The 'We're saving for a deposit' thread

mdhughes03

Hello all,
I've been following this thread as inspiration. OH and I have quite modest salaries so aren't able to save the amazing figures that some of you are doing:T but we have decided we want to build up a nice little deposit this year. we currently have about £5000 between us and need about £13000 realistically for the kind of house we want. In comparison to some of your figures this might seem a really small sum but we will find it quite the challenge! I am hoping for some overtime soon (I work in a jobcentre and we are VERY busy as you can imagine! :eek: ) to try and add to the pot and we are foregoing a holiday abroad as I also want to pass my test and buy a car this year (don't ask much do I?!)

xxx

Ivana_B_Rich

mdhughes03 wrote: »

Hello all,
I've been following this thread as inspiration. OH and I have quite modest salaries so aren't able to save the amazing figures that some of you are doing:T but we have decided we want to build up a nice little deposit this year. we currently have about £5000 between us and need about £13000 realistically for the kind of house we want. In comparison to some of your figures this might seem a really small sum but we will find it quite the challenge! I am hoping for some overtime soon (I work in a jobcentre and we are VERY busy as you can imagine! :eek: ) to try and add to the pot and we are foregoing a holiday abroad as I also want to pass my test and buy a car this year (don't ask much do I?!)
xxx

Hello :hello: and welcome to saving a deposit. I have a very modest salary too but like you I've used overtime to boost my deposit.

Every little helps , it's quite the catch phrase on this thread

mdhughes03

Ivana_B_Rich wrote: »

Hello :hello: and welcome to saving a deposit. I have a very modest salary too but like you I've used overtime to boost my deposit.

Every little helps , it's quite the catch phrase on this thread

Thanks! Yes I am keeping this as my mantra this year, think I may have to buy a piggy bank or something too and focus on savings cash as well, even if it's just a few coins here and there, it can all go towards something!

lostinrates

RE reviwing targets, DH has a pay rise in March all of which we intend to save. We are seeing the type of house we were originally looking at drop in price, and ar still following land prices. We are going to have to make a decision which way to jump with what we are looking to buy soon.

EagerLearner

Pavlovs_dog looks like you and I are on the same savings target - well, current balance anyway! We're just shy of £20k as well, and saving £500 a month. Then we save £250 each individually but not all of this can go towards deposit as some of it os for emergencies etc.

By March we'd hope to have £26k between us from the ISA and personal savings. Question is whether it's time to buy or not or just keep ploughing away.

^!£$&

This year wasnt off to a great start as I left my postgrad Uni course in dec & I've been struggling to get a Job ever since so resorted to temping agencies who have failed to get me even one assignment yet!
This all means my sole income is my evening job at the moment which is leaving me with just enough money to live let alone save!

But things have picked up as I've just been given some money by a family member who has been made redundant after 30+ years and it also helps that I'm their favourite relative lol!
Which means so far am on £11,800/20,000 of my target for this year
So Hopefully once things pick up Job wise I'll be able to get rolling on my 09 target!

sympatex

EagerLearner wrote: »

Pavlovs_dog looks like you and I are on the same savings target - well, current balance anyway! We're just shy of £20k as well, and saving £500 a month. Then we save £250 each individually but not all of this can go towards deposit as some of it os for emergencies etc.

By March we'd hope to have £26k between us from the ISA and personal savings. Question is whether it's time to buy or not or just keep ploughing away.

EL, Pavlov, my gf and i are on same totals as you guys. We both save £500 each a month and put it towards deposit savings we don't split it between emergency fund and deposit (although both funds are needed!) I've kept a 10k ISA separately which will be our emergency fund (essentially my student loan) should something go wrong, hope for the best, plan for worst!

We've not really ever had a target for total savings, but we intended to use 20,000 as a deposit and a further 7,000 for fees and initial decorating & furniture costs (we're hoping to buy a house which isn't a doer-upper!)
We've got this now and just continuing with the 500 each p/m until a house comes up which meets all our requirements and is priced (or can be bought) for 2003/2002 prices. Until that happens we won't buy.

We're on about our 3rd mortgage offer now. as we've been searching for over a year.

Good luck all, this year is going to be a ropey one both job wise and house prices. Do your own research and avoid paying more than people paid in 2003 at a minimum. happy hunting.

EagerLearner

Thanks sympatex - I guess for us it *may* be that we buy this Spring, if something comes up, as I'd rather be paying towards mortgage and also we plan to stay there a good 3 years... all depends on mortgage offers though, as we now have 15% ready plus extra cash for the fees. There'd be an additional £2.5k contingency plan (to keep Sarah Beeny happy) and we'd have additional personal savings by then we could use if needed.

djdaface

I'm not sure what to save towards yet, on the one hand I have a tenant lined up to rent a room off me if i moved out before the end of april.

But on the other hand I will have only saved 17k by then, and I expect things to be alot better to buy during the middle to second half of this year.

Savings could do with sorting out
£3600 - HSBC ISA
£1000 - Bonus Saver
£6400 - Premium bonds(being extracted on the first of feb for a better option)
Stock portfolio of £4000 currently.

Saving £1000 a month until I moved out... Not in a rush, but 24 and living with parents so the sooner the better

mdhughes03

Woo, managed to get 8 hours overtime and 3 hours travel time this weekend between me and OH, so there's some unplanned-on money to be siphoned into the ISAs come payday

Every little helps!

hope everyone is ok xxx