The 'We're saving for a deposit' thread

lol_omg_wtf

Time to get involved! I’ve been watching for far too long.
1st time buyer. I don’t really have a set amount as a goal. 20% deposit is what i have been aiming for. Looking at houses up to 200K. I know I’m a bit late to join the party as I already have 20% but obviously still need to save up for fees, rainy day money etc.
Struggling to find decent houses for sale in my area nobody seems to be selling!

amr547

Hello, I am new to the thread and saving for a deposit! we are almost at our target amount and hsve a DIP in place, but there aren't any properties available on the market at the moment so I'm concentrating my efforts on boosting my deposit total. January is always a difficult month but hopefully it won't be too bad! My deposit seems relatively small compared to the others on this thread :oops:

SusySweden

Hi! I'm a student trying to save up enough money to afford a home in London. My partner lives there so I'm planning to move to London 2016 and hopefully we Will buy our first home during 2017-2018.

My goal is to have saved £65000 for a deposit, I currently have saved about £25000 and my goal us to save £15000 a year

Ceriii

Hi everyone, been lurking for a while but thought I would post a hello!
I'm 25 and have been saving for a house deposit for about a year now, my partner and I are currently renting and are aiming to save around 20k by the end of this year. I currently have 2k in a cash ISA and he has around 10k in his current account, he has just opened a help to buy ISA to try and maximise any earnings! I have a query for those who have said they have opened help to buy ISA's - as I understand it you can't have this and a cash ISA at the same time so would I need to close my current cash ISA before opening a help to buy one? I was looking at opening one with Halifax and I am currently with RBS. Congratulations to everyone on their saving and thanks in advance for any advice you can give me!
Ceri

bobobski

Ceriii wrote: »

Hi everyone, been lurking for a while but thought I would post a hello!
I'm 25 and have been saving for a house deposit for about a year now, my partner and I are currently renting and are aiming to save around 20k by the end of this year. I currently have 2k in a cash ISA and he has around 10k in his current account, he has just opened a help to buy ISA to try and maximise any earnings! I have a query for those who have said they have opened help to buy ISA's - as I understand it you can't have this and a cash ISA at the same time so would I need to close my current cash ISA before opening a help to buy one? I was looking at opening one with Halifax and I am currently with RBS. Congratulations to everyone on their saving and thanks in advance for any advice you can give me!
Ceri

Current consensus is that you shouldn't have a cash ISA at all unless it's HTB. Check out the savings and investments threads - there's loads of ways you can earn easily 3x the interest by using normal current accounts. Tax changes taking effect on 6 April this year take away all current advantages of normal cash ISAs.

Buttoon

Hi,

I'm new to the forums and for some reason, can't start my own post so apologies!! My boyfriend and me want to start saving money for a house. It's a long way away, and not even sure it'll ever happen sadly I want to get the Help to buy ISA account. I know we can open one each (neither ever owned anywhere before), but we could only afford to save £200 a month anyways. Is there a way that we could still open one account but in both of our names? Does anyone know please? Thanks in advance

Buttoon

Actually, thinking about it - I have about 3k in a savings account at the mo. Maybe I could open one, the put the initial 1.2k in there, then trickle through £200 a month from my savings account? Then pay what I can after that's gone? I'm on a really low wage. My boyfriend, who's on a better wage, could then open his own?

Buttoon

bobobski wrote: »

Current consensus is that you shouldn't have a cash ISA at all unless it's HTB. Check out the savings and investments threads - there's loads of ways you can earn easily 3x the interest by using normal current accounts. Tax changes taking effect on 6 April this year take away all current advantages of normal cash ISAs.

Hi,

Is this correct - that you can't open a Help To Buy ISA if you already have money in another ISA? If so, odd - as I could have sworn I read earlier that it was okay?

I have had very little sleep though as have a toddler - so I'm not really with it so probably not reading this right at all - sorry!

compbren

You can only open the Help To Buy ISA now if you haven't put any money into your current ISA since this Tax year started. If you have put money in your current ISA you will need to wait until April before you can open the Help To Buy.

bobobski

Technically there are ways around this using the split ISAs but why you'd go for 2% savings is beyond me. This question has been asked a lot on the savings and investments forums so I suggest you look around there.