The 'We're saving for a deposit' thread

jamtart6

good for you lostinrates big deposits are the way forward definitely we got 25% off peak prices for the house, so that instantly made our % of deposit go up (if you get what I mean )

mouche

Hi...I'd like to join in if I may. OH and I have been saving for 2 years and 4 months now. We recently had a serious look at the market and though we can afford a decent 2 bed house now, we're keen on getting a 3 bed so we can grow our family in it. Houses that we really like are still £40-80K above our budget. So, we've decided to wait another 8-10 months so that the deposit increases, the prices come down, and the dream houses come within our budget. That's the plan anyway.

We've saved circa £32K +£1K that we've lent to friends. We add in a minimum of £1300 a month to the savings + whatever dribbles of interest accrue on it. I want to step it up though. I'd like to save £1500 a month so we can hit approximately £50K by 1st October next year. It will be tough but every little helps and it's worth it to be able to buy a nice house.

sympatex

Mouche, sounds like a good plan. I've been saving with my GF for about 18months. We've each saved a bit of 500 a month but with savings we had as individuals before we started savign together we scrape about 30k too. We have been issued a mortgage which is valid for 6months which we're now down to 5months.

Can't find any houses we like within our budget "always another 10k" so i'm hoping the house prices fall to meet us rather than us having to stretch to meet them. Such a difficult time to buy at the moment, the only way house prices are going is down, but by how much?

jamtart6

depends what area you are in sympatex. we are buying a reposession that needs doing up but it was the only way ever we would be able to afford to live in the area that we wanted to in a house.

sympatex

jamtart6 wrote: »

depends what area you are in sympatex. we are buying a reposession that needs doing up but it was the only way ever we would be able to afford to live in the area that we wanted to in a house.

JT, I've not seen a reposession come up though i only search on rightmove. We couldn't go the auction route because we couldn't guarentee the mortgage company could produce the funds in time.

I'm not particularly interested in having a proper do'er upper i don't have the time or skills!

N1SEXYTING

Wow, this thread is so inspiring! I've been trying to save towards my deposit for about 2 years now but family commitment and getting married as well as now been a full time student again for the last year has really meant I'm almost at scratch again!

I'm hoping to have about £5000 saved by the end of my masters in June 09 and then save a further £5000 by the end of 2009.

sympatex

Gl with that N1, for the forseeable future a 10% deposit looks as if it is the bare minimum to get a mortgage so that's the first target, however as i'm finding, your expectations each time you reach a milestone move slightly further away! started looking at 2bed back to back houses in June 07, now we're up to 3bed semi's with off road parking, garden and a large open plan kitchen. It never gets any easier...oh and the banks aren't helping.

mouche

sympatex wrote: »

started looking at 2bed back to back houses in June 07, now we're up to 3bed semi's with off road parking, garden and a large open plan kitchen. It never gets any easier...oh and the banks aren't helping.

:rotfl: That made me laugh because it's exactly what happened to us! Started out thinking about 2 bed flats near Heathrow where we were living at the time. Moved to a cheaper borough of London and started thinking about 2 bed houses instead. Went and had a look at some 2 bed houses and decided we wanted a 3 bed semi with garden, garage and cloakroom downstairs. It never ends does it? Still, I guess better to go on saving in this economic climate than buy a house that isn't close to the dream. We might be living there for a long long time.

talliedebtbuster

Hi all, joining in too!! Im starting my deposit plan from jan 09. Ive managed to save 4k for the fees as of today but i still have a 10k student loan to clear! Im looking into shared ownership myself. Ill be on my own, no partner or kids and i also want to do my masters on top of all this so got to save for that too! Its all mad!

Tallie

pavlovs_dog

reading this has given me the kick up the bum i needed to sort my savings out after the icesave business.

need to sit down and work out exactly how much i have in each pot