The 'We're saving for a deposit' thread

LibertyBelle

My pension provider said the amount I was saving would be fine if I had no rental costs. They said I would have to save significantly more in order to cover rental costs, and the fact rental costs may (almost definitely will) go up in the intervening 35 years before I retire means I should build in even more - it basically is a toss up between presuming I will have paid off a mortgage I don't have yet, and saving the money I should be saving for a deposit into a pension. I suppose at the end of the day you have to make the decision now - I think I've made the right one but it's a bit of a gamble!

[Deleted User]

tara747 wrote: »

Ooh, well done Domino9, that's great news! Happy house hunting and keep us posted

Well the house we went to view, was perfect for us. Needed little bits and pieces done to it - nothing urgent, nothing big (expensive), and we LOVED it, it could have been our perfect home for many many years!

We called the next day to make an offer, and were told that there was an asking price offer already made. We offered an additional £5,000. Two days later we were told that the other party had made another offer of £5,000 above ours. We agreed that we'd go for a second viewing on the Sat, it was Tues at this point (partner was working away and couldn't make it before then).

The EA called us on the Wed and said that the sellers wanted a quick sale (we are FTB, so in no chain, and made it clear that we could move as quick or slow as the vendors wished) and so were making their decision that night, if we wanted to make a further offer it had to be before then. We did, an additional £2,500.

The next day we get an e-mail confirming that we were the higher bidders, and that a decision was being made this morning. We forwarded on our mortgage in principle (as requested), and waited.

A short while later the EA phones my partner and tells him that the sellers went with the other (lower) bidders because they had a bigger deposit. The EA, our broker and both of us were/still are so confused as to why. (we had in excess of 25% deposit and affordability was well within what the bank were prepared to lend us!!!). We didn't want them to give us a mortgage, we just wanted to buy their house!!!

So, the short story is that we didn't get the house, and it now looks as though the search for our house will now need to wait until the NY (there are so few properties on the market here, and very few being added).

Not sure that there was anything that we could have done differently (and each month that passes that we don't find a house, our deposit is getting a bit bigger, but then house prices here are rising!!!!!!).

Between me and my partner we'd agreed the max that we'd have been prepared to pay for that house, (above what our final offer was incidentally) and I think I'd be feeling better about the whole thing if we'd been out bid rather than what actually happened.

Back to the drawing board!!

D9

beckythemadcow

Oh Domino! That is awful! Especially when it was perfect!

We are about the same stage as you. We have an Agreement in Principle but the interest rate isn't great because of DH finishing his PhD and having a short and temporary employment, even though our deposit is good.

We made an offer on a repo, but it appears there is now a bidding war which as gone above what we want to pay. It wasn't "the one" so not too gutted. We are back to looking.

tara747

How disappointing, Domino9! You were right not to get into a bidding war, though. A better house will come along.

Eponym

Hi all! I'm getting closer and closer to being able to buy (well, I probably could now but I'm due to start a new job shortly so want to wait until I'm bedded into that, plus my ISA interest is due in March and will be about £600 so not to be sniffed at!)

My question is, how much seems right to budget for large electrical goods (oven, microwave, fridge freezer, washing machine, tv etc)?

I hope that some will be included or I will be able to get them cheap from Gumtree etc, but will probably have to buy some or all, so just wondering about figures. I'm thinking approx 2.5k if I had to buy them all new. What do you think?

[Deleted User]

If you want all new I'd have thought a bit more than that to be honest - but just go to a couple of the online retailers and "fantasy" shop for all you'd need and see what the total comes out as?

Eponym

I'll do that, thanks!

Simon11

Well, I've nearly scrapped together £2k this month. I call that hitting my target of £2k a month.

Only 13 months of hard saving to go!

ALM2013

Hi all, how's things. I'm new to this place but it seems perfect for my savings challenge. I too am saving for a house, along with my girlfriend. Hopefully the new year should see me save a decent amount, and pay off a bit of my loan. I want to have between 11-15k by the end of 2014, although I am planning on having 3 very special holidays.

I've opened a new current account, and when I get my money sorted I will lock my savings away for 2 years so I can't spend them.

Hope everyone saving is close to their targets.
Can't wait to 2014, new bank account, new me!!

Pocketsaver

Impressive savings everyone!

Monthly update from me. I managed to save £1,114.68 which brings my total up to £24,966.46 - a mere £43.54 away from my end of year target!
Due to this earlier than expected achievement I am going to see if I can get to £26,500 by end of year. Fingers crossed