The 'We're saving for a deposit' thread

tara747

Buttoon wrote: »

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

I'd advise saving separately, for various reasons. I'd be reluctant to be financially linked to someone unless I were married to them.


Good luck!

tara747

January 2016 update!


I saved £309 in January, lots of (planned) big expenses made it a pretty costly month. That takes me to £95,516 overall

littlemissrach

Buttoon wrote: »

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

Hi, I agree with Tara, unless you're married / bought a house with them I'd keep your savings separate. Even if you opened a Help to Buy ISA each and could only afford £200 altogether, whether that's in 1 or split into 2 accounts you'd still get 25% bonus on the monthly amount either way

Hope that makes sense

FlacosFloozie

Hi everyone, January savings of £547.42 for me. It felt like a really long month. Another £320.09 so far for Febuary with hopefully more to come.
Big congratulations to Jim- hope it all goes smoothly.

Darksoul

Hi All, I visit the site near enough daily but have been a lurker for a long time. I (23) relocated to the NE to live my OH (20) a few years back due to the cheaper house prices up here and since then I've saved... well not a lot really. Anyway fast forward to september and I got a bit fed up throwing money at rent for our tiny flat , that seems to be getting even smaller with all the stuff we accumulate, so I've knuckled down and started saving.

Currently we have around £4500 exclusively for the deposit/fees but I have an emergency fund of £2000 as well. I'm pretty happy with the amount so far but We still have a long way to go. Unfortunately it will slow down a bit other the next few months as OH has had to reduce her hours for a few months due to ill health and I've just taken a promotion which actually pays less but luckily will go back up once I've completed training in 4-6 months. We're aiming to save £500 a month as an absolute minimum but I'm putting as much as I can away as possible each month.

We're looking for a 2-3 bed house. Ideally we'd like it semi-detached and with a large garden but I'm willing to compromise if the house is nice enough plus we don't plan for this to be our forever home. Most places we've seen are around £70K so I'm aiming for £7500 minimum for a deposit and £4000 for fees but we're in no rush so when we hit the target we'll keep on saving until we find the right place.

Anyway enough about me and good luck to everyone I'm joining on this journey. :j

luis1988

Hi!

New to this thread but have been reading the last few pages and must say am very impressed with the amounts people are able to save, nice going!

Myself and my partner are looking to exchange on a 3 bed new build by the end of March with a completion for roughly June/July. All in all we have roughly £16/17,000 for deposit / fees / SDLT (although £2k incentives on this which is nice) etc and are using H2B.

We managed to save some of this ourselves but majority we were lucky enough to have a gift from a family member as our rent is extortionate and saving the rest ourselves would have taken a long time.

I just want a general concensus of what people believe we would be able to save on a monthly basis until we move. Roughly after all rent, bills, car payments etc have gone out I'm left with around £500/£600 for food / entertainment / emergencies etc. My girlfriend is left with a similar figure also but we both drive so you never know what emergencies may occur. Anyone have a similar amount left over each month? If so, what are you able to save out of this?

Sorry for the long post

Chocolatefund

I started house hunting about 3 weeks ago, and continuing to save. Have 25k in the kitty so far.

Been pretty good with my spending this month as I only spent my money on essentials...but I've had to fork out loads for petrol for the extra then normal travelling I've had to do this month for work. Also my car battery died! I swear having a car is a money pit sometimes.

I found a house I love and put in an offer yesterday. The seller has other viewings planned and will let me know later in the week....*sigh* Still, it was quite unreal to think I've got to the actual offer stage.

This wait is going to kill me

compbren

February Update

Managed to save a total of £279.31 in February which brings my total to 26,279.31.

February was a horrible month savings wise. I had £400 debt on a Credit Card from Xmas that I wanted to pay off so any weekly savings from that went into the Credit Card payment. I had a Dentist Appointment which set me back £126 and I had to Tax my car too.

I guess it could be worse though and am making good progress. Match Betting is still going slowly, I'm only at £334 profit (which I'm not including in these savings) but I keep hearing of new starters making £800+ in their first month. I guess I'm just being slow:rotfl:. Any profit from MBing will go towards a new car anyway.

March should be a better month savings wise. I've got a childs birthday coming up and my car needs repairing which will set me back £100 :mad:. I should get past £27k in March.

Overall, I'm itching to pass the £30k mark (around June I think) and will be so proud of myself doing it as a single person on a generally small income. Sure, I've had to make a few sacrafices, but it will be worth it in the end.

I hope everyone else is making good progress and I'll report back at the end of March.

sofarbehind

compbren wrote: »

February Update

Overall, I'm itching to pass the £30k mark (around June I think) and will be so proud of myself doing it as a single person on a generally small income. Sure, I've had to make a few sacrafices, but it will be worth it in the end.

I'm in the same position going it alone. I think it will feel like a massive achievement when we finally get there. You're making impressive progress and should be really proud of it.


I've finally got past 40k which seems to have taken forever but is a lovely milestone to have passed. I'm being completely ruthless with the saving now the target is getting nearer. Come on 45k!

bobobski

sofarbehind wrote: »

I'm in the same position going it alone. I think it will feel like a massive achievement when we finally get there. You're making impressive progress and should be really proud of it.


I've finally got past 40k which seems to have taken forever but is a lovely milestone to have passed. I'm being completely ruthless with the saving now the target is getting nearer. Come on 45k!

Ohh me too! :hello:

As you can see from my signature I'm way behind you two, but you're giving me hope! It's very tough going, paying 100% of rent, bills, cleaning costs etc which most people share, while also being 100% responsible for saving for a deposit and emergency fund, without even 1p of family money. BUT when I get down about that, I think of how proud I will be to have made it literally all by myself. No Help to Buy or anything (thank you, blanket £250k ex-London cap).