The 'We're saving for a deposit' thread

gothrockchic1

Hi all, OH and I have started saving for a deposit. We expect it will take three years to save a 20% deposit with two wages.

Can anyone give advice on how much the fees will cost? Thank you

no1wf

We're currently at 91% of our first target which we will complete before the end of next month! Then we just have to wait for my fiancee to finish his 6 month temp job and hopefully be offered a full time permanent position so we can apply for a mortgage. During this time we'll save another 2.5k for fees etc and probably buy more bits and pieces for the house so it doesn't hit us all at once.

Maybe some Christmas decorations to call our own when they're cheap in the new year.

Exciting times :T To think this time next year we could be in our own home! :eek:

FlacosFloozie

Hi GRC :hello:,

I remember you from the debt free boards. I'm not really sure how much to save for fees as they do seem to vary. I'm going to aim for 3k to allow for solicitors fees and moving costs. If I can manage an extra 1k contingency fund that would be good as knowing our luck when we finally get the keys to our home something will break as soon as possible :rotfl:

gothrockchic1

FlacosFloozie wrote: »

Hi GRC :hello:,

I remember you from the debt free boards. I'm not really sure how much to save for fees as they do seem to vary. I'm going to aim for 3k to allow for solicitors fees and moving costs. If I can manage an extra 1k contingency fund that would be good as knowing our luck when we finally get the keys to our home something will break as soon as possible :rotfl:

Thank you, that's a good idea. I will start looking into moving costs as well. There's a lot to consider.

fairy_lights

Oh dear. When we worked out our budget for this month me and OH majorly miscalculated somewhere and ended up putting more in to our deposit pot than intended. We're now completely broke till the next payday, and it's a five week month too.
Does anyone else find they get a bit carried away with their savings sometimes? I'm just so eager to get our deposit together that sometimes I forget we need money to live too

no1wf

fairy_lights wrote: »

Oh dear. When we worked out our budget for this month me and OH majorly miscalculated somewhere and ended up putting more in to our deposit pot than intended. We're now completely broke till the next payday, and it's a five week month too.
Does anyone else find they get a bit carried away with their savings sometimes? I'm just so eager to get our deposit together that sometimes I forget we need money to live too

Perk of still living with my Dad I'm afraid, I don't need much to 'live' on

Though I wish my OH was as carried away as you, he's currently spending for bits for a new computer as he's afraid he won't be able to afford one once we've moved in :rotfl:

J_i_m

Saving is important, but you still need to live in the meantime. It's about striking a balance. It'd be to easy to go extreme in either direction but there's little use in being miserable because of having no spending money, just don't go over the top.

My income tax was rather more sensible this month so I'm putting away £700 for now. I might put a little bit more away before next pay day but unexpected expenses seem to be aplenty at the moment so I'm trying to give some wiggle room for that as well.

I'm now through the £20k barrier :T and hence I now consider my deposit target to be met (unless future broker/mortgages interviews force a major recalculation). I am now saving the next £5k for fees.

lulu_92

£1720 in my ISA and £700 in my savings with 6 more paydays between now and March and aiming to save approximately £550 on each one! This doesn't include any bonuses (I'm due one in 2 weeks and in Feb but the one this month is going mainly on xmas)

Feeling positive about it all right now

kermit2601

Hello everyone,

I've been a bit of a lurker on MSE forums for a wee while, dipping in and out for savings advice. I stumbled across this thread and its pretty much made for me at the moment.

The OH and I have been wanting to buy a property for a while but the deposit has put the brakes on that. It's really annoyed me as with the rent we pay and the money we're saving each month we could comfortably pay the mortgage on the type of house we want but we just can't get the up front costs.

We've started to put a decent amount away (£800 per month) and have an existing savings balance of around £5k however due to the fact that we're in one of those property bubbles (Aberdeen...pesky oil industry) we're looking at needing a minimum of £10k (if we get a 5% deposit mortgage) but in reality probably looking at £20-25k.

The OH has just opened one of the Nationwide Save To Buy ISA's wich we'll both end up paying into so fingers crossed we'll be eligible for the cash back and 5% deposit by the time we're looking to buy (hopefully end of next year).

I've worked out that we should have £17k saved by the end of next year so perhaps a little short but it's not too far off.

I've enjoyed reading the posts in this thread and I'm hoping that by joining in I'll end up getting more motivated to save even more!

tara747

Payday update from me!

It's been an expensive October I've only managed to save £263 this month, bringing my 2014-to-date total to £8,423 and my overall total to £82,546.