The 'We're saving for a deposit' thread

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Just got paid a day early from my 2nd Job due to Good Friday tommorrow so another £150 in the pot for me!!
I am feeling really positive about my savings so far this year & I am so, so near to breaking the £13,000 barrier!!!

Bone_Idle

Hi everyone :wave: It seems like it's been a while since I posted on here - just wanted to swing by and say we've just had an offer accepted! :j:j So we're - hopefully - not going to be saving for our deposit for too much longer!

marc.faulkner

Evening all,

Mind if I join in?

My journey has been rather "up and down" since I joined MSE...I found the site when looking for debt advice, having fallen into the trap of payday loans.

I've now paid off every penny of my debt (excluding my "monthly" credit card, which I use for online purchases and pay off in full on payday, without any interest!)

My finances are now a lot tidier; I'm 20 and earning £20k. I live in a rented house - and it'a my ambition to buy a house before I'm 25.

Starting point for this is the Barclays Golden cash ISA which I've just opened - current balance is just £1, however I'm in the process of transferring dribs and drabs of money from other, non tax efficient, accounts that I have. All being well, the house deposit balance should be about £500.

When I do buy, I'm looking for a renovation project (but not a shell, need a mortgage) so probably looking at a cost of between £50k and £70k in our area - and would like a 20% deposit.

Onwards and upwards...

Doglover

marc.faulkner wrote: »

Evening all,

Mind if I join in?

My journey has been rather "up and down" since I joined MSE...I found the site when looking for debt advice, having fallen into the trap of payday loans.

I've now paid off every penny of my debt (excluding my "monthly" credit card, which I use for online purchases and pay off in full on payday, without any interest!)

My finances are now a lot tidier; I'm 20 and earning £20k. I live in a rented house - and it'a my ambition to buy a house before I'm 25.

Starting point for this is the Barclays Golden cash ISA which I've just opened - current balance is just £1, however I'm in the process of transferring dribs and drabs of money from other, non tax efficient, accounts that I have. All being well, the house deposit balance should be about £500.

When I do buy, I'm looking for a renovation project (but not a shell, need a mortgage) so probably looking at a cost of between £50k and £70k in our area - and would like a 20% deposit.

Onwards and upwards...

Well done for turning things around! You've obviously have the determination for it. Best of luck. :T

Doglover

Hi, hubby and i are in the savings mode. So this is a great thread for me to keep up the motivation and focus. So far, we have managed to get £10K togther and are hoping to do another £10K per year for a further 4 years. We live in a flat (current equity approx £25K ish?!) but desperately want a house. We're hoping that to get a 25% deposit together and as we're in the south east it'll have to be approx £50K - it feels a long slog but hopefully you will all keep us motivated.

In our position we're hoping that by the time we want to move, the current level of equity in the flat will be the same (or more??!) as it is now, but our 4 year plan allows the flat to drop further in value but ideally not below the mortgage amount. However, if it drops below, it should mean that the 25% deposit we need for the new house will also drop so things should even up.

I hope i'm not being too optimistic but I hope the economy should be far more stabilised by then.

Any motivational tips would be welcomed!!

happytails

A little confused about ISAs - wondered if you lot can help before i post on the savings board. Basically i have an isa created last tax year - it is not full. Can i open another this year now or does the other have to be full first?

Thanks guys!

Also at what point should i be looking seriously - perhaps going to viewings of houses (i have 50% deposit nearly, will have 100% by Oct 09)???

Thanks again! x

Doglover

happytails wrote: »

A little confused about ISAs - wondered if you lot can help before i post on the savings board. Basically i have an isa created last tax year - it is not full. Can i open another this year now or does the other have to be full first?

Thanks guys!

Also at what point should i be looking seriously - perhaps going to viewings of houses (i have 50% deposit nearly, will have 100% by Oct 09)???

Thanks again! x

Hi, I don't know about the ISA I'm afraid but i'm sure someone here will get back to you with the correct info soon.

If you're going to be able to buy your house in full for cash in October I'd suggest keeping an eye now but seriously start looking in the next month or so. As you'll be such a good buyer, it might be that you can agree with the seller to exchange with a completion date agreed for a few months later.

purplevamp

happytails wrote: »

A little confused about ISAs - wondered if you lot can help before i post on the savings board. Basically i have an isa created last tax year - it is not full. Can i open another this year now or does the other have to be full first?

As far as I've been led to believe you don't have to fill it up each year, you just "start again" with the new years allowance.

Each year you have an allowance of £3600, it's up to you if you use it all, you don't have to.

I really hope that makes sense (it does to me )

happytails

Doglover wrote: »

Hi, I don't know about the ISA I'm afraid but i'm sure someone here will get back to you with the correct info soon.

If you're going to be able to buy your house in full for cash in October I'd suggest keeping an eye now but seriously start looking in the next month or so. As you'll be such a good buyer, it might be that you can agree with the seller to exchange with a completion date agreed for a few months later.

Just want to clarify - i have 50% of my target deposit saved now, not 50% of expected house price. Sorry should have been more clear.

Sarah x

pavlovs_dog

purplevamp wrote: »

As far as I've been led to believe if you don't have to fill it up each year, you just "start again" with the new years allowance.

Each year you have an allowance of £3600, it's up to you if you use it all, you don't have to.

this is correct