The 'We're saving for a deposit' thread

amr547

not going to be able to save much this month as we decided to buy a new shed for the rabbits accommodation (we can't have them inside and during the winter months, a run/hutch is just open to te elements!) so that's arriving soon... woohoo ! car tax is also due at the end of the month!

i am in two minds about what we should do though. we want to live in a village location. we will be looking at a bigger deposit... i don't mind where we live at the moment apart from the LL takes ages to sort out problems.

would you save a smaller amount to be able to get on the property ladder quicker, or carry on saving to get something you really want?

superted187

Ok, so I've cut my monthly outgoings a bit by slashing my electricity usage.

Just turn everything off at the mains when you are done. It will only take you a few seconds and the saving is worth it. Some electricals just consume power sitting there on stand by!

Back to the house deposit situation:

I'm in a bit of a bad one. For various reasons, I resigned from work with the intention of having a short break before seeking better paid work. Unfortunately our LL is now attempting to sell our flat!! So whilst I'm holding onto all of my money, I haven't bounced it into my saving pot and its sitting in my current account just incase we need to move.

So I'm at about £20k in the pot, with about £3k in the current account.

Jaybo10

Pay day update from me.

Well and truly crossed the £60k mark now, whoop whoop! :beer:

Still looking for a house - its taking a lot longer then we thought it would..

GoldenShadow

Can't believe I've not seen this thread before..! I have no idea how much we're trying to save, just 'as much as possible' really :j

Its quite expensive here compared to where I used to live, but for work etc I imagine we will be more likely to stay around here (Essex). My OH and I live with my Mum at the moment, saving about £750 every four weeks. That makes it sound really good, BUT I think we'd be looking at 150-180K houses, so I imagine on that front we're looking at saving about 40K. I have two dogs so a flat isn't really an option, plus they all only come with one parking space around here (as do some houses :eek:).

OH earns just shy of 30K and being a student I only work part time getting 6K. Looking at grad schemes and finish uni in January though. We're 24 and 21, we don't know anyone personally with a mortgage at that age but there seems to be quite a lot on here.

Hoping to be *in* somewhere by Xmas 2016. Fingers x'd for my grad job hunting when the time comes.....

couponchaos

We've just started saving for buying our first house. Looking at spending around £125,000 so aiming for around £15000 deposit hopefully by next June time. Any advice on house related issues, savings tips etc would be greatly appreciated.

J_i_m

Although I'm not particular qualified to office advice I would propose that if possible you aim for a slightly higher deposit.

I myself am aiming at 20% and putting down 20k on a 100k property (or thereabouts).

I would hope that would put me in a stronger position

GoldenShadow

J_i_m wrote: »

Although I'm not particular qualified to office advice I would propose that if possible you aim for a slightly higher deposit.

I myself am aiming at 20% and putting down 20k on a 100k property (or thereabouts).

I would hope that would put me in a stronger position

This is sort of what we are aiming for too, help with any unexpected costs which may arise, too. I gather even a 15% deposit gives you more leverage than 10%, so figure even if we opt for something a bit more or fall a bit short of 20%, we will still hopefully make 15%!

CocoD

amr547 wrote: »

i am in two minds about what we should do though. we want to live in a village location. we will be looking at a bigger deposit...would you save a smaller amount to be able to get on the property ladder quicker, or carry on saving to get something you really want?

I find myself thinking this often with "flat now vs house later". I am desperately trying to be patient and wait to get a place I really want (house) particularly as moving seems to costs thousands in itself. I figure if I am going to move I might as well do it properly, rather than have to fork out for everything again a few years down the line when I get antsy. Patience is not high atm though and I know I can do nothing more to make the pot grow any quicker. Best of luck with whichever path you choose.

couponchaos

Thanks for the advice, I want to save as much as possible towards the deposit really, but will start seriously house hunting when we reach 15000 and continue saving aswell as it will probably take a while to find one we like, make offers,organise legal stuff etc.

amr547

Hello all! How are you doing?

I'm totting up the cost of Christmas already - we may need a miracle to reach our savings target now!!!