The 'We're saving for a deposit' thread

rufus86

Factoring in interest, I have 44k in savings (perhaps the only real 'achievement' in my 28 years on this planet.
Have earmarked 35k for deposit, 3k for Stamp Duty and Fees and hope to be left with about 5k in savings.
Sadly my low income, in a london market, does not leave with much to put that deposit towards!!

Odette

There is so much good news on this thread at the moment, I am really happy for everyone but I feel frustrated too. Time seems to be moving slowly at the moment and the place I am living at the moment feels uncomfortable. May we added another 5% to our House savings and we are into the uphill climb.
Anyone else feel a long way off at the moment? What are your plans?

Saving_NOW

Payday this week, 1 more month closer to our dream of owning our own house!!!! ooh can't wait!!

spidereyes

Odette wrote: »

Anyone else feel a long way off at the moment? What are your plans?

Massively....

Just over a year ago, me and OH were going to buy, had a 10% deposit and could have borrowed about £150k which was well more than we needed.
Frustratingly OH lost his job and ended up turning to self employment; Based soley on my income I can only borrow £60K.
OH only has one year accounts right now so we have no choice but to sit it out for at least another year.

Ive found out today from London & Country that even next year (based on OH's projected earnings) then the very most any lender will give us is 75% ltv, which takes the total amount we can borrow to £80k, Im so fed up :mad: total deposit needed is 40k :eek:

Its just so frustating as the mortgage repayments on a £100k loan would still be cheaper than my rent, and we dont have any problem paying that

[Deleted User]

spidereyes wrote: »

Massively....

Just over a year ago, me and OH were going to buy, had a 10% deposit and could have borrowed about £150k which was well more than we needed.
Frustratingly OH lost his job and ended up turning to self employment; Based soley on my income I can only borrow £60K.
OH only has one year accounts right now so we have no choice but to sit it out for at least another year.

Ive found out today from London & Country that even next year (based on OH's projected earnings) then the very most any lender will give us is 75% ltv, which takes the total amount we can borrow to £80k, Im so fed up :mad: total deposit needed is 40k :eek:

Its just so frustating as the mortgage repayments on a £100k loan would still be cheaper than my rent, and we dont have any problem paying that

Just think about how much closer to being mortgage free you will be by using a 25% deposit instead of 10% (every cloud??).

puppetmaster00

Odette wrote: »

Anyone else feel a long way off at the moment? What are your plans?

The past few weeks I have felt the same. We are having to look for somewhere to rent in the next few months due to issues at his parents home which is going to hinder us a bit. However, we are looking at it as being in a much better position than last time we were renting. This time we are looking to spend a good £150-£200 less a month, and we are also earning more than last time. We also have a good amount of savings for a mortgage deposit now which we didn't have the first time around.

By the time we rent somewhere again in the next month or two we should have close to 7k and of course those savings are not to be touched. So with the place we are going to be renting, the landlord has agreed to signing 6 month leases at a time as we have explained the situation to him about wanting to buy. Onwards and upwards as they say.

amr547

Hello, can I join?:j
Just about paid off my small debts so now is the time to save!
We are aiming for a 20-25% deposit. Should take a couple of years but we're optimistic.

We dislike our rented accommodation but it's cheap and it keeps our overall expenditure down each month so can't complain too much.

mandatory

I've hit my 50% target! My deposit figure may change though, depending on where I move to, but for now I'm halfway there. Yay!

J_i_m

A relatively quiet month for me.

With the uncertainty I have clouding my future at the moment and a envisaged drop in income I decided to take £300 out of my savings to enrol on a course to improve my employability and CV.

Even so, I've now broken the 11k barrier and am edging further towards 50% of my target. Balance now £11059.59

lawlie

rufus86 wrote: »

Factoring in interest, I have 44k in savings (perhaps the only real 'achievement' in my 28 years on this planet.
Have earmarked 35k for deposit, 3k for Stamp Duty and Fees and hope to be left with about 5k in savings.
Sadly my low income, in a london market, does not leave with much to put that deposit towards!!

Not at all - we're pretty much the same age, I'm slightly younger, and I have, uh, about £10k in savings

The bf and I were thinking very seriously about buying, getting a 90 or 95% mortgage. Having gone to a good viewings, and just being generally disappointed when looking at mortgages/rates/what we could get for new builds, we've made the decision to put buying on the back burner for another year.

We're hoping to save £1.5k each every month, and by this time next year we should be much better placed to buy. It's definitely the right decision I think, as we should have £40-£50k next year which should be a good 10-15% deposit in London.

All our friends seem to get deposit gifts from their parents - the luck of the both of us that we end up together and neither of us are lucky enough to be getting a single penny from our parents!