The 'We're saving for a deposit' thread

lyndasharp

Good news, Icesave is now showing my ISA as recieved, so the transfer worked OK. I've lost a weeks interest 'in the post' though, which is annoying. Thanks to a generous donation from my Nana, I've got the next £3600 in a savings account ready to go in on 6th April. My Dad last night offerd me £20k from his ISA to use for a bigger deposit, but I don't really want to take all his savings unless I'm totally desperate....

MrDT

Well, my idea of saving up just a 5% deposit is looking a bit flawed now. HBOS have withdrawn from the 95% ltv market completely, and others are sure to follow. They will offer no mortgages to those with 5% or less as a deposit, the worst rates to those borrowing 90-95%, middling rates to those borrowing 75-90%, and the best rates to those borrowing less than 75%.

If prices are to come down, then obviously the amount you need to save up to make up this increased percentage will be lower, but 5% of 100k is 5k, 25% of 80k (a complete guess at 20% reduction in prices) is 20k. So a much longer wait ahead for me.

'Every cloud' and that though - my rent is considerably cheaper than a mortgage, and every penny added to the deposit is a penny less to repay plus interest. I'm just getting a little impatient I think!!

jamtart6

well mr DT, you are just going to have to sell your body only kidding. Thats interesting that the 95% market is dwindling too. I was always trying to avoid paying a higher lending charge so that why we are aiming for 10%. I didnt realise that the mortgage rates depended on how much deposit you had (i mean lower down the scale ie. 25% deposit, you get a better rate! I think that is my new target )

Just topped up my OH's ISA from last year, but he had put money IN and taken it OUT during last year! argh! not now though, he knows he must leave it in there!!!

capstain411

Hi all,

Fantastic idea this, of pooling all "deposit savers". I save around 1700 pounds every month. It not that I have a extreme frugal existence. But instead work my socks off.

My financial history is as follows....
Graduated in July 2006.....(worked as if no tomorrow)....cleared the last penny of student debts April 2008.

Savings...
1) NS&I cash mini ISA

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> £6324.
2) III Stocks mini ISA

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> £6000.
3) HSBC online saver

---

> £3000.

Now I should admit, others in the post are much more prudent in their choice of savings accounts. Will moving existing NS&I cash ISA to say Scarborough BS isa (6.35% for new and transfered in cash) be a good option.

In terms of regular savings, 3 different regular savers looks like the only option.

Now, sounding bit daft, I have no idea what I am be looking for in terms of house hunt. My life is bit uncertain, I am going to get married mid next year. My fiancee is graduating next year, and not based in UK. So waiting for her to join me, before we can start house hunting. I hope the property market does not pickup next year.

jamtart6

sounds like you have it all under control! best of luck with the saving! I also hope the market doesn't pick up! I dont think it will!

lostinrates

Swings an rounabouts to our future saving. DH, after first month in new role, has been given a rise of £5000 per year! But, our real luury, the horse, is being made homeless. We've been paying £22 a week for her stabling, (chosen on the basis she can play with other horses, which is not common in the area we are living in.) The only yard I can find that will offer her turnout with other horses will charge, gulp, £122 pw (but will pay some of her food and other costs) and cost more in petrol. And I still haven't got a job. Which is depressing an infuriating. I'm not sure what to do, because while with the DH's payrise we CAN afford it, I'd rather be putting it in the house fund!

RoxieW

Hi all - glad to see so many joining in :j
Everyone seems to be doing so well, so I feel like a bit of a fraud that we've managed to save a big fat nothing for march. Reason being, we've resigned ourself to staying in current house while the market evens out, so we decided to have a 'spruce up' and buy a fair few bits for the house.

Hoping to get back on it for April thou.

neas

Mines almost 23k but due to wedding its being shaved away for 2-3k :P

MrDT

jamtart6 wrote: »

well mr DT, you are just going to have to sell your body

If there was a chance I could make up the 15k shortfall in the space of a year I'd have a go lol

wilksy007

Hope you don't mind if I join in, I'm pretty new to the site and this i one of my 1st posts.

Me (28) and my girlfriend (26) are future first time buyers saving towards a deposit, we don't have a particular target but it would be nice to move in together within the next 18mths or so. (I don't wanna be 30 and still living with the Parents!!! ) Between us we earn an average wage, and have £13.5k in ISA's,

We are hoping to eventually get a 3 bed semi, on the outskirts of Bristol.