The 'We're saving for a deposit' thread

Buttoon

bobobski wrote: »

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.

Hi, sorry - what do you mean by this? Isn't the 25% at the end worth doing? I am SO new to savings....as you can tell :huh::undecided

Buttoon

compbren wrote: »

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.

Well I didn't realise that, thanks! I will open one now (as no ISA), then my boyfriend can open one in April. Cheers!

MrJB

Hi guys, thought I'd post on here as in a similar boat to many of you. Started saving for my first house in August, partner is a student so it has been pretty difficult. Although she has now finished studies and starts working as a Nurse at the end of the month! We both opened Help to buy ISA's in December putting in the max 1.2k. We're looking at purchasing a house in March time with a deposit of around 11k (5%) on a new build (Completion June/July).

Has anyone spoken to a conveyancer about the Help to Buy ISAs I'm a little confused by the whole process - as I will be paying deposit in March with completion in June/July (actual completion of the house). I work as a Chartered surveyor so deal with solicitors quite a lot and am friendly with a few - albeit commercial property and they don't seem to know. I'm assuming that in march I simply pay the 5% deposit to solicitors minus the contribution from h2b isa ie £900 (£450 each).

sofarbehind

Hi everyone,

I'm still here and still living in shared house hell to try and grow the deposit. I'm really fed up of staying in all the time but needs must. I've upped my target hugely as I don't think I'll be buying this year.

I've made a decision to give up on the idea of buying in the SE and relocate to the Midlands or North, which are closer to family anyway. I feel very positive about this and wish I'd done it last year. I like the idea of Birmingham/Liverpool/Manchester. Unfortunately I started a new job recently so will have to give it a good six months before I can start job hunting...then I need to wait for the right job to come up. Fingers and everything else crossed..

ruby_eskimo

Hi everyone, we ended the year on £19,860 which is almost double where we started 2015. I'm hoping that this year we can actually buy somewhere. Going to give it till August / September to start looking when I estimate we'll have about £25k saved, if not more if I can get DH to stop buying things unnecessarily!

CakeIsALie

A quick question, is it even possible to outright buy a share rather than using mortgage in shared ownership schemes without falling afoul of affordability criteria?

Chocolatefund

Into a new year!

If only Christmas shopping wasn't so expensive, (as if!)

Managed £900 into the savings pot, bringing me up to 24k. I'm at the point now where I can now actually start getting all my paperwork together! Just thinking about looking for a broker and solicitor...then house hunting, makes me nervous. Especially since I'll be buying alone.

New years relsolution...buy my first house!

AcidHouse

Got paid on Thursday and now saved just over 14% of my deposit target - I would have liked to have saved more but just getting it over 10% feels like I'm on the way!

Every month I'm also saving for the fees, furniture/contents and emergency pots

Hope you've all managed to put something away despite last months festivities!! :A

compbren

January update.

Saved £1000 in January bringing my total to £26,000. Would have been more but still paying off Xmas and stuff.

February looks set to be challenging too. I've got to get repair work on my car (£100) and my breakdown cover is renewed (£50), a couple of birthdays too and I've made a few impulse purchases on my CC that will need paying for.

Ideally hoping to push another £1k next month and bring the total to £27,000.

Not having much luck with MBing at the minute. I've made about £200 towards my new car but seem to be going slower than a lot of other people that are doing it.

J_i_m

So as I'm still waiting to exchange and complete on my flat I'm still saving :money:

Despite having to renew my car insurance (please don't tell Sheila's wheels that I'm a bloke ) I still put away £700 from January.

If exchange and completion drags into March, then I aim to save another £900 which will be part of my white goods / furniture / decorating fund, which currently looks like being between £3.4k to £4.4k. Which should do nicely for my modest plans.

Once I'm in I plan to reorganise my finances to make best use of my bank accounts including upgrading my Halifax account to take advantage of the £5 per month reward which would cover my ground rent :j