The 'We're saving for a deposit' thread

black_taxi_2

thx SG27,Im close to paying off a small 1 bedroom flat,but my retirement flat will be my last,so prepared to take my time,60 in 8 years,want a bath,elevator

SG27

black_taxi wrote: »

thx SG27,Im close to paying off a small 1 bedroom flat,but my retirement flat will be my last,so prepared to take my time,60 in 8 years,want a bath,elevator

I'm on the MFW forum. Now I'm obsessed with over paying my mortgage instead of obsessed with saving!

black_taxi_2

yeah(scandalous) low savings rates,better o/p

nat21luv

SG27 wrote: »

I'm on the MFW forum. Now I'm obsessed with over paying my mortgage instead of obsessed with saving!

This is my dream!! I want to be a MFW!

SG27

black_taxi wrote: »

yeah(scandalous) low savings rates,better o/p

Yep and with mortgage rates so low too currently it's an excellent time to take advantage!

SG27

nat21luv wrote: »

This is my dream!! I want to be a MFW!

The way I thought of it when I was saving for the deposit was that every pound I saved was a £1 less I needed to borrow so I was effectively paying off the mortgage before even getting it! Also for every £1 you save it will save you almost another £1 in interest over the term!

NewbuyerNE

couponchaos wrote: »

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.

We're doing the same as you, £15000 = 12% for us. Neither of us have debt & our financial advisor said we'd expect to get up to £130000 mortgage.

We're in the North East so going a bit slower & compared to the 5% deposits you're already doing a fab job

NewbuyerNE

lizzibeff wrote: »

Hi All,

thought I'd add myself to this thread

We're saving every month £800 (but could and should make economies to save more). We're desperate to get a deposit by the early part of next year so we can expand our little family and live in surroundings that are decorated to our (read, my) preference!

Current total is £4322. So far there's a loose target of £12,000 and we'll probably buy according to what we have saved with a view to moving up the ladder as and when we can. Thankfully house prices here in the North East are still fairly cheap.

Hi lizzibeff,

We're in the North East too so we're lucky our deposits stretch a bit further. We're going to buy small & then work our way up after 5-10 years depending on what happens!

SolvingDebtCrisis

It's been a while since I last posted. An update was that I was made redundant in June and I have been looking for a job and moving house since then.

We are moving to a rental house next week.

I am happy to say that my partner and I have approx 40k in savings (me 14k but due to redundancy this figure is going down). Hope to get a job soon and keep the savings.

So as soon as I have a job and okay to get mortgage, we will be going for it. Please please let it happen.

butterfly72

Hi all, I haven't posted on here in an age, but thought I'd come and give an update. Here's my post from Sept 2008 (edited the boring bits out!) :

butterfly72 wrote: »

The OH and I have been saving for 7 years now and we started £6K in debt each and no jobs! We've now got over 80K for our deposit acheived by hard work and frugal living! The OH started by getting a half decent job and has had promotions through hardwork. I worked for a PCT and they sponsored me to do my nurse training and I've now been working as a nurse for 2 years. I've just started doing extra shifts to help the deposit grow. It just shows you that a good work ethic and hard work can pay off!!

Our aim is a 100K deposit. We'd like to do it by the end of the year but I'm not sure we can, as its coming round a bit quick! Still, you never know. We hope to buy 2009/10... depending on prices of course. Oh and we'd like to start a family soon.. so that will have an effect on the savings.

So its now 2013 and here's my update. Well, we never bought in 2009/10 or started a family. OH didn't want either at that time and I've decided against a family too. I'm going to get a horse instead!! We didn't buy a house as were weren't too sure what was happening with OH's job and also where we wanted to live.

However, we kept saving and saving and being frugal(ish) and happy to say our deposit is now 200K!!:T. We've relaxed with the savings a bit recently and changed our cars and bought decent bikes and spent on hobbies. I've been saving for a horse too.. see my signature. I've also downgraded at work to change speciality and I also do less hours so not I'm saving as much anymore. We also upped the amount we are paying into our pensions. I was apprehensive about posting the amount on here, but just to say it has been achieved with jolly hard work, promotions, using this site and being careful. Also, we are older than the 'average' buyers - we're in our 40s:o so have a few working years under our belts.

So interest rates are low, house prices are rising again and our rent has gone up. We've decided to buy:j We had a drive round some areas last week and still to pinpoint exactly but this gives us time to research prices, mortgages and the like. We are looking at 400K houses for the areas we like. Coming from up north this makes me cry, but OH won't move north, so we'll be moving from SW London to Surrey. Can't wait to get on the MFW board!!

keep going everyone:T