The 'We're saving for a deposit' thread

brenda10

eviekins wrote: »

Very happy to be able to say I've now hit another savings milestone - 50k. I've been £50 short of that amount for what feels like ages!
I've changed my sig, I'm on £50,900 currently.
I've still no savings target in mind, but imagine it will be another 2 long years yet before my first house purchase!

Hard work will pay off. Brilliant:T

brenda10

mrsdriver wrote: »

Hi

I also want to start seriously saving for a deposit to buy a house. We have two children and rent in London at very high prices! I'm 3 years away from 40 and my aim is to own somewhere by that age. My ideal would be a three-bedroomed house, but that would be at least £300k. On our salaries we could get a mortgage of around £230k which could get us a two bed flat. I just want to get on the ladder now and with rents rising we soon will be priced out of teh rental market.

We have seen deals for 5% mortgages so our aim is to save 11500 for the deposit and a bit more for fees etc, so we are looking at around £15,000.

At the moment with out high rent and over outgoings (including some debt) I am only able to save £50 a month which is not going to get us there very quickly! However my husband is in sales so our plan is to put any lump sums of commission away too.

Writing this I feel embarrassed as it seems like a hopeless but I'm going to try anyway. My biggest dream is to own our own home.

So far I have saved £300.

Congratulations to those who have recently bought their own homes. Your stories give me hope!! Any advice welcome!!

Well done to you, you can and will do it, slow and steady wins the race. My daughter and boyfriend just graduated from university and moved to London and now have 2 permanent jobs, (each has approx 25K debt from loans for university expenses and living-cheapest debt they could have so it will just be paid off monthly out of their pay) rental in london as every1 knows is expensve, working around welwyn gdn area and they are thinking about saving enough for a downpayment to get the best mortgage deal, not sure where they need to buy re work, but they have started to save small amounts and as I have been through the same process, finally in past 2 yrs after saving(and not wasting money like I used to do) for 6 yrs have the money I owe on mortgage in a high interest saving account martin recommended 2 yrs ago making £134 clear profit after tax each month(will take 6 months to get access to it if my mortgage interest rate rises), I still continue to make monthly payments to mortgage so will have extra money whenmy variable rate mortgage which is 1.5 interest rate increases, my mortgage money is making 4.2%(pay tax of £36 on the £170 monthly interest I make) in building society & small amount in 3.2 % isa for easier access tax free. You can do it and I will help my daughter and her boyfriend to get started when they have decided it is the right time. Good Luck & :TWell done again. Be so proud of yourself!

SLOW AND STEADY WINS THE RACE, took me 6 yrs to pay off 60K

BeachCat

Hi all,

Bit of an update for me, managed to save £430 this month so my total is now at £6872.

Really excited for next month as should get my annual interest on the 2 cash ISAs my cash is saved in so an exciting bonus!

I've also got a good pay check on its way to me at the end of the month as I've been super busy at work and I've earned lots of commission!

Plus I should reach my £50 payout on YouGov next week so that's going to go straight into my savings (still can't decide of its worth spending 2 years doing boring surveys to get £50 but I guess it all helps!).

Hoping to have an exciting update for next month!

scumboss

Hi All

Still looking. The market around here is rubbish. Put an offer in for 108k they want to accept it but they have nowhere to go. Will have 59k at the end of this month. The way this is going I'll have a 60k deposit and money for costs, etc.

tara747

Hi all

(copied from the other savings thread as I'm lazy )

I didn't get to update at the end of January, so I've just done my end of Feb total. I have £64,271 saved - a total of £2,071 in the first 2 months of 2013!

I'm still aiming for £13,000 in 2013

Well done to everyone, keep up the good work!

J_i_m

It looks like I may well end up slashing my overall final budget. Work is so horrible and I've been really quite unhappy now for some years. There is the possibility of transferring to another job which may well provide more tolerable life conditions but unfortunately it'd also see my income drop quite drastically. (Should I be successful enough to be offered it).

Luckily I will still be in a situation where I can save around about £500 a month so my deposit target will remain the same, but I'll have to look at cheaper overall properties for it to be affordable in the long term.

This is of-course hypo theoretical as it could be that I have little chance of getting the other job, so stay stuck in unhappiness yet albeit more money.

Dreamer80

Hi,

Completion set for next week. We will finally be homeowners! :j

All the best to those currently saving towards deposits

D80

[Deleted User]

Dreamer80 wrote: »

Hi,

Completion set for next week. We will finally be homeowners! :j

All the best to those currently saving towards deposits

D80

Congratulations! It's really great to see people finally getting to their goal :T

Mikazaru

Dreamer80 wrote: »

Hi,

Completion set for next week. We will finally be homeowners! :j

All the best to those currently saving towards deposits

D80

Congratulations!

Up to £8500 now, trying to find somewhere to put my savings as my ISA rate is going down, but there doesn't seem to be much about that is a great deal better.

J_i_m

Personally for me the motivation isn't house prices going up down or sideways, it's not savings interest rates it's not even the contents of George Osborne's little red briefcase.

My motivation is simply me owning (or beginning the process of owning) my own house. As long as I can afford this, and I hope to within the next couple of years then it really doesn't matter to me if the general trend in prices is up or down.

It's not a money making exercise for me, it's a homemaking one and to that end I need to retain flexibility in the management of my savings as it's no good having an extra point nought something percent interest if I'm then locked out from using my savings when I actually need them.