The 'We're saving for a deposit' thread

amr547

NOT doing well with our savings! We may have to move in the next 6 weeks which will eat up all of our deposit. I have £400 tied up in a 40 days notice account so I can't really touch that.

LL is being rather arsey about repairs. Gas is currently up to £90pm !! so we are looking at offset the cost of utilities by renting somewhere newer and hopefully more efficient. But it's going to be a nightmare and moving is horrible I feel like we are never going to be able to buy at this rate.

Bubbalou

I want to save £8k by this time next year, I've already got £1.1k saved (in an ISA). There may well be a bit of a windfall on my partners side in the meantime, but I don't like to count my chickens etc, because I dont' think you can count on these things. But just to say I don't think £8k will be enough for a deposit, I think we need to have more like £15k (so dependant on how my partners side goes, it may be 2015 before we get something like that. I want my partner to help as well, but I do earn more, so concentrating on my side.

Also looking for support because I sometimes get disheartened that we'll save all this money only for the market to leap again and make houses even more unaffordable!

J_i_m

It's been an expensive(ish) month.

My laptop computer finally finished dying a loooooong death so I had to get another one. Some might argue that a laptop is a friviois luxury but I needed it to continue with an course I'm doing which I aim to improve my qualifications to help secure my future career.

I decided that a brand new laptop would be taking a little too much more than I would like from my saving haul so I settled on getting a used (but well cared for) one on eBay.

I also had to renew the tax disc on my car, I elected to tax it for six months in interests of cash flow but luckily since I'm not driving much at the moment I was able to offset budget normally intended for fuel to the tax fee

I've "banked" £600 this month, which isn't too bad given my circumstances and I'm now over half way to my target amount.

But I'm eminently aware that things are going to get harder from here on because of major uncertainties surrounding my current employment.

Things are likely to be very tight for a while now and the next few months may see me save nowt. I hope that I won't need to live on any of my savings but I'm going through a really difficult time at the moment and it's a possibility that I might need to for a period.

MrsHappy85

Hello

I have been a lurker of this thread for somewhile but just wanted to post to give hope to some of you that are saving hard.

We managed to save a 10% deposit, £18,000, in just under three years, whilst renting a 1 bed house, and still maintaining a life.

Neither of us are on mega money (combined income 50K) and live in the South East so house prices and rent are not cheap.

Some Sacrifices we made:

No Big holidays. Made do with cheap breaks.
Cut back on nights out. Ony went out when we really wanted too.
Cut back on buying clothes. Still bought them but no designer stuff fo us anymore.
Ebayed Old Stuff to Buy New Stuff.
Set a weekly budget, any surplus left over went straight into savings.
Made packed Lunches at least three times a week.
Save a regular chunk of money each month

These are just some of the things we did to help us achieve our goal. Im sure most of you are already doing some, if not all of these things already.

We didnt struggle to get a mortgage, 10% deposit seems to be enough to satisfy a lot of the lenders. We also still have a little bit of managable debt which wasnt an issue.

We love our little house and still cant beleive our luck at having our own place. Finally! At times we thought we would never get there, but we did! Goodluck to all those saving. Dont loose hope x

puppetmaster00

Monthly Update !!

Sooooooooo, managed to save £630 this month, still not as much as I would have liked but better than recent months !!

Brings the total to £7450. Hoping to save roughly the same this month so we can pass the 8K barrier by the start of October!

johannalf88

We are up to 22% now, watching the numbers, saving just over £700 a month atm.

Some good news this week though, I got a new job! I get a 20% pay-rise, which is nice as it ups the amount that we can borrow. However, extra money is not going into the deposit fund, as OH may get the chance for an extra long holiday in March, so is going towards that instead. If we don't get the holiday, money will go in the deposit fund anyway.

We have been looking recently at the new builds, as we have LOADS going up in the area we want to buy. It would be fantastic if we could as we would only need 5% instead of 10% if we took advantage of the help to buy equity loan, so we could get there quicker. In London the house prices really only seem to go up! They do stagnate, and maybe drop a little, but I think it is a risk we will take. Boris Johnson was mentioning that the area was really becoming up and up (I have always loved it) and I find myself yelling "Shhhhh!" at the TV! Stop telling people, I dont need more competition!!!

:rotfl:

amr547

hi havent made any progress with my house or with my savings, but we are staying here for now. we aren't sure what will happen come february so it's important we have two pots of money - one for moving, so we need about £1,000 minimum, then the other savings pot. as my savings are in a limited access account (40 days notice) then it makes things a bit more difficult, but i'm confident we will be OK. hopefully LL won't have any problems with us signing another 6 months in february but we need to be prepared because it sounds like he's fed up of us asking to do repairs!

Jaybo10

see signature

Jaybo10

I just want to say thank you all for posting your deposit saving journeys. It was a constant source of inspiration and I looked forward to posting my own updates each month.

I can barely believe we have finally done it.

We now have our own wonky floors and dodgy roof and we love it.

All the best in your own saving - I am off to the MFW boards!

puppetmaster00

Jaybo10 wrote: »

I just want to say thank you all for posting your deposit saving journeys. It was a constant source of inspiration and I looked forward to posting my own updates each month.

I can barely believe we have finally done it.

We now have our own wonky floors and dodgy roof and we love it.

All the best in your own saving - I am off to the MFW boards!

It's so good to see people making it to the destination we are all aiming for. It gives hope on those days that the saving seems slow !

Congrats on your new wonderful home !! I hope it is not too long until many of us can join you on the MFW threads !