The 'We're saving for a deposit' thread

Homeownertobe

I'm saving for my first house. I've currently got £12,000 saved (as of yesterday!) and I'm aiming for £25,000 by 15/07/2015.

lvm

So, I managed to get my savings up to around £48k in the bank (plus around £10k still owed to me).

I was waiting til end of September (when last default falls off record) before buying but a mortgage adviser seemed quite optimistic about getting me a mortgage so I went for it...AND GOT ACCEPTED!!! Yay!

So, offered on a flat and have agreed a price (even got a nice little bit off the asking price due to length of time on market and some inside knowledge I had!).

Only using about £24k of my savings on deposit and solicitor fee but probably another £5-£7k on doing the place up.

This will be the first of my investment properties and hope to have the 2nd by the end of the year if all goes to plan!

I'm soooo excited!!!

lulu_92

Hi all I would like to join you lovely folks

OH and I have been together for 3 years. We currently live in his 2 bed terrace which he has owned for 7 years. He has about 12 grand in the house if it sells for the valuation.

I'm trying to save 10 grand by next July but I would like to buy in January because of some nice houses that are being built, the fact that we are TTC in September and also my neighbours are driving me a bit mad.

Got bonus this month so got about 2 grand right now

nat21luv

LVM thats excellent news, congratulations!

Im saving on my own as a FTB for a 3/4 bed house. Its going to be tough be hope to get there in 2016.

Im at £6300 of probably a £30/40k deposit

no1wf

Unsure if I can ask this here, but it does have to do with saving for a deposit so...

I would like to open a Nationwide Save To Buy account in case we decide to go with them when the time comes to apply. To get a joint mortgage would we both have to be on the account?

Henneb_84

Hi no1wf, no as long as the account is in the name of one of you on the joint application its fine. I opened an account a month ago and asked the same question as it was difficult for my OH and I to get to the bank at the same time to open the account. They did say that the savings a/c can be transferred into joint names at a later date if we wanted to.

no1wf

Thank you Henneb_84

A couple of my friends have got their mortgages thorough nationwide and it's been smooth sailing for them, they had some cashback deals included too so seems like something we want

So thought I'd get a headstart by getting a save to buy account now, but not sure OH would want to open another account and I don't want a joint one for fear of being tarnished with his uni debts

Henneb_84

Yes, my sister has just got her mortgage through Nationwide and didn't have any problems so it seemed like a no brainer. You are not tied to getting your mortgage through Nationwide and the interest rate is pretty competitive. It also unlocks some 95% mortgages if that's what you need to get on the ladder.

The only bit I am unsure about (and should have asked) is whether you have to use the full account balance towards a deposit or if you can take a lump out towards stamp duty, solicitor fees etc. Just to be safe I think we are going to keep that money aside in a separate ISA...

Happy saving !!

Petal88

Hi everyone!

I've been lurking on these forums for a few months now but having spotted this thread today I thought I'd take the plunge and join MSE.

The OH and I are thinking about buying a flat in London in early 2015. We're looking to save up a 10% deposit by end of Jan, so that's 25k for us. He's entitled to a Forces Help to Buy so we should be able to get 15k interest free that way and I'm hoping we can raise an additional 20k on top of that ourselves to cover things like stamp duty, fees and some furniture.

I currently have 8.7k saved up and he has 7. As we have 6 months left to raise another 10k between I'm hoping to save around £900/month and for him to put away the rest himself. (actually, thinking about it we might as well set up a joint deposit specific savings account to make this easier!).

Fingers crossed it all goes to plan!

Pocketsaver

Hi all,

I thought I was going to be off this thread a few months ago, but things have not gone as expected.

Here's my situation since March time...
I've made 2 offers in the past and both were accepted, but I withdrew my application as there were some issues with the properties that I was never going to entertain or take responsibility for.
My first property search was in the Kingston borough area, but I decided to look elsewhere since the prices are just ridiculous. I had an offer accepted in the £180k region, had a survey done, and the issues it made be aware of made me run for the hills (structural issues). I decided to end my search within London and look outside, as prices for some even of the most minor decent standard costs an extravagant amount.

I then looked at Epsom in the south-west, but withdrew from that purchase because of its issues. Prices in this area weren't far behind London.

Both were conversions.

I am now looking in Bishop's Stortford, Hertfordshire, for a 2 bed flat (purpose built). I was waiting for some of my second viewing questions to be returned to me, but an investor with cash offered very close to the asking and was accepted as the offer to go ahead with. I was quite disappointed about this since the flat was ideal for me and I could see myself living there for 5+ years:mad: Prices in this area are quickly rising as well and I am tempted to throw in the towel with this whole property buying.:(
This is an area I am not terribly keen on either. Don't get me wrong, it is a lovely area, but I want somewhere I can have a relatively short journey to S.Wales. Problem with that is my job is in E.London.


I've now saved a deposit of £52,064.6. I'm really tempted to buy a place where I grew up (Cardiff/ Penarth, S.Wales) and then look at moving back down there in a few years time so I can be close to my family, friends, and preferred lifestyle. Problem with that is with my job, my best chances of moving up the ladder and possible career prospects are all in London. 'Sucks' is a word I'd use to describe the situation!

I've been living with my sister and her husband over a year now and it is quite demoralising. On the plus side, I have saved roughly £1,250-£1,500 per month (don't have my spreadsheet with me). I want to go back out and start enjoying life, I've got so many plans I want to act on, but I feel it would be irresponsible to act on them until I have a solid foundation behind me.


Sorry all for the sob story. had to vent it somewhere.:o
Cheers :beer: