The 'We're saving for a deposit' thread

redrabbit29

Cool post count pavlov's dog!

VickyA_2

Another £4.45 from Topcashback. I know it's not much, but it bumps our savings up by a teensy weensy bit. As the slogan of a major supermarket says, "Every Little Helps"!!!

Jaymz

Just thought I would post a quick update. Up until this month I was doing quite well but had some bad news in that everyone at work has been given a 10% pay cut

Still means I can save but just not as much as before. Also, I have a feeling I might be out of a job in 2-3 months... I just hope I can find something else!

GFunk_4

Count me in too!

Currently have:

£11000 in Alliance & Leicester saving account
£6000 in Standard Life Shares
£6500 in 2 x ISA
£2200 in SL PEP

Hoping to save around £50000 by end of 2010. Currently save around £1000 per month but looking to up this in the new year due to interest rates coming down - have 5 mortgages so will save a fair bit on the recent cuts.

Can anyone recommend a good savings account to put the £11000 in to? Current account is also with AL so thats why I havent moved the £11000 out of my savings account as can easily transfer to current account "if something comes up"

Thanks
GF

Ivana_B_Rich

Jaymz wrote: »

Just thought I would post a quick update. Up until this month I was doing quite well but had some bad news in that everyone at work has been given a 10% pay cut

Still means I can save but just not as much as before. Also, I have a feeling I might be out of a job in 2-3 months... I just hope I can find something else!

Sorry to hear this Jaymz, hoping you find something soon.

Mr_Matey

GFunk wrote: »

have 5 mortgages so will save a fair bit on the recent cuts.

Can anyone recommend a good savings account to put the £11000 in to? Current account is also with AL so thats why I havent moved the £11000 out of my savings account as can easily transfer to current account "if something comes up"
Thanks
GF

5 mortgages? ouch. You could put your savings into paying them off or an offset account. The interest you "earn" is the interest saved on the mortgage and is tax-free.

skap7309

OK it has been a while since i updated.
I have decided to up the ante as i discovered my target deposit would have been 37% of the total i can budget for. Looking at mortgages last week rates plummet at 40% deposit so its a no-brainer really. I have factored fees in and that brings a total of £73000 to aim for. :eek:

Slightly gutted my total is going down a little because it has taken AGES to get it where it is but i have had a good two months in the run up to Christmas so i am currently just ahead of schedule. Basically the crash looks like it may go on for a while longer than expected so i am going to take the chance!

jamtart6

skap - how much is the house you want to buy? have they come down at all? that's what boosted our % deposit we had 20% of £140000 which then became 25% of £120000 which is what the house is now (for example) without actually saving any other cash!

sympatex - look in the local papers or ring up all the estate agents and tlel them you are on the look out for one. ours is just modernisation no structural work

skap7309

jamtart6 wrote: »

skap - how much is the house you want to buy? have they come down at all? that's what boosted our % deposit we had 20% of £140000 which then became 25% of £120000 which is what the house is now (for example) without actually saving any other cash!

Jamtart - i am basically saving for the biggest house i can get whilst the time is good - currently looking at around the £175000 mark. My original target was £65k (not including fees) and accounted for around 37% deposit but after seeing how much cheaper fixed rates were once at 40% it would be silly to get so close to an important figure without aiming for it. New target is 73k (70k deposit and 3k for fees and costs). It will be hard work but now i have crossed the 50% milestone it is all downhill from now on.

You ask about prices around here? They are falling but they are still way over-priced. A good example is the house currently at the top of my list is asking for offers over £199k. A quick check of sold prices in that street shows two houses sold at the end of 2003 for 144k & 147k respectively. According to Nationwide we are at October 2003 in terms of prices, hence a good reason i believe there maybe a little longer to this crash that previously thought.

jamtart6

good luck skap, i would say that is the best for you 40% is key, we had 30 but couldnt manage 40% and we really wanted this house. a 2 bed sold in feb for £150k and this is a 3 bed for £120k. we wanted to do it up ourselves anyway and importantly it is in the area we wanted apart from that though the rest of the houses have only dropped 5-10% max in this area