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The 'We're saving for a deposit' thread

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Comments

  • peter_we
    peter_we Posts: 79 Forumite
    Eighth Anniversary
    Now it's put a bit of a brake on things as i would rather sit on my hands for a bit and see what happens.
    Im not hoping for a crash. But if prices drop 10% then i would kick myself for not waiting.

    This is a crash. Our deposit target was £40k, now standing at £43k and rising £3k per month. I'm not sure buying now is a good idea at all. Might need to use it to survive.
  • hign10pines
    hign10pines Posts: 380 Forumite
    What is the oldest someone can get a mortgage, is the term only up to retirement age? I'm thinking of a 25-30 yr mortgage.
    Student nurse 2018 to 2020
    Debt: DMP (with Payplan) £8194 - 6.6 years left
  • FlacosFloozie
    FlacosFloozie Posts: 830 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Since I've just spoken to an advisor I can hopefully help with that one :) He said that a number of lenders will continue the term unil your 75 as long as you can prove you have appropriate pensions/income in place. So, its possible but depends on your circumstances.
    MFW 2024 £27500/7500 Mortgage £129,500 Jan 22 Final payment June 38 Now £68489.08 FP May 36 Emergency Fund £20,000 100% Added to ISA 24 £8,060 Save 12k in 24 #31 £20,034.76/20,000 Debt Free 31.07.14
  • FlacosFloozie
    FlacosFloozie Posts: 830 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Just seen your post, Tara- amazing news! I'm so happy for you :j
    MFW 2024 £27500/7500 Mortgage £129,500 Jan 22 Final payment June 38 Now £68489.08 FP May 36 Emergency Fund £20,000 100% Added to ISA 24 £8,060 Save 12k in 24 #31 £20,034.76/20,000 Debt Free 31.07.14
  • mattk_180
    mattk_180 Posts: 375 Forumite
    Me and my partner are first time buyers. Only recently started saving seriously and hoping to take the opportunity of the FTB mortgage guarantee scheme.


    As of this month we will have just shy of £15k. This covers our 5% deposit, fees and a bit left over for furniture. We have just been accepted for a mortgage and currently looking at properties.


    Hoping to save an extra £2-3k before we move so we've got a nice bumper.
  • indianabones
    indianabones Posts: 305 Forumite
    So I've now got £80,300 (plus £650 help to buy ISA from government). Just a case of finding a place I like. Brexit came at the wrong time for me, but it is what it is and I will still need a roof over my head.

    Made an offer of £152k for this house today.

    http://www.rightmove.co.uk/property-for-sale/property-55001065.html

    They called me back to say they had an offer higher than mine and my offer was declined. They said the offer would need to be a minimum of 160k.
  • tara747
    tara747 Posts: 10,238 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    FlacosFloozie wrote: »
    Just seen your post, Tara- amazing news! I'm so happy for you :j
    selement wrote: »
    Well done Tara! That's amazing :)
    Nikadi wrote: »
    Wow Tara, that's amazing!



    Thanks everyone :):) xx
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
    eBay sales - £4,559.89 Cashback - £2,309.73
  • tara747
    tara747 Posts: 10,238 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 29 July 2016 at 2:43PM
    July update!


    It was an expensive month :o including the aforementioned expensive holiday booking :rotfl: But that's my reward for reaching my £100k target, it'll be worth every penny and I'm really looking forward to it.


    So I'm declaring a negative figure of -£377 for July, £5,959 so far in 2016 and £101,166 in total.


    Back on it next month! :D
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
    eBay sales - £4,559.89 Cashback - £2,309.73
  • AcidHouse
    AcidHouse Posts: 124 Forumite
    Tenth Anniversary Combo Breaker
    I've now saved £6,500 for the deposit (25% of my target) and I have enough set aside for my purchase fees.

    Going forward from here I will split my monthly savings into the deposit pot and furniture/contents pot.

    Oh and if you have the HTB ISA - don't forget to tally up your savings including the bonus, it keeps you motivated!! :D

    Well done Tara BTW.... Amazing, you deserve the house of your dreams after all the efforts to reach £100k :T
    :www: House Deposit = 100% Purchase Fees = 44% :)
  • tara747
    tara747 Posts: 10,238 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    tara747 wrote: »
    July update!


    It was an expensive month :o including the aforementioned expensive holiday booking :rotfl: But that's my reward for reaching my £100k target, it'll be worth every penny and I'm really looking forward to it.


    So I'm declaring a negative figure of -£377 for July, £5,959 so far in 2016 and £101,166 in total.


    Back on it next month! :D








    EDIT: missed out £200 from my calculations! So I'm only £177 down this month :rotfl: I'll amend my figures.


    New July update:


    -£177 for July, £6,159 so far in 2016 and £101,366 in total.
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
    eBay sales - £4,559.89 Cashback - £2,309.73
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