate this, so hopefully won't be as bad as it could be! (maybe just wishful thinking though!)

emmita

This is going to be really difficult however I've set myself a challenge -
To save 6k in 5 months. Am going to push it hard for 5
Months and see how I do. The money will be added to the house fund pot. Will be living on 'minimum wage'

beckythemadcow

emmita wrote: »

This is going to be really difficult however I've set myself a challenge -
To save 6k in 5 months. Am going to push it hard for 5
Months and see how I do. The money will be added to the house fund pot. Will be living on 'minimum wage'

I think that's about the upper limit of how long you want to squeeze yourself for, but we started and now are naturally so much more careful. I like the idea of living on minimum wage - we should be able to do it, no excuses!

EvelynBaker

Hi guys, I've been lurking for a long time now and thought I may as well join the thread as need the extra push for the last 2 months of the year!

Need £1300 by the end of 2012 to achieve my target .... eek!
I could easily do this myself but find it very hard with carefree bf always making me go out to the cinema and for dinner and just spending for the sake of it! I feel guilty if keep saying no

Your stories keep me motivated though!

Starbrite

Won £25 on premium bonds this mthh, Thats £25 into the kitty


Slowly getting there!

pop_gun

If life is like a box of chocolates. Who threw salt in mine?