The 'We're saving for a deposit' thread

[Deleted User]

tara747 wrote: »

Where are you?

The BOE has stated that IRs are likely to go up in the next year or two - I actually think that there is some economic and currency trouble coming down the line, so expect emergency rate rises before then. Followed by another downward trend for house prices.




Depends! I'd like a nice house in a nice area, obviously. And I could get a decent one in a nice area near me with a 5 year mortgage at present (price about £115,000 so a £40,000 mortgage). I live in NI, house prices have fallen by 60-70% here and show no sign of reaching the bottom yet.

Thing is, I'm not sure where I want to settle down, so for the minute I'm more than happy renting while my savings increase.

In the SE of England! I moved here to take a permanent job, as the jobs I had further up north were all fixed-term temporary! (you win some, you lose some!)

xmillyx

Hello all,

I hope you don't mind if I join you!! My name is Milly I'm 21 and currently saving for a deposit

I'm a student in my final year of university in the midlands (doing a business degree) and have a guaranteed job for when I graduate in Marketing in the South East. The starting salary is around £20k.

I'm planning to start looking to buy in Jan 2015 (seems like ages away!)

I already have:
£5000 in a 3% bond which is due to finish August this year.
£5050 in my cash ISA which I want to max out before April.
So £10,050 total.
The bond is inheritance and the ISA is saved up from my placement year last year!

I will be buying with my boyfriend who is doing his solicitors course. Once he graduates this year he will be on a much higher salary than me.. He currently doesn't have any savings but hopefully he can build them up quickly.

As a FTB I'm looking to buy a house around the £250k mark I'm really fussy when it comes to things like this! I also like the idea of renovating.. Therefore I'm hoping we can save together around £40k of which I would like to save £25,000. So only £14950 to go!! :eek:

My savings are going to be fairly slow until I finish uni in May/June time so I want to use this thread to help keep me focused and motivated!

However I've just got off the phone to HMRC and I should be getting a lovely £900 tax rebate very soon!! :T

Happy saving everyone :beer:

tara747

Welcome Milly!

October update from me:

I have saved £813 this month - less than I'd have liked, but I've had quite a few nights out this month and I enjoyed them! So it's all good

My new total is £72,344. I have to save £2,656 in the next two months to hit my target, which will be very ambitious to say the least. But even if I don't hit it, I'll have got most of the way there. And that's better than nothing, eh?

I'm off to update my sig.

Keep on trucking, everyone! :beer:

tara747

Domino9 wrote: »

In the SE of England! I moved here to take a permanent job, as the jobs I had further up north were all fixed-term temporary! (you win some, you lose some!)

Oh yes, SE England is really expensive. But I do think that it's displaying signs of another bubble (which is likely to be shorter than the last one, IMHO).

koloko

Only a lurker on this thread for many years, but we're there finally, I have saved the 10% deposit and 3% stamp duty, £40,000 in total.

One thing I've noticed through saving is how rare a breed we are. Maybe it's just my social circle, but out of all my pals, ex uni mates, acquaintances etc. me and my wife are the only to save for a deposit. And we're also the last to still be renting. 50% of people were gifted deposits from the parents, and 50% got in on 100% mortgages.

Is there a massive sense of self-worth saving the money myself?
Not really.

Am I a little bit jealous of everyone else, despite knowing how worthless the emotion of jealousy is?
Yes, a bit.

tara747

koloko wrote: »

Only a lurker on this thread for many years, but we're there finally, I have saved the 10% deposit and 3% stamp duty, £40,000 in total.

One thing I've noticed through saving is how rare a breed we are. Maybe it's just my social circle, but out of all my pals, ex uni mates, acquaintances etc. me and my wife are the only to save for a deposit. And we're also the last to still be renting. 50% of people were gifted deposits from the parents, and 50% got in on 100% mortgages.

Is there a massive sense of self-worth saving the money myself?
Not really.

Am I a little bit jealous of everyone else, despite knowing how worthless the emotion of jealousy is?
Yes, a bit.

You're only human. By all means, be envious of those were gifted their deposits - but not of those who have 100% mortgages. :eek: They should be jealous of you.

Well done btw!

kerri_dfw

Well it's the day before payday and my scores on the doors for this month (taking into account the inheritance money) is a grand total of: £2013.51 6.7%

I've just checked my bank account and I've got an extra £1000 going into my account tomorrow from my wages, so I'm really hoping that I'll be able to save at least £1500 this month, possibly more. But that'll put me at 10% saved of the £30,000 I want to save over 3 years.

tara747

Well done kerri_dfw, that's fantastic! :beer:

Simon11

I've been doing a bit of number crunching as I'm wishing to purchase a home in London. To get a decent two bed, I'm looking at around £250k, so therefore think a deposit of £50k is going to be needed.

I currently have £21k saved in cash and have set myself the target of 31st December 2014 to reach £50k.

Good luck to all, especially in these cold months!

Sig updated, yikes!

squeeks

Seeing all the saving for deposits is great, but I am curious on peoples views on pensions and how/if people are prioritising general saving over retirement saving.

Are you saving for a deposit and putting into a pension? if so, what sort of split are you doing?