The 'We're saving for a deposit' thread

Crashy_Time

http://www.housepricecrash.co.uk/forum/index.php?/topic/204529-new-build-losers/page-5


Getting easier to save a deposit now, depending where you live of course?

Crashy_Time

tara747 wrote: »

Thanks Well done you too - saving £600 with all those expenses to deal with is really impressive.

Certainly is.

Chocolatefund

Another payday, and other 1k into the ISA

On holiday atm, managed to stick to my holiday money so far, though I'm going shopping with the family this week, so the sales might tempt me. (plus the good exchange rate US dollar is too hard to pass up!)

Going to have a lot of beans on toast for a while when I get back to the UK.

compbren

Reached £22,000 over the weekend! Really aiming for £25k by the end of the year.

Currently off work for the week so don't expect to add to the fun this week or next. Every time I save £1,000 I like to give myself a little treat. M

selement

Hi, I'm am joining pre-emptively. I will be saving for a deposit once they start the Help to Buy ISAs!

I am currently also saving for our wedding so we are waiting until the ISAS to save less to wedding and more to house instead.
Mind if I join, lurk, probably not post much until somethings actually happening?

We are renting currently and will be first time buyers. Thinking about getting a Help to Buy equity loan new build but it'll depend if there's any within budget in an area we want.

Aiming for £200000 house as current maximum (hoping for a 3 bed semi in the west midlands). If we didn't do help to buy equity loan I think we'd be looking at something a LOT cheaper as I can't see us saving more than 10% deposit without waiting years and years longer than we want to. £10000 goes much further on HTB than on buying the normal way!

Hoping to be in a position to buy 1 year after honeymoon - Spring/Summer 2017. Currently saving £500 per month for wedding but will be splitting it with HTB ISA in December... at some point we will open another so we have one HTB ISA each. After honeymoon we can save the full £500 per month even if some is in regular savings.

Think I'm being realistic?

I do know that we'll then have the equity loan to pay off. We might not manage this before the 5 years is up but hopefully we'll at least be able to save a good dent in it. I would consider trying to get a lodger for one of the bedroom before we have children to help supplement income a little.

i.love.baking

Hello everyone! read through a load of the whole thread, everyone seems to be doing so well... eyes on the prize and all that! It all got me proper motivated to one day own my own house rather than lining the pockets of landlords and estate agents with their extortionate rents and silly admin fees.

can I honourarily (if thats even a word?!) join? Basically I sorted out all my finances about 3 months ago and realised that owning my own house wasn't so far out of my reach that it wasn't totally unreachable, so started to save as much as I could. I was on a temporary Teaching Assistant contract until the end of summer and haven't been kept on, found out the day before the last day of term...absolutely devastated! Basically that's why I'd be honorary until I get myself sorted with another job, and can start saving more regularly.

on the plus side, in the last couple of months I've saved over £2000 and now have more in my savings account than I ever have ever. This has been due to getting working tax credits sorted, getting my tax code sorted (so got a rebate in my last pay) and got my tax rebate from last tax year, and just having a budget rather than silly spending. I'm trying not to think about the fact that this might have to go on rent and bills when the money from my last pay slip runs out!

Keep going everyone, just think all the hard work will pay off in the end you'll appreciate it so much more if you've had to work for it!

Sorry, totally long ramble! Well done for reaching the end! haha!

eviekins

It's been a while, but quite a big update from me!!

A few months ago we had an offer accepted on our first house!

I'd set a target of saving 100k by myself, which I didn't quite hit as I'm currently at £93.5k.
Depending on how long the process takes, I may hit 95k.
My partner also has a similar sum saved, so combined were putting down a nice chunk, although it still leaves us with a 6 figure mortgage (I had hoped for 5!)

I'll keep you guys posted on what I finish my savings journey on before it all disappears, but I guess I'll be leaving this thread soon after many years and moving over to the mortgage free wannabe board instead!

Tara, I'll leave it in your very capable hands to hit the big 100!!!

Best of luck everyone!

Love Evie xxx

PrincessLou

eviekins wrote: »

It's been a while, but quite a big update from me!!

A few months ago we had an offer accepted on our first house!

I'd set a target of saving 100k by myself, which I didn't quite hit as I'm currently at £93.5k.
Depending on how long the process takes, I may hit 95k.
My partner also has a similar sum saved, so combined were putting down a nice chunk, although it still leaves us with a 6 figure mortgage (I had hoped for 5!)

I'll keep you guys posted on what I finish my savings journey on before it all disappears, but I guess I'll be leaving this thread soon after many years and moving over to the mortgage free wannabe board instead!

Tara, I'll leave it in your very capable hands to hit the big 100!!!

Best of luck everyone!

Love Evie xxx

Wow, Evie, congratulations!

How long has it taken you to save that amount?

missyrichards

eviekins wrote: »

It's been a while, but quite a big update from me!!

A few months ago we had an offer accepted on our first house!

I'd set a target of saving 100k by myself, which I didn't quite hit as I'm currently at £93.5k.
Depending on how long the process takes, I may hit 95k.
My partner also has a similar sum saved, so combined were putting down a nice chunk, although it still leaves us with a 6 figure mortgage (I had hoped for 5!)

I'll keep you guys posted on what I finish my savings journey on before it all disappears, but I guess I'll be leaving this thread soon after many years and moving over to the mortgage free wannabe board instead!

Tara, I'll leave it in your very capable hands to hit the big 100!!!

Best of luck everyone!

Love Evie xxx

Wow, amazing.:T

J_i_m

J_i_m wrote: »

Nice thread, bit too long to read through it all though!

I've put a mortgage saving plan together, which is set to start from September 2011. The plan is of flexible length (mainly due to income uncertainty) but I hope between 2-3 years.

In August I'll be moving back in with the parents, and "should" be able to immediately start saving £500 a month. 2-3 years of that is £12-18k, I guess a sensible target amount for a deposit is £20K.

Over stretching my means on paper then, however a couple of debts I have will have some bearing on this, for example car finance that is currently costing me £120 a month will be settled by next April/May, so that immediately ups my monthly saving to £620. In addition a favourable conclusion to a PPI dispute "may" help in clearing a loan earlier than it would have otherwise been probable for me, that would free up another £95 a month to be pushed towards the mortgage plan, so £715 a month would be possible after that.

Other than that it depends on overtime at work, which is supposed to be less available now, and also how much my share of the house hold bills will be at home.

To sum up though a target of £20k put down as deposit on a property of £130k.

So it's been over four years since this post, many things have happened and some things have changed including my career.

I've saved over £25k, but now expect a total budget of no more than £100k (not including fees, 20k of savings for deposit, 5k for fees).

But it feels exciting to now put the next step of my plan into action which is to consult a broker and secure a mortgage in principle.

Edit
Total saved this month is £694.41 (including the interest on the ISA)
Grand total is now £25'604.79