The 'We're saving for a deposit' thread

WLITC

Hi all, newbie to this thread but thought it would be fun to join in. Made the decision earlier this month that its time to buy. Have some issues on my credit file from a few years back so plan is to wait until Spring 2016 for these to fall off my credit file and then apply (will need that time frame to get a good deposit saved anyway).

Currently have £1k in my 'Mortgage deposit' savings account and the plan is to save min of £500 a month, maybe £700-£800 some months if I don't have much going. Ideal scenario is I end up with between £15k-£20k deposit by Spring 2016.

BTW do most of you guys just have the money is regular savings accounts or ISA's?

F1F93

Hi all .
Thought I'd come and introduce myself.
My Fiancee and I are saving for both a wedding and a house deposit.
We are getting married in Feb 2015, and hoping to move as soon as possible afterwards.
The wedding will cost around £12K, and then it's on to the deposit. We should have around £20K by the end of 2015 if all goes to plan, although we are unsure when we'll be moving as we both work in education, so most jobs are only available around the summer holidays. Given that we plan to relocate about 3 hours away, keeping our current jobs won't be an option!
We will hopefully get a mortgage of around £100-120K, so we'll need a minimum deposit of £12K for a 90% LTV, but we're hoping for a lower value obviously. We're renting a room off of a family member so we should be able to save quite a bit.
Hopefully we'll be on the property ladder before we're even in our mid-twenties!

WLITC, we keep ours in instant access, mainly because of the wedding. After that we may look at regular savings, but TBH unless they give much better rates we probably will keep it in instant access.

hanspans

Hi everyone, any tips on good savings accounts?

AcidHouse

WLITC wrote: »

Hi all, newbie to this thread but thought it would be fun to join in. Made the decision earlier this month that its time to buy. Have some issues on my credit file from a few years back so plan is to wait until Spring 2016 for these to fall off my credit file and then apply (will need that time frame to get a good deposit saved anyway).

Currently have £1k in my 'Mortgage deposit' savings account and the plan is to save min of £500 a month, maybe £700-£800 some months if I don't have much going. Ideal scenario is I end up with between £15k-£20k deposit by Spring 2016.

BTW do most of you guys just have the money is regular savings accounts or ISA's?

Try saving into both - the ISA allowance first during each tax year for tax free savings, then when that's full, switch saving into the best interest rate saving account you can find. Here's some MSE links that may help you decide how / where to save :j

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

http://www.moneysavingexpert.com/savings/best-cash-isa

Nichelette

Hi all, I have posted on this thread before but it was when my situation was a bit different as I was saving with my then OH. Things didn't work out in the end (largely to do with the housing situation) so I'm saving alone now and looking to move away from my hometown to somewhere cheaper in Kent.

I'm 27 and am on the mortgage for my family home with my dad following my parents divorce. He's currently overpaying that so I should be in a position to come off in a year or so. I'll need to save an absolute minimum of 20k. I'm hoping to save a minimum of 12k this year, but ideally would like to get closer to 15k due to some back pay I got this month.

Although I will hopefully reach my target by the end of the year it could take me a bit longer to move as I'll need to get off of current mortgage, and also need to arrange for my job to be transferred from my current office to another one nearer to where I'm looking to buy. Any 'extra' time I spend here will be spent adding to savings.

Good luck to everyone trying to save .

SG27

Been ages since I've been on this thread! Now I'm counting back down instead of up!

J_i_m

Technically not saving anything at all this month due to my current income situation, that and the necessity of renewing my car insurance.

However, since there is only one month of my regular saver to go.. I decided that my overdraft is going to get used this month (amazingly with all things considered I actually managed to not go overdrawn at all last month).

Since my overdraft is free (up to the first £250) I decided it would make better sense to continue depositing the maximum permitted amount into my regular saver and hence secure the highest possible return of interest on the account when it matures at the end of next month.

Barring a total disastor, I "should" be back up to "full pay" by next month as well. So clearing the overdraft shouldn't be a problem and even if it is, I can always skip a month of saving to stabalise things.

So I've cheated a little bit to make sure I get the most out of my regular saver, and this brings my total past the £15k milestone.

As long as my employment and income situation settles down, I expect to be putting away £600 per month thereafter (bar the odd essential extra outgoing, i.e. car servicing etc).

Thinking conservatively.. on my likely income I ought to aim to save £6k a year for the foreseeable future. With that in mind.. assuming I can start saving properly again from March onward (averaging a minimum of £500 per month), I should be hitting my overall saving target of £25k by November next year

aylithuk

Hey

Been awhile since I was on this thread. My OH had a few ups and downs on the job front.

Just had a 6 month temp contract made permanent last Friday so we're on the up again.

£15,000 target still and aiming for £1000 saving each month (between us)

No fun for us until July ))

johannalf88

Hi all!

Well we are now 62% there, and the next paycheck will be bigger for us both! (Me because of the 1% gov increase- I suppose every little increase is less of a decrease, the increase being backdated, and a bit of overtime! DH because of the new job).

Then in March we r off travelling for a month! Then march's pay onwards is all going into the deposit fund, at a rate of £2000 a month! When the first lot goes in it is going to feel soo good! (Will also feel like my OH is getting paid for the work he does, he has barely been home before 1 most nights as he has to talk with Australia!!)

tara747

I'm late declaring for January, sorry! Well, for the first time ever, I spent more than I earned as I was on holiday :beer:

So my January total is -£298, oops! My new total is £73,829. Better get back into disciplined habits for February!!!!