The 'We're saving for a deposit' thread

rickysaving

Currently started saving a few months ago. would like to move as soon as possible which isn't possible as need to save a decent deposit first and then find a broker as poor credit history in past.

however I'm looking to buy a house for around £100,000 and a deposit for around 10% and increasing the deposit as and when i can to hopefully 15% which should lower the monthly payments needed by abit and if at all possible i would love to do 20% but it depends how quick i can save this up (and how good this pay rise will be).

target so far is to save £5,000 by Christmas which i am on target to hit.

SG27

amr547 wrote: »

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?

Save as much as you can for the nicer house in the village location. It's exactly what we did and we are very happy well worth the (very long) wait!

GoldenShadow

CocoD wrote: »

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.

This is why in my head we are saving for the spectrum of 150-180K! Can get OK flats for 120-140K but with my dogs its not an option. Houses really do get that bit better just a touch over 200K though and I find myself umming and ahhing.

At the end of the day I'm a student til Xmas and don't know where my degree will take me. If I go into London I will be less inclined to go more rural than I am now etc. Just aiming for as much dosh as possible as its likely to be 2-3 years to save 40K. Its so easy to get obsessive as well. I wanted to move back to where I am from but 1) jobs aren't great there and 2) property doesn't sell well so if you buy a starter house who knows how long you might wait to sell it on. At least in the south (east of LDN) you will sell unless you're asking silly money. Usually, anyway!

black_taxi_2

SG27 you said well worth waiting--how long was very long wait?

lou_mango

Hi All,

Some great news from me! We had an offer accepted on a house a couple of weeks ago! Absolutely over the moon, just have to play the waiting game now and hope everything runs smoothly. We managerd to put a £40k deposit down on a £150k house. All the saving has paid off, and you know what i dont even feel like I've missed out on anything over the years. If you can save smart and make small cuts it all adds up!

One thing I would say though is save at least £3k extra for mortgage fees, stamp duty and solicitors - its shocking how much it all costs!

Hopefully I can update in the next couple of months to say we ahve moved in. YAY!

Happy saving

lindsaygalaxy

Please can I have some words of encouragement. OHs car has finally given up so we are going to need to buy another one-jobs and school runs mean we need 2. Sadly this means savings are likely to drop to £0 so we don't have to borrow money.

Mikazaru

Had an offer accepted on a house last week so will hopefully be in soon. Needs a lot of work though, so will still be saving for a while I think!

Sorry about the car lindsaygalaxy, still I guess at least you have the money to pay for it upfront.

CocoD

lindsaygalaxy that sucks. Like Mikazaru says it IS great that you've been able to save enough thus far to have money to do this. It just shows you what you can achieve and you'll get there again.

Are you able to do any lease schemes with his work?

SG27

black_taxi wrote: »

SG27 you said well worth waiting--how long was very long wait?

About 8 years in total. We wasnt obsessive saving to begin with but the last two years was saving literally every penny!

Shiloe

Shiloe wrote: »

Joining this thread and watching with interest saving for a house [max £160K price tag] not aiming for a certain percentage just saving as much as I can until I'm 25. I am currently 20 and have managed to save £11,090 so far should be £11,340 by the end of this month.

Aim for this year to is reach £12,500 done the maths and should be easily achieveable however I do like to treat my nearest and dearest at xmas time ! :xmassmile

Wow I have just re-found this thread I knew I had posted on this before and had a trawl through my previous posts and found this one (above) from Sept 2011 !

How things have changed its been roughly 23 months since this post I've been promoted at work, my house budget has increased to max 220K and my savings currently stand at £43,750 my target is £45,000 and I will hit this come pay day. Me and my bf have started already looking as in total we have £79,000 with an overall target of £85,000.

We have been seriously looking for 2 months now viewed about 7-8 houses nothing we have fallen in love with yet but we are starting to get frustrated that we havn't found our (as chessy as it sounds) "dream home"

...I'm starting to think we never will I check daily and its just bleh