The 'We're saving for a deposit' thread

WishICouldFindMySlippers

Hi, new deposit-saver here

Were just under half-way on our deposit. Aiming for £12501 to put down, giving us just over 10% but keeping under that evil stamp-duty threshold. Fingers crossed we should hit target by Christmas, with a bit extra to cover fees. Thinking roughly an extra £1000ish?

Anyone else find that when you have an actual goal for your savings, and given yourself a deadline for it, you check your bank 4-5 times a day?

Jaybo10

Hi all,

PPI payment just popped into the savings account. That'll pay for the survey when/if we find a house..

Pay day update next week..

jencolescott

Hi everyone.

I think I've possibly posted on this thread a long time ago. Well this time I'm back and in desperate need to save for a house deposit. I have opened up a save to buy account with nationwide and hoping for a 95% mortgage. Hubbie and I currently have a mortgage for a 2 bedroom semi which we now owe £115k on. Bought for 125k in 2006. So not much equity which is why we need to start over.

Our budget is around £180k so needing at least £9k for our deposit and possibly around 5k for fees. Including the dreaded stamp duty.

So first update from us is we have £1k saved at present.

Going on our holidays next month so prob won't manage much then but fingers crossed

Jen

beckythemadcow

WishICouldFindMySlippers wrote: »

Hi, new deposit-saver here

Were just under half-way on our deposit. Aiming for £12501 to put down, giving us just over 10% but keeping under that evil stamp-duty threshold. Fingers crossed we should hit target by Christmas, with a bit extra to cover fees. Thinking roughly an extra £1000ish?

Anyone else find that when you have an actual goal for your savings, and given yourself a deadline for it, you check your bank 4-5 times a day?

Why that extra £1? Or was it a typo? I couldn't have that as a target, my OCD is too bad!

I think the first year of saving I was compulsively checking online banking, but not so much anymore, possible because I am better at limiting all the little spends that add up!

On a side note, DH and I are still slightly behind where we should be for this time of the year, but I have a new job lined up for September when my current contract runs out. I cannot wait to leave my current job. Unfortunately they are also putting me on a temp contract to start with. Hubby has his last proper payday this month, but is carrying on on a PT casual basis until something better comes along.

I feel a bit bitter that companies find it so easy to hire so many people on temporary or casual contracts. I don't reckon that happened as much when my parents were young.

WishICouldFindMySlippers

beckythemadcow wrote: »

Why that extra £1? Or was it a typo? I couldn't have that as a target, my OCD is too bad!

I think the first year of saving I was compulsively checking online banking, but not so much anymore, possible because I am better at limiting all the little spends that add up!

On a side note, DH and I are still slightly behind where we should be for this time of the year, but I have a new job lined up for September when my current contract runs out. I cannot wait to leave my current job. Unfortunately they are also putting me on a temp contract to start with. Hubby has his last proper payday this month, but is carrying on on a PT casual basis until something better comes along.

I feel a bit bitter that companies find it so easy to hire so many people on temporary or casual contracts. I don't reckon that happened as much when my parents were young.

After playing around with the MoneySupermarket calculators, it looks to me that some lenders do deals on 90%, and some only up to 90%. That extra £1 keeps us at 89.99%, and seems to be enough to save us a good £60 a month on some quotations :money:

Glad its not just me that checks the banking constantly, I feel a bit less foolish now looking at exactly the same numbers as it was first thing this morning lol. I seem to always be looking to see if i can transfer that extra £1 into the savings

Sorry to hear about the job front. Savings can always be put on the back burner though - dont struggle in the present just to chase the future.

Temporary and casual contracts are definately becoming the norm now. The world has changed in the last 50/60 years, and its run solely by the accountants...

nat21luv

My deposit is currently at £2804/£30000 Ive given myself until I'm 30, April 2016. This is an average of £800 a month savings for a 25% deposit, eek!

Clariss

After being a long-time lurker, I thought I'd finally post a comment with a self congratulatory pat on the back. After 4 years of saving quite hard, and being stingey with myself, I have managed to save 127% of my target ahead of my August 2013 deadline. Reading everyone's progress has inspired me, and I feel very proud that I have achieved my savings target and then some. Now that I have at least a 10% deposit saved, I can now look forward to my new challenge - relocating and finding a new job.

P.S. It is true, finding ways to save money becomes an addiction.

Saving_NOW

Hello everyone,
almost half way to my target!!!!, did anyone start looking at property before they had saved their deposit? I have been browsing a few sites and even took the dog for a walk that just happened to be past a house we're interested in!! We are on target to be ready to buy Dec/Jan. Does this seem a tad premature or do you think it's good to get a feel for what's in our price range?

Thoughts please

nicedream_2

Saving_NOW wrote: »

Hello everyone,
almost half way to my target!!!!, did anyone start looking at property before they had saved their deposit? I have been browsing a few sites and even took the dog for a walk that just happened to be past a house we're interested in!! We are on target to be ready to buy Dec/Jan. Does this seem a tad premature or do you think it's good to get a feel for what's in our price range?

Thoughts please

I do that all the time and I'm nowhere near saving a whole deposit! I think it's fine to research as you'll be more educated when you start looking

I haven't posted on here for ages... I'm saving hard but my own house is still a bit of a pipe dream. I've give some thought into the government buy scheme starting in January and think I might look into it (the 5% deposit, 15% guarantee on existing builds). It's funny because it's been pretty slated in the press and I think it's a terrible idea myself but if it gives a good interest rate it might be worth considering... anyone else thinking of giving it a try?

Jaybo10

Another payday and another update.

We are in full blown house hunt mode and it is tough! The market where we are is crazy and if you don't view a house within a day or 2 of it going up for sale you may as well not bother.

Still, every month we don't buy is another lump into the savings which adds to furniture/contingency/more deposit pot.

Saving_NOW - we did look at property before we were ready to buy and this gave us a feel for what was available and the general prices, plus it helped us focus on saving as it provided a tangible goal. Best of luck.