The 'We're saving for a deposit' thread

Bone_Idle

I have a nasty feeling that work may have messed my paternity pay up... I asked for one week rather than two, as they'll pay the first week at full pay but the second is only at Statutory Paternity Pay rates. But I got a letter today saying that they'd processed my claim for two weeks! Even if we weren't trying to save for a deposit, it's a chunk of money that we can't afford to lose at the moment. I especially hate that the letter arrived on a Saturday, meaning that I have to wait two days to deal with it! :mad:

Aside from this, our savings are still creeping up ever-so-slowly... But I am due some back pay so I will try to stick as much as I can of that into savings - and when I work out what my new wage will be I can up my savings direct debits accordingly.

There are lots of nice-looking 3-bed houses now dropping into our price range in the areas that we're looking at, but I'm just about managing to hold myself back!

butterfly72

Bone Idle, hope you get the pay sorted! I'm starting to pay extra from my wages into my NHS pension soon... around £200 a month. I hope they get it right. Its gonna be a chuck out of my monthly savings but hopefully I'll benefit in the long rung.

Well, my savings have hardly moved up this month what with all the christmas pressies and a few new clothes. Hopefully I shouldn't have to buy any more clothes til spring and even then I'll see if I go do without for a while.

Saved a bit this week tho. I bought a dress for my works xmas do and accessories from Oasis for £130 but the dress turned out to have a fault. I didn't have time to exchange it before the party as the nearest Oasis shop is miles away so had to resort to a local New Look for a dress. Dress was £28, accessories a tenner and I already had a bag. Took the Oasis bits back today and got the £130 refund! Bit of a difference there and the New Look dress is lovely!

mbga9pgf

Hi all!

Just found this thread, thought I would post details.

Started looking to buy in 2005 when prices were nuts already. realized that saving was necessary. unfortunately, prices out climbed my savings. Since then however, I got married (wiped out savings, but no debt, wedding and honeymoon 12K).

Wife only started working 18 months ago and until then was going therough teacher training. Since the wedding (early 2006) we have scrimped and saved EVERY and I mean every penny.

Me: 27 earning around 47K gross in a professional role. Job is redundancy proof. No debt inc. student debt (all paid off)
Wife: Teacher earning 22K gross (grr, she could earn so much more...) but at least her job is safe. lots of student debt, although by the time babies come around, who cares? It will never need paying. all the savings for both of us are in my name.

Currently saving: 2900-3100 GBP per month, currently in a bank account, soon to be moved to more favourable IR. Since 2006, managed to amass 51K. Expect (with interest) to have saved 90K by next christmas when I hope the market will have collapsed and we will be good to buy. 90K is a tad light of 40% deposit on 250K purchase price, so may save a few extra months to go for the magic 40% deposit and wonderous rates...

Its bloody hard, both have old clapped out motors, no hols abroad other than to stay with family in spain, lbuy food in Lidl/Aldi/Asda even though we are on top whack for our age salary wise. We enjoy saving though and find it very

Hope to be mortgage free by 40. with current fixes available on 40% deposits, we are looking at just under a grand for monthly mortgage payments, which means we can start getting on about growing the family sometime after the mighty 40% has been reached! overpayments or at least saving another 1K on top of payments will mean we should achieve that.

moneysavingmonkey85

Hi all,
I'm another late comer to this thread, but I'm just beginning to look at houses. Currently renting in midlands, but looking to move back down south- but need to find a well-paid career. What do you do for 47K?

Husband, 23, teacher gross c22k, a bit in an ISA
Me, 23, HR administrator c16k (even with masters degree!) savings as sig.

Also shop frugally, and try not to spend, except I am learning to drive. ££!

Any tips for cheaper areas down south or industries still recruiting graduates (politics)?

Bone_Idle

moneysavingmonkey85 wrote: »

Any tips for cheaper areas down south or industries still recruiting graduates (politics)?

I'm a politics graduate! Most of the people I was at uni with seem to have ended up being accountants... not something I was ever going to be interested in!

Nichelette

I'm another politics graduate, maybe I should look into accountancy lol.

playing_with_fire

Hello

Well there has been a bit of a stumble as I waited to get my money back from Icesave and then find somewhere else to put it. I've saved 28k so far which is 90% of my original target (which was based on getting a place beneath the stamp duty threshold).

All the chasing around for decent savings rates has made me fall a little out of love with the savings game, but the thought of getting to live with my boyfriend is keeping me going. It so weird I thought reaching 90% would make me feel amazing but I just feel there is still a long way to go.

Hmm maybe it's because I am trying desperately to stretch this months pay till the 25th, pretending that I'm not getting paid early and already I can see that is going to be close.

VickyA_2

DH has eventually added £3k to our savings! This has duly tipped our percentage saved up. Hurrah! It feels as though we're getting there very slowly!

jamtart6

hi guys well after saving for AGES, we finally took the plunge and *fingers crossed* will be exchanging contracts this week. One thing I will say is that when we went for the mortgage, if you have :

* less 10% deposit - pay higher lending fee (so try your very best to get more than 10%

*10-25% deposit - fixed rates around 6%-7% interest at the moment

*25%-40% deposit - fixed rates between 4.8%-6%

*40% + deposit -4-5% interest rates

just as a rough guide. they are changing daily but if at all possible I would say work out what price you want to buy at e.g. £120000 and aim for as big a deposit as possible - if you can manage it at all 25% or more is the best to go for I would say. I am SO excited but being prepared for having NO money

lostinrates

Congratulations, I hope its wonderful jamtart.

DH was awarded a Christmas bonus, which really is a bonus, as although its common we thought this year......well, we didn't think he'd gt it with all the drama. That said, its less than it would have been had the credit crunch not crunched. Its all going straight to the savings.