The 'We're saving for a deposit' thread

jovichick123

Hi guys,

Wondered if I can join you over here? OH and I are about to start saving for a deposit on our first home, we currently rent and will be looking to save £45,000.... houses in the area we want are about £150,000 for a 3 bed.. Aiming to have enough to buy in about 4 years or so. Have never been the best saver in the world so am hoping this thread helps me out

S xx

JimLad

jovichick123 wrote: »

Hi guys,

Wondered if I can join you over here? OH and I are about to start saving for a deposit on our first home, we currently rent and will be looking to save £45,000.... houses in the area we want are about £150,000 for a 3 bed.. Aiming to have enough to buy in about 4 years or so. Have never been the best saver in the world so am hoping this thread helps me out

S xx

45k will be a very nice deposit on a 150k house

Do you have any savings already?

That is saving £940 a month for 4 years so no mean feat! (unless you get paid loads )

Good luck to you and welcome to the team!

sugarpants_2

Thanks jim

Good luck jovi chick with saving up 45k £950 a mth saving wow..You must have a good job

MrDT

We all need to remember that peoples circumstances differ as wildly as their targets guys!

Take the following example of monthly outgoings:

rent          500
counciltax    100
water          30
electric       40
tv             12
shopping      150
clothes        50
entertainment 200
holiday       100
gifts         100
misc           50
car costs     160
fuel          100
savings       940
TOTAL        2532

That couple would need to earn around £1266 takehome each per month (below national average), to achieve the savings target. Move to an area where rent is twice as much, or add kids into the equation etc, and a higher wage would maybe be needed to hit the target. Forget the holiday or have just one car not a car each and you can achieve the target by earning less again, etc etc. Different strokes

Just felt the need to say this as perhaps jovichick123 isn't on an astronomical wage and don't want her to think that her target isn't doable. Of course the previous two posters could well be right in which case this post is pretty pointless Either way, welcome and good luck!

I haven't posted on this thread in a while as it's so difficult to track our progress now. We have a good amount saved, and are still adding to it monthly, but trying to work out what we have as a percentage of purchase price is tough - some houses we've taken an interest in we could have bought with over 50% down, others less than 25%!

We've moved to a nicer rental and will wait it out a bit longer. Prices are only headed in one direction for the forseeable, and with each month the % mortgage we'd need on a particular house is dropping (increasing savings and crashing prices is a nice combo). We'll keep on saving a deposit with the hope of being mortgage free sooner rather than later, but I doubt we'll even be viewing anywhere else in the next 6 months. I'll go back to reading this thread quietly from the sidelines again now

jovichick123

Hiya

Thanks for the warm welcome guys

In answer to some of the questions... We currently have £1500 saved. I haven't worked since was made redundant in Feb (worked in recruitment, not the best industry in a recession :rotfl:). We have been managing since Feb on OH's wages and are moving house next weekend closer to my family so I will be able to work without falling into the trap of having to pay extortionate rates for childcare. The plan is to keep managing on OH's wages and put whatever I can bring home into savings. DS will be going to school in Sept so will be able to work full time then In my last job FT, my take home was on average £1350 per month so am not too worried about the target

We are in a position where we recently got a lump sum payment from an inheritance and were able to pay any outstanding debts etc off and still have some left over. I follow the OS thread religiously and that saves me a lot in household things. Hols are relatively cheap for us, OH family are in London and mine in Suffolk so we tend to holiday in UK with minimal expense. Besides, as we have a 4 year old in tow, we would like to take him abroad when he is old enough to remember it. Don't have a car so that is one less expense per month - we both have pushbikes to get to and from work. Thinking about it we live quite simply and *have learnt* to live well within our means

£950 sounds a lot for a month, but I think once I am earning again (should be within a few weeks - already had one offer) should be very do-able.

Hope that cleared it up Lets see how I get on eh?

S xxx

JimLad

jovichick123 wrote: »

Hiya

Thanks for the warm welcome guys

In answer to some of the questions... We currently have £1500 saved. I haven't worked since was made redundant in Feb (worked in recruitment, not the best industry in a recession :rotfl:). We have been managing since Feb on OH's wages and are moving house next weekend closer to my family so I will be able to work without falling into the trap of having to pay extortionate rates for childcare. The plan is to keep managing on OH's wages and put whatever I can bring home into savings. DS will be going to school in Sept so will be able to work full time then In my last job FT, my take home was on average £1350 per month so am not too worried about the target

We are in a position where we recently got a lump sum payment from an inheritance and were able to pay any outstanding debts etc off and still have some left over. I follow the OS thread religiously and that saves me a lot in household things. Hols are relatively cheap for us, OH family are in London and mine in Suffolk so we tend to holiday in UK with minimal expense. Besides, as we have a 4 year old in tow, we would like to take him abroad when he is old enough to remember it. Don't have a car so that is one less expense per month - we both have pushbikes to get to and from work. Thinking about it we live quite simply and *have learnt* to live well within our means

£950 sounds a lot for a month, but I think once I am earning again (should be within a few weeks - already had one offer) should be very do-able.

Hope that cleared it up Lets see how I get on eh?

S xxx

Sounds like you have it all worked out! Very well done on getting the job offer

Im starting a new job in may as well. Although it is paid a little less, i think it is better for my career with a lot more scope for going higher

Just got to get through the awkward handing in my notice thing this week, eek.

jovichick123

You should be fine with your notice, just be prepared for counter offers.... remember the reasons you wanted to leave are still going to be there in a few months time so stay strong

Am not sure what I want to do longterm yet, quite like social work but need 2 more yrs training (degree in English). Was a mature student so had 10 yrs office exp before degree lol

lostinrates

Bone_Idle wrote: »

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!

Congratulations! I hope it goes smoothly for you.

DH and I have had a couple of almosts in the last few months, but have just decided not to make an offer on something that at first glance looked as if it might be 'it'. We're getting a little depressed as we can still secure good loan amount, but very few suitable properties for us are coming to the market. Personally, I feel things still have further to fall...and I want to say that so that the savers here don't panic thinking we all thnk prices have hit a bottom and are going to rise now...but our personal circumstances are that we would move for the right property, and are really hopin that comes along...well, soon! we've infomally decided to look no longer than another year before going to plan b.

Bone_Idle

lostinrates wrote: »

Personally, I feel things still have further to fall...and I want to say that so that the savers here don't panic thinking we all thnk prices have hit a bottom and are going to rise now...but our personal circumstances are that we would move for the right property

That's just the situation we're in - we reckon prices will continue to fall for a while, but a house that fit our criteria nearly perfectly came up, and we were able to get it for a price that we were willing to pay - and can afford - so we felt the time was right for us. Of course a lot can still go wrong!

*Cariad*

Have been reading this thread for a while, and it has inspired me to stop wasting money and to try my best to save!!
Currently have £3000 in my house deposit fund!