The 'We're saving for a deposit' thread

mdhughes03

mouthscradle wrote: »

Sorry if I seem nosey, but what area of Sheffield are you looking to buy in? We're saving for a deposit too although probably won't be buying until late 2010 kind of time. We're from Sheffield also

I originally set a target of £10k to save up, but I think I'm going to increase that to £15k (so then we'll have £30k between us) as I want to include purchasing costs in my target. And I quite like that idea of having 6 or 12 months mortgage saved up as a backup

We are wanting somewhere around Halfway, we can afford to buy the size place we're after out there and still be close enough to the city for work etc. We'd love to buy this time next year, here's hoping we can meet our targets and get there (where's the crossed fingers smiley lol?)

^!£$&

A quick update from me
I got offered a new Job this past week which I'm thrilled about its only p/t but means I can keep my other P/t Job and effectively will be working full time!
All of which means I sat down and created a scheldule of payments into my Isa per Month which of course means I will be nearer my savings Goal!

Woodyrocks

Great news snowbrow. Especially in this current economic climate I am looking ahead to the coming ISA period too and feeling hopeful I can deposit in one full lump.

VickyA_2

I too am sad as I'm looking forward to payday on Friday and being able to put more money into my ISA. DH finally sorted his ISA out (he'd tried to transfer some money into it, only for it to be rejected?! He hadn't even contributed in this tax year until then! It's going up sooooooo slowly, but at least it's going up! We're aiming for a 25% deposit, which will be approx £40k. We're also hoping that prices fall a little further........

Ivana_B_Rich

VickyA wrote: »

We're also hoping that prices fall a little further........

I'm hoping they fall a lot further I feel like I've been saving FOREVER and really want to feel it's been worth it. :rolleyes:

Ivana_B_Rich

snowbrow wrote: »

A quick update from me
I got offered a new Job this past week which I'm thrilled about its only p/t but means I can keep my other P/t Job and effectively will be working full time

Congratulations :j getting a job in the current climate is pretty impressive

^!£$&

Ivana_B_Rich wrote: »

Congratulations :j getting a job in the current climate is pretty impressive

Thanks well It was a long time coming I've been looking for quite a few months so I like to think it was my time for some good karma!:D Whats even better is its within walking distance from where I live so no petrol or parking to pay out for, how very moneysaving!!!

^!£$&

Martin was on Sarah Cox's Radio 1 show earlier today discussing house prices and mortgages, he said banks were looking for buyers to have at least a 25% deposit!!
Was quite surprised by this I was thinking of saving along the lines of 15-20% but obviously am going to have a rethink!!

VickyA_2

snowbrow wrote: »

Martin was on Sarah Cox's Radio 1 show earlier today discussing house prices and mortgages, he said banks were looking for buyers to have at least a 25% deposit!!
Was quite surprised by this I was thinking of saving along the lines of 15-20% but obviously am going to have a rethink!!

I know! That's why our target is £40k. At least if you hand more over to start off with, you don't have as much to pay back.

purplevamp

VickyA wrote: »

I know! That's why our target is £40k. At least if you hand more over to start off with, you don't have as much to pay back.

On this basis we need a deposit of at least £62K :eek: . But as we don't earn that much (even when DH starts working again after his exams) we'll probably need a 50% deposit. I can understand why the deposits are so big, but if they [the banks] weren't so free and easy in the first place, we (eg: me, you, everyone here) wouldn't need such big deposits for overpriced houses, they'd be sensibly priced. Sorry, I know everyone knows this but it just makes me a little :mad: :mad: :mad: