The 'We're saving for a deposit' thread

Jaybo10

Another month and another lump into the savings.. Though at the moment we're considering using it all to buy a walk in fridge freezer and we'll happily live in that!

Ambitious_me

Hi Everyone,

I would love to join this thread. I currently have £5837 in savings and would like to ideally get to £25 000 for a deposit. I have been told that if I want to buy a place in London or £180 000 I would need £42 000. I am hoping to save 700 a Month and work overtime o pay off the remaining £3262 on my credit card. There are sooo many inspirational stories on here. I am 30 and living with my mum so the quicker I get the deposit the better. It's hard to be an adult and living with parents with sooo many rules.


Can't wait to be a homeowner!

Silver_Lining_3

Feeling miles off my deposit total I'm saving to buy on my own, maximum mortgage I can get will be about 85k and a one bed flat goes for 135k minimum here. So plus agent fees I am going to need about 55k. I have saved approximately 34k over the past 8 years (minus a few years spent at uni recently) and am saving about £600pm of my £1450 take home pay. I feel years and years off my total! 3 years off to be factual! I may be able to borrow 10k off a family member which makes it two. Urg!

How do people cope with the wait?!

Also - anyone buying alone? Reading here it seems everyone is saving as a couple?

amr547

Not sure if I have posted here before Hello. We are saving for our deposit. We aim to have £15,000.

We have just put in a request to our landlord to change to a water meter and a standard meter for electric so that we can reduce our utility bills and hopefully have more for the deposit pot! We are also going to try and reduce our food bill... but that will be more difficult.

I expect our first house will cost around £110,000 if prices don't change too drastically in the next year or two.

nat21luv

Silver lining, I hear you! Just starting out on my deposit journey, 7 months in to be exact. I need around £45k and buying on my own. I have 2 children, one of each sex so ideally need a 3 bed house, around £140k. Next year might look a little brighter with the government funding that will be available to us

vl2588

Silver_Lining wrote: »

How do people cope with the wait?!

Also - anyone buying alone? Reading here it seems everyone is saving as a couple?

Please don't be disheartened! I have been saving in earnest for about 4 years and semi-so for all my life (as in I have always saved automatically and never had zero savings, but 4 years ago I moved into a cheaper flat as I realised I was starting to live into my savings, so I count that as my official start date). I have been saving about £300-600 per month, and although I am buying as a couple I have saved the whole deposit myself (£15,000 plus £10,000 family gift). You *will* get there however long it takes, plus you never know, someone may offer you more to help. If I were single still I would have had to move oop north by now as I couldn't afford a studio flat where I currently live (Oxon/Berks).

lvm

Silver_Lining wrote: »

Feeling miles off my deposit total I'm saving to buy on my own, maximum mortgage I can get will be about 85k and a one bed flat goes for 135k minimum here. So plus agent fees I am going to need about 55k. I have saved approximately 34k over the past 8 years (minus a few years spent at uni recently) and am saving about £600pm of my £1450 take home pay. I feel years and years off my total! 3 years off to be factual! I may be able to borrow 10k off a family member which makes it two. Urg!

How do people cope with the wait?!

Also - anyone buying alone? Reading here it seems everyone is saving as a couple?

I'm on my own saving for house too! It definitely is so much harder but hopefully it'll feel even better when you actually get your house and know you did it all on your own.

I'm at about £30k just now and been saving for about 2 1/2 yrs. I'll only get up to £120k ish mortgage but as I don't think that'll get me a house I want, I think I'll end up buying an investment property and get a £75-80k mortgage (I'm in Edinburgh City Centre so good for holiday lets) and then use the next year or two to show some better income and save a larger deposit.

Good luck to all you fellow singletons!! X

Eponym

lvm wrote: »

I'm on my own saving for house too! It definitely is so much harder but hopefully it'll feel even better when you actually get your house and know you did it all on your own.

I'm at about £30k just now and been saving for about 2 1/2 yrs. I'll only get up to £120k ish mortgage but as I don't think that'll get me a house I want, I think I'll end up buying an investment property and get a £75-80k mortgage (I'm in Edinburgh City Centre so good for holiday lets) and then use the next year or two to show some better income and save a larger deposit.

Good luck to all you fellow singletons!! X

I'm saving alone too. I've saved about £30,000 over five years (spent £3000 on an amazing American roadtrip earlier this year :-) ) and looking to buy probably next year.

Lvm, I thought it was very difficult to get a buy to let mortgage unless you already own a property?

J_i_m

I'm a singleton, I'm saving on my own, will be buying alone and will pay the mortgage alone.

johannalf88

Don't know how you guys can do it alone! Hats off to you! I earn £21,000 a year, and house prices are £250,000 for a one bed flat... I would be there a while! :rotfl: