The 'We're saving for a deposit' thread

FlacosFloozie

Hello,

I'm FlacosFloozie and I'm finally debt free (it feels so good to say that ) meaning we can now start saving for a deposit.

I'm in my late 30s and Mr is in his early 40s. Ideally I'd like to buy within the next 3 years, as if we leave it too long we may struggle to get a reasonable mortgage term.

We're currently living in the south midlands where house prices seem to be climbing at a scary level. A move back north is a real possibility, both to be closer to ageing parents and take advantage of cheaper prices.

I'd like us to have at least a 10% deposit (20 would be lovely but unlikely). Although we'll be first time buyers, at our age we're looking for a home for 5-10 years minimum, not a starter home. In this area that probably means spending £300k :eek: There are lots of things that could change this but I know one of the big reasons I got into debt was taking my eye off the ball and not planning for the future. Thanks to MSE I am a changed woman!

So, I have 2k in the bank as an emergency fund and I'm aiming to save 30k as a deposit. I'm adding an extra £5 to the pot today to start the journey. Good luck to all the fellow travellers on this board xx

Zoology_Dragon

We're now up to £13,506. Still waiting for completion on the house purchase after which it'll go to zero(!) but we'll be continuing to save so we can overpay

quantic

Currently at £16,500, need 7k of that to top up deposit for new house (putting down 25%), some for fees then the rest as a little cushion. Out of interest, those who are saving £75k etc what kind of wages do you earn!? I thought I was doing well saving 16.5k in 2 years...

ohhellosailor

I'm currently at £0 and need to save up £5000 by September 2015.

:eek:

I've always 'spent as I went' so I'm not sure if this is going to be doable as I have never really saved before, and my rent is currently paid by 3/4 of my monthly salary.

However I've recently got a new contract and have taken on some extra freelance work, which will total an extra £6000 a year. I want to use this as a chance to actually build up a deposit.

We need a minimum deposit of £20k if we relocate and a minimum of £25k if we stay where we are. My OH has £5k already and wants to, like me, save up another 5, and my parents have offered to loan us £10k.

Will keep you posted - good luck everyone!

southernbelle

Having paid off all my debts last year I am now saving for a deposit. This is slightly complicated by my decision to resign my job and go back to university part-time, but should be do-able.

Currently I have some Post Office shares and not much else, I put all my savings into paying off my car hire purchase. Once that car is sold I should hopefully have a starting point of around £8,000.

A long way to go.

xmillyx

xmillyx wrote: »

Total for July - £27,938.27. That's an increase of £1,850.61 this month!!!!

£2,061.73 until by target of £30k! I'm going to try and get there by September

Mid month total - £28,922.03 an increase of £983.76 in 2 weeks!

£1,077.97 till my target of £30k!

tara747

VERY late update for July!

I saved £582 in July...

...which brings my 2014 (to date) total to £5,923...

...and my overall total to £80,500!

I've hit the £80k mark, I'm sooooo chuffed!!!!! I feel like I should celebrate

:beer:

Welcome to the new savers - feel free to join in, ask questions or offer tips!

nat21luv

_party_ :dance: Yeah!!! Well done love, im very excited for you!

You better be popping a cork tonight (a cheap bottle of prosecco?!)

:beer:

eviekins

Congratulations Tara, that's amazing!!
Make sure you have a little celebration tonight!
Hopefully in a few months I'll be able to join you in the 80k gang!

nat21luv

Im still waiting to join the £10k gang