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The 'We're saving for a deposit' thread
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diggingdude wrote: »Thanks, I like to think these things are sent to try us I just wish it would maybe try a little bit less
I loved my Help to Buy ISA. Got the closing statement today and there was £50 interest I hadn't thought about that has been added....result. I wish I had put £1 in a year ago into a LISA like MSE suggested but never got around to it. Its not the worst for me but I reckon a fair few people are sadly regretting not doing it now
Absolutely, I do believe that we come out stronger in the end though! It takes persistence and tenacity though.
Well, done - £50 is great in these no-interest days!#115 - Save £12k in 2019 challenge: £13152.85/29419.55 - 44%:beer:
Save 100k by March 31st 2021: £38890.27/100k - 38% :j0 -
We're regretting it - when we opened our H2B ISA a couple of years ago, we had no doubt we'd be buying under the £250k limit, but I changed jobs and got a substantial pay rise, and my GF has since gained a decent paying job, and suddenly our affordability went from £130k or so, to £320k or so - since our new jobs both involve a lot of home working, we now require a bigger house to let us have the space to comfortably work from home - unfortunately our H2B ISAs will no longer give us any bonuses, and we didn't open our Lifetime ISAs until last Nov and we're hoping to buy before the anniversary so we haven't moved it over. Also to make matters more complicated, we're very likely to go with Nationwide 5% mortgage, which only let you use it if you have a help to buy ISA with them (which we do), so we need to keep it around for that reason too - so we're resigned to not getting any bonuses, which is a shame - oh well, nice problem to have I suppose!Despite my name, I'm not a student any more0
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studentguy wrote: »We're regretting it - when we opened our H2B ISA a couple of years ago, we had no doubt we'd be buying under the £250k limit, but I changed jobs and got a substantial pay rise, and my GF has since gained a decent paying job, and suddenly our affordability went from £130k or so, to £320k or so - since our new jobs both involve a lot of home working, we now require a bigger house to let us have the space to comfortably work from home - unfortunately our H2B ISAs will no longer give us any bonuses, and we didn't open our Lifetime ISAs until last Nov and we're hoping to buy before the anniversary so we haven't moved it over. Also to make matters more complicated, we're very likely to go with Nationwide 5% mortgage, which only let you use it if you have a help to buy ISA with them (which we do), so we need to keep it around for that reason too - so we're resigned to not getting any bonuses, which is a shame - oh well, nice problem to have I suppose!
Can you maybe keep your H2B ISA and your GF can get a LISA? That way you can max out on the LISA contributions? Sorry if I am asking basic questions it just seems odd that you'd have to have a H2B ISA with Nationwide to get a H2B mortgage...couldn't you simply treat your H2B ISA as a savings account? That's how I use mine, as I don't expect to be able to use the bonus due to the restrictions on max house prices.#115 - Save £12k in 2019 challenge: £13152.85/29419.55 - 44%:beer:
Save 100k by March 31st 2021: £38890.27/100k - 38% :j0 -
No point saving in a LISA as we only opened in Nov, so if we buy before Nov we'll be penalised, which sucks. And yeah it's annoying NW only allow their save to buy mortgages if you have a help 2 buy isa with them, I suppose it's to reduce the risk to see if you're a reliable saver?Despite my name, I'm not a student any more0
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Ah! It's the one year rule, isn't it? I'd forgotten about that one.
It just sounds ridiculous to me to be honest, as you can prove your a regular saver and are budgeting wisely by how you handle your accounts/spending. Are you set on having your mortgage with them or are you shopping around as well?#115 - Save £12k in 2019 challenge: £13152.85/29419.55 - 44%:beer:
Save 100k by March 31st 2021: £38890.27/100k - 38% :j0 -
Ah! It's the one year rule, isn't it? I'd forgotten about that one.
It just sounds ridiculous to me to be honest, as you can prove your a regular saver and are budgeting wisely by how you handle your accounts/spending. Are you set on having your mortgage with them or are you shopping around as well?
We'll be shopping round, but we wanted to keep our options open and Nationwide are a good option it seems for a 5% mortgage, but we've got a broker who'll look at the best deals when we're ready to buy (soon hopefully)! In our experience the Nationwide Affordability Calculator seems to be the most generousDespite my name, I'm not a student any more0 -
What a month! Im so glad its payday!
Work have messed up massively so I was left with hardly anything to live on! Thankfully weve made it with only dipping in for £100 from savings.
Ive put the £100 back today and added £50 as my car insurance wont come out until next payday.
Total saved to date is £3075!
Ill have a further standing order of £150 going in on the 1st April too. Im hoping to be able to add more to savings this month but need to pay some more off my solicitor bill and work out budget for the next month!0 -
Thanks tara747! Well done on getting there, and you are an inspiration!!:T
I'm currently on 22k, so really, it's 78k in 5 years. I plan on saving all my bonus' and the recent raise I got in addition to what I'm already saving, so it feels achievable! We will see...it's great to have an online support system here though! Any specific 'take-aways' from your journey you'd highlight or recommend? I'm all ears!!
The blog can be found here: https://ditchingavocadotoast.wordpress.com
Great blog title
My main thing is: don't lose sight of your long-term goals, but you need to enjoy life as well. This means cutting out all the things that you don't value so much, so that you can afford the things that you do value.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 - £2,309.730 -
Great blog title
My main thing is: don't lose sight of your long-term goals, but you need to enjoy life as well. This means cutting out all the things that you don't value so much, so that you can afford the things that you do value.
Thank you :beer:
Spot on with that advice! I'll try and keep it in mind#115 - Save £12k in 2019 challenge: £13152.85/29419.55 - 44%:beer:
Save 100k by March 31st 2021: £38890.27/100k - 38% :j0 -
Well I'm a little late to this thread, as hopefully I'm about to exchange contracts! 55k saved since 2012. Here's my general advice, from doing it the wrong way and then doing it the right way!
- Don't cut down your social life. Cut down all the stuff you do when you are on your own so you can still go out with friends, without being the person who keeps saying 'I can't afford it...'. You can't sustain a cut in your social life for more than a few months.
- Try to enjoy doing things on the budget you have. Shopping in local markets and second hand stores, and going hiking on holiday can be part of a great lifestyle. Avoid constantly thinking 'if only I had more money I could...'. Don't walk into designer clothes stores or read the menus of expensive restaurants, just get used to walking by them and thinking they are for someone else.
- Be careful with dating. It can be horrendously expensive!
- Do lots of research once a year to make sure your deposit is in the best place possible for interest and take the time to move it around if it isn't. In total over 5 years I've earned about £4500 in interest alone which made the difference on getting the flat I wanted (even though when you have 50k in the bank it feels like your resources are infinite, when it comes to buying suddenly every thousand pounds matters).0
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