The 'We're saving for a deposit' thread

Starbrite

Slayerx wrote: »

New to the thread so thought I would say hello.

I'm saving for a deposit it's going to take about 10 months as I aim to save £300 a month and also use the bonus I get this month.

This will give me enough for a 5% deposit as I'm looking to buy a house for roughly 60-65k as my first home as I live in West Yorkshire house prices are low.

Welcome to the thread

10 mths to save for a deposit, I'm jealous! Don't forget to factor in legal costs moving costs etc

Slayerx

The aim is save for 10 months and then start looking for a property while I continue to save.

I'm going to try put to one side 1k for legal fee's, moving fee's well I have very little to move and can rely on family for this

ak74

I currently have just over 8k for a deposit and 4k is being gifted to me...I'm quite eager to buy a place now but there are very few choices with my price range unfortunately, so hopefully make it to over 9k on payday!

quicklee99

Slayerx wrote: »

The aim is save for 10 months and then start looking for a property while I continue to save.

I'm going to try put to one side 1k for legal fee's, moving fee's well I have very little to move and can rely on family for this

I think you'll be lucky to get by with £1k for legal fees & moving fees even if you paid £0 for moving fees. Best of luck though.

J_i_m

I'm intending on budgeting £5k for fees. I imagine that I've probably over estimated what it will cost but I'm also thinking ahead in that should a deal fall through after survey stage then I'll have savings in reserve to proceed with a substitute property without having to save up again

Elfbert

Hi everyone!

I'm currently in a shared ownership flat, and as we finish paying other debts off, the OH and I are going to be saving saving saving! Although right now I'm wobbling between saving and just paying off loads of the current mortgage?

Anyone have views on which would be better - I mean, I think paying down the mortgage will be, interest-rate value-for-money-wise?

Obviously this is assuming that when I move my mortgage deal (in May) that I can get something which allows a big overpayment with no penalties! I'm going to get a broker on the case...

The interest rates for saving right now are so rubbish it just seems more sensible to pay down the mortgage and increase the equity in our current place?

Anyway, whichever way we do it, it will hopefully add up to a fat deposit on a new place!!

Elf
xx

[Deleted User]

Hi everyone, I have just subscribed to this thread as I am saving for a deposit as well.

I am starting from scratch really, but this year I am determined to make progress on the savings side. I will start reading from page 1 to see if I can pick up any tips

I am also trying to save for an emergency fund and for normal savings, so I know progress will be slow but it is better that no progress at all.

Simon11

Another £2k saved easily this month, now only £12k to go! At this rate, I should achieve my goal definitely by September and will additionally be helped by another bonus coming in May


Hope your all achieving your saving goals during this warmer weather!

puppetmaster00

Well, I missed my update this month.
So, currently sitting at £10,660. My goal was 10K, so just adding to it now, we also have excess money saved for legal fees and an other costs that may crop up, plus money for decorating. We already have most furniture from renting before, the only thing we really need is a sofa and fridge/freezer, both of which are being bought by our parents as gifts.
We have seen a house we love, going for a second viewing this week. All very exciting !

Zoology_Dragon

End of March and we're at £8692 from £7893 last month, not as much as I would have liked but we're going in the right direction. Aiming for £10k this time next month, we're both waiting for work to pay some expenses so it should be doable, watch this space...