The 'We're saving for a deposit' thread

Jaybo10

Odette wrote: »

Nearly halfway now, fingers crossed to be putting away 2k+ for the next 6-8 months and be on track to start looking November time. Its all getting a bit real, all scary and exciting.

Quick question, at what point do I head to the broker/bank. Do I have to have my whole deposit or could I go a couple of months before when I have 95% of the amount I want saved and get an AIP?

We only went to a broker when we started looking and we were getting serious about 1 particular house. However, we had already got recommendations for brokers and solicitors from friends/family beforehand and had got rough quotes or made contact.

Once we wanted to make an offer the broker was able to get us an AIP very swiftly so we could put myself in the best possible position (I didn't get it though!).

castlelough

Hi there,
I've just come across this thread and although I amn't quite ready to join, I'm afraid that I might not be able to find it in a few months time! So I'm going to join in now!

DH and I have our house half-built. We managed to do this bit by bit over three or four years. Then I sold my apartment and was able to put the equity into our self-build. We got married and were able to put some of our wedding present money in. Then DH won some money (€25k) and some of that went into the house too. I got two small credit union loans, that went into the house too.
DH really, really wanted to build the house without a mortgage. I thought he was crazy, as I hadn't had my LBM at that stage and was a total spendthrift - I couldn't comprehend how it could be done!

We totted it up a year ago, when we first went to the bank to apply for a mortgage to finish the house off. We have put about €90k into the house already. I'm glad we did, as neither of us have been good at saving ever in our lives, and it was a form of saving. But we have hit a bit of a wall, now. We have been married for almost two years, and we are still renting. The house is at a standstill. It is so close to being liveable, not complete, but liveable. We have plastered inside and out, and the house is connected for electricity - the sockets work, and we have light!

However, our finances are just not good enough to get the mortgage we need, right now. We need to borrow €90k more to completely finish the house to the bank's 'finished' standard (ie. kerbing, driveway, basic landscaping, walls etc).

We have been told to clear my credit card and the smaller credit union loan and then to come back with 8% deposit of the desired €90k - so we need a deposit of €7200.

I have been crunching the figures like crazy and I think I can be clear of the two debts by August 1st and between DH and I we can manage to gather the €7200 deposit by October 2013.

I cannot describe how much I want to move into our house!!!!!
I am obsessed! DH is on a very low income at the moment, and most of the savings work is down to me.

Looking forward to joining you all on this journey very, very soon.

Odette

Jaybo10 wrote: »

We only went to a broker when we started looking and we were getting serious about 1 particular house. However, we had already got recommendations for brokers and solicitors from friends/family beforehand and had got rough quotes or made contact.

Once we wanted to make an offer the broker was able to get us an AIP very swiftly so we could put myself in the best possible position (I didn't get it though!).

Thanks for this, I guess I have a bit longer to wait but we just broke halfway so :beer: cheers everyone!

CluelessFTB_2

Hi All!

What a great thread - I can't believe how long it is going!

We are saving for our first house - currently living with my mum whilst we save. This is our info -

Savings -
Save to buy account - £7700 and we are paying in approx £1200 a month. OH has a credit card to pay off so will be more when that is done in a couple of months.

Salary -
I earm £29k, OH is on £23k - he has taken a cut as has gone into management so this will increase eventually but it's taken him a while to get used to!

What we want -
We are hoping to get a new build on the Help to Buy scheme... Looking at houses between £200 - £240k as we don't want to have to move in a few years when we have children etc.

Problem -
My credit rating is fine - I am in my planned over draft quite often but am nearly out of that! OH missed 3 credit card payments last year... Grrrrr! It will be a year in September - I am not sure how much this will effect us but we will see I guess when the time comes. If it does then we will change our plans and look for a smaller property in just my name.

Good luck everyone in your saving

Jaybo10

Hi all,

Just a quick signature update from me.

We are still looking for our house, it turns out it is not as easy as just finding one we like as we are in a competitive area, ho hum.

Three viewings booked for the weekend and a possible lead on a forth..

The upside is the longer it takes to find somewhere the more deposit/ slush fund we have.

Keep up the good work and welcome to all the newbies!

castlelough

Well done Odette on hitting the halfway mark! That must be a good feeling! Keep it up! :j

Jaybo - congratulations on reaching your target and on saving SO much money! It's a good idea to take your time now, and find the best possible house now that ticks as many of your boxes as possible! :beer:

Hi CluelessFTB I've just joined this thread too, although it will be July before I have my necessary debts sorted and can concentrate on saving for our deposit. Lots of inspiration on here though, we will do it!

Sammie20131

Just worked out how much we will need to save to buy a house! Did some research wow glad I did it's worth knowing all about stamp duty ouch!

Ok so here's what I have come up with.

House Deposit (20%) £50,000
Mortgage Fee Average £722.91
Valuation £317.90
Legal Fees £750.00
Stamp Duty £2499.50

Total £54290.31

Wow, I didn't realise how much we would realistically need to buy our 10 year house. I guess it's worth holding out and saving the 20% rather than the 10% and interest rates will be higher with 10%.

Will now start rebudgetting see where else we can save money and see at options for earning money in addition to our incomes.

CluelessFTB_2

Thanks castlelough - we will get there!! Its all about the saving and nights in.... apparently

J_i_m

I'm putting away £1070 this month, takes my running total to £10'679.55

Sounds good, but the going is likely to get harder from here on inwards because I'm deeply unhappy at work and am looking for a different job even if it means a significantly lower income for me.

Odette

Sammie20131 wrote: »

Just worked out how much we will need to save to buy a house! Did some research wow glad I did it's worth knowing all about stamp duty ouch!

Ok so here's what I have come up with.

House Deposit (20%) £50,000
Mortgage Fee Average £722.91
Valuation £317.90
Legal Fees £750.00
Stamp Duty £2499.50

Total £54290.31

Hey Sammie, I have been trying to get good estimations of what we need to spend on valuation, legal fees etc. Can I ask how you came to those amounts above?
Also I dont know where you might be looking at mortgages but I have noticed that often there isn't much difference between rates for 15% LTV and 20% so you could always change your deposit aim a bit. We are aiming for 15% LTV ourselves based on this. Just a thought! I also want to save some money for white goods and decoration because we are currently living with the rents. So we are probably looking at saving 10k ontop of our deposit for fees and the rest.

J_i_m wrote: »

I'm putting away £1070 this month, takes my running total to £10'679.55

Sounds good, but the going is likely to get harder from here on inwards because I'm deeply unhappy at work and am looking for a different job even if it means a significantly lower income for me.

Sorry to hear that Jim. I was in a similar situation 4 months ago, I now have a new job, with a pay-rise and crazy benefits. I hope you find the same. Keep thinking positive!