The 'We're saving for a deposit' thread

Jacare

Current Savings (Cash Isa) £1000

Current monthly contributions: Minimum 40% of take home (£600ish)
Post-May 2016 monthly contributions: Minimum 50% of take home (£750ish)

Goal: £25,000(ish)
Goal Date: November 2018

I'm essentially starting from scratch, and have factored in the potential need to switch room shares and put down potentially forever lost deposits on rooms while doing the necessary things to move upwards in my field.

I'll most likely still be a spinster by then, so my aim is to simply by somewhere comfortable for the cat, my parents, their pets and I. The market could have changed dramatically by then, but theoretically I should still be able to afford to buy in my home town (where my parents refuse to move from) even with a 30% increase in house prices.

So I'm optimistic. Ish.

J_i_m

Welcome to the thread.

You seem to have a similar target and saving rate to me. But don't be surprised if you find yourself adjusting your expectations during the course of saving.

I am a couple of months from achieving my savings target and in the four years it's taken me to reach it, I have significantly lowered my expectations on what I'll be able to afford.

I've watched the house price market rise across the past couple of years, whilst my income continues to stagnate, and also learnt that my initial hopes of how much I can borrow are likely to have been on the optimistic side.

I'll know more in the next couple of months after I've consulted a mortgage broker, but I suspect that I'm in for a rude awakening on my initial hopes and expectations.

Jacare

Thanks for the advice . I shall keep my fingers crossed for your meeting!

It's always difficult trying to save for the future isn't it? Things can change so rapidly, what was a decent deposit one day is practically worthless the next! Especially, as you say, with stagnant wages.

Sadly so long as I have £25k(ish) in my ISA by the time I'm 30 I'll be happy,

I am naively hoping that the fact our friendly neighbourhood mortgage advisor was convinced I'd have no problem securing a mortgage on properties in that area with a 5k deposit means little should change in 3 years. Realistically when that time rolls around she may take a look at my finances and laugh me out of the office .

Chocolatefund

June update.

Bloody car tax crept up on me. $150 quid for a year....the joys of having a 10 year old car.

Been living as a hermit the last month...got a holiday coming up., oh the challenge of keeping to the savings plan :P

Managed to pack away £1060 taking my total up to £16,200

Lets see what this holiday does to my wallet.

J_i_m

I took up the option of paying car tax directly by direct debit, now in the long run obviously this costs a little bit extra but a least the one off payment no longer creeps up on you and goes BAM! I just find it a little bit more manageable this way. I'll still handle the insurance yearly though.

In other news I've just bunged an extra £100 into my fund, as it looks like I've been far too generous in how much disposable cash I've allowed myself this month

Gives me another 0.5% towards my target, but it'll still be August when I smash through 100%.

chelseablue

Hi Everyone, please can I join in?


I do own a property already, but it is a 2 bed flat and we want to move to a 3 bed house so a LOT of saving is required!


What other info do I need to provide?

compbren

Can I join this thread please?

Currently have £21,450 saved up so far. I'm 30 years old. At the minute saving around £200 per week and putting into savings. I don't have a time frame on when i'd like to buy, and as i'm single, i'd rather save as much as I can. I hope to save at least £40,000 within the next couple of years. Live in the Midlands where prices aren't 'too far out of my reach' at the minute.

I am also planning on buying/saving for a new car as well which will hinder the progress at some point.

Piggywiggy

Got to around £12,500 but got to pay the car MOT, not sure if that will be before or after I get paid yet though so might have to dip in to it or not, feel like I've hit a wall just lately, any tips for picking up motivation? Should be ready to speak to a mortgage advisor at the end of the year but it seems so so far away.

J_i_m

Piggywiggy wrote: »

Should be ready to speak to a mortgage advisor at the end of the year but it seems so so far away.

hang on in there

I'm putting away £700 this month plus the £27.57 interest on the ISA.

I'm now sitting on £24.9k and am 99.6% to making my target sooooooooooooooooooo close

I'm beginning to get excited, or at least I would be if there anything suitable on the market near me.

I'll be searching for a mortgage broker on next pay day :j

tara747

Payday at last!!! I've been more impatient than usual since I was close to a big milestone.

So... I saved a nice round £500 in July. I've saved £5,644 so far in 2015, and £90,483 in total.

I'm finally over the £90k mark!!!!!!!!!!!! Yay!!!
:beer::beer::beer::beer::beer::beer::beer::beer: