The 'We're saving for a deposit' thread

Zandimos

Hi all,


New poster to the thread here


Situation : Me and partner are both 21 and live apart, she also has our 6 month old daughter. We see each other Friday night to Sunday so it's a bit of a hard situation the moment but hoping to buy April 2019. I live at home paying £380 in rent, and partner rents from housing association at £377 a month.


Dream Home : Preferably 3 bedrooms and not too fussed about much more! I'm more just looking forward to being a full time family!


Savings : Currently have a total of £11,542.77 saved, target being £25,000 by April 2019. I am currently saving £1200 a month straight into the pot. Savings are held within 2 lifetime ISAs between us and Nationwide current accounts for 5% including 2 5% regular savings.


Target : £25,000 by April 2019 (When Regular Savers and Lifetime ISAs mature and £1000 bonus of LISA.)


Problems : Currently my partner is unemployed as she left whilst on maternity as they would not let her return part time. She has all intentions of returning to work in our new setting, but the problem will be getting a job before mortgage applications but having nowhere to live! Does anybody have experiences of this?


Look forward to talking to you all.

tara747

June payday update!

I managed to save £1,435 in June, it was a fairly low spend month. That's £6,033 so far this year, and £127,766 overall.

:beer:

bopsybunny

Zandimos - you're both 21, have a child, living on one salary and are able to save a huge amount per month - that's really good! :T Depending on the cost of the house you're after, you might be able to get a mortgage just on your salary; it sounds like you would be capable. I have a few friends who earn around the £25k mark who have bought houses alone (in West Yorkshire so house prices are 'affordable' compared with other parts of the country!)
That must be really disappointing for your partner - I wish all employers were more flexible, especially for young families. You say she will have nowhere to live when job hunting - what's that about? Sorry for not understanding!

Sauce - similar to above - you are saving a really decent amount while studying, that's brilliant.£500-700pcm on a single income is amazing. I would have liked to move back in with parents after uni, but I moved to where I could find a job instead, 170 miles from home. Took 2 years after graduation before I got a job good enough to start saving anything significant on top of renting and other living costs. I didn't work while studying, so I didn't have a penny to my name at graduation.

~shoozy~

Long time lurker but first contribution to this thread.
After getting a kick up the proverbial I am now saving like mad to get on the property ladder and start paying my own mortgage instead of someone else's.

Currently I have just under £8k, will put in another £3k come payday on Friday and aiming to put in £3-4k each month until I can buy.

I've been looking at properties £120-140k so will need a minimum of 10% for my deposit.
Sister has suggested a new build - 5% deposit with Help to Buy on a £140k mortgage (£175k house price) I'm thinking that might be better.

Zandimos

Hi Bopsy,


As I live in York the rough price range for a 2 bedroom is £180,000 it's unlikely I'd get a mortgage on my own . It was very annoying about her flexible working but what's done is done, they quite possibly lost their best team member and as a small firm it's all about retaining outstanding staff.


As for the job hunting and nowhere to live - I currently live at home which wouldn't have space for my partner and child, and while it's pointless to get a job where she currently is and battle with childcare we've both said to wait until we get settled. But, if she lives elsewhere without an 'income' in the eyes of a lender, but unable to move here until we get a house, how do I ever get her to have a valid income without having a job where she is at the moment.


Sorry if that confused you even more.

SaucesomeSauce

Thanks Bopsy! I move in next month but my budget does allow for those savings.

That's unfortunate that you couldn't start sooner but by the looks of your signature you're making up for it now!

Dizzy_Ditzy

Hope everyone's savings are continuing to do well

I'm ultra proud of the fact that tomorrow I'll be going past £1000, in under 3 months and then I see other folks' posts here and I'm lol

I've managed to put away £266 this month

GoingOn30

Great stuff Ditzy, don't worry not everyone earns mega bucks and can save so readily.
If you are on a tight budget then getting your own place will just be even more impressive and rewarding.
Stick with it!

bopsybunny

Zandimos wrote: »

Hi Bopsy,


As I live in York the rough price range for a 2 bedroom is £180,000 it's unlikely I'd get a mortgage on my own . It was very annoying about her flexible working but what's done is done, they quite possibly lost their best team member and as a small firm it's all about retaining outstanding staff.


As for the job hunting and nowhere to live - I currently live at home which wouldn't have space for my partner and child, and while it's pointless to get a job where she currently is and battle with childcare we've both said to wait until we get settled. But, if she lives elsewhere without an 'income' in the eyes of a lender, but unable to move here until we get a house, how do I ever get her to have a valid income without having a job where she is at the moment.


Sorry if that confused you even more.

ahhh childcare, I see. I have no babies yet so I forget these things! That's such a tricky situation. I wonder if your partner is able to apply for jobs, but make the employer aware that she wouldn't be able to start until moving house (and set an approx. date for that). The mortgage lenders need proof of employment/income - if she has a signed contract with a defined start date, I would hope they would accept that as proof of income, but I can't say for sure. Lots of people have 3 month notice periods now anyway so they might not expect to appoint someone quickly. Like, if you're aiming to purchase in April, applying for jobs in the new year shouldn't be a problem. I know that doesn't help with the time in-between, but it could be a solution for your mortgage application when the time is right.

bopsybunny

We saved £1020 this month! So so so so pleased. I honestly expected we'd be at the £600 mark so I can't believe we managed to spend so little in the month other than paying for Center Parcs (*groan*)

I've just spotted a house that is on the market for £210k. It's in such a great location, beautiful south facing garden, more bedrooms than we need. It's just been reduced from £230k. I was aiming for £180k houses but couldn't resist widening the search, and now I'm sad. I could possibly borrow money from my parents (as a 'gift' for the purposes of mortgage deposit, but I'd pay them back eventually, they're okay with waiting!) for a bigger deposit but I still don't wanna go over £190k, £200k absolute max, otherwise monthly repayment gets unmanageable. I want to view it but I'm worried I'd fall in love with it and that they'll not want to accept a much lower offer. Dilemma!!