The 'We're saving for a deposit' thread

Orlando_Virgin

Just received a cheque for £2500 for an accident 18 months ago so that'll be going in the deposit fund, we've now got £10,800, only £4200 to go!!

^!£$&

Well done everyone you're doing so well!! My pot will be £56 better off once my quidco gets paid at the end of the month- every little helps right!

purplevamp

:T I second that snowbrow. (btw your avatar makes me hungry )

Most peoples deposits seem to be a lot smaller than mine. We're aiming initially for £50K and with £150K (:rotfl:) as our intended goal. The houses we're after are and probably will still be in the region of £250K. I think if we went to get a mortgage with a £15-20K deposit they'd laugh us out of the bank!

What is everyone wanting? We need a 4-bed house. :rolleyes:

Dinah93

We would like a 4 bed but would settle for a 3 bed if it was something special. Our goal is mostly determined by timescale, he's talked a lot about getting married in two years, so that would be the point we need to move out of my parents house! In our area you can get some lovely 4 beds for well under 200k, so our deposit is roughly 25% of the house price we're aiming for.

EagerLearner

Hi everyone,

Well our update is that we're now looking at a few places but tentatively. Ideally we'd love to buy this year but in our area places are just not dropping enough and we feel the sellers are still clinging on to what they feel the property should be worth, rather than what it is *actually* worth in a falling market.
It seems that the more time that goes by the more those prices will fall, so maybe we should not look at all and focus on early 2010...

How does anyone else with more or less the *right* deposit in place feel?

Plus congrats to anyone planning to get married - Mr EL and I got married 4 years ago and *did* ask for vouchers etc as we had lived together a while and had everything sorted for stuff at home. In the end we saved for a year and were able to start off married life with no debt hardly. This includes a lovely registry wedding, eating and drinking for 50 people and a 2 week mediterranean cruise with spending money. It cost £7k all in but £3k was gifted to us, so for £4k we felt it was amazing.

ShelleyC_2

I have enough of a deposit to proceed if the right house comes up but I think we've got another 10ish% of house price drops.

So in the mean time its save, save, save :dance:

[Deleted User]

I've got at least another 3 or 4 years of saving to go to reach my target for my deposit as I am on my own, my ideal house would be a 1 or 2 bedroom flat. BUT you never know what will happen in that time I MIGHT meet someone and settle down!! :D

pavlovs_dog

EagerLearner wrote: »

Hi everyone,

Well our update is that we're now looking at a few places but tentatively. Ideally we'd love to buy this year but in our area places are just not dropping enough and we feel the sellers are still clinging on to what they feel the property should be worth, rather than what it is *actually* worth in a falling market.
It seems that the more time that goes by the more those prices will fall, so maybe we should not look at all and focus on early 2010...

How does anyone else with more or less the *right* deposit in place feel?

I've constantly got one eye on rightmove. OH has dubbed it 'that property !!!!!! site'

we have a respectable amount together (deposit, furniture and decorating fund, fee fund and 6 months wages as an emergency fund). I'm due to finish my teacher training course in 3 weeks which will lead to a HUGE jump in our income. However until i'm in a permanent job and can show 3 months worth of pay slips we don't stand a snowball's chance in hell of getting a mortgage. There are properties out there that we like that would give us a LTV of 90% or less, which we could add some value to by bringing up to 21st century standards over time. However without that mortgage, it won't happen.

our options at present are

1) to ask the in laws if they'd loan us the money so that we could purchase as cash buyers, and then pay them back by means of a remortgage once i'd been in my job for 3 months. They've indicated in the past that this is something they'd do for us as they did the same for OH's brother. This would enable us to start looking at properties seriously as soon as I found a job (which will hopefully happen this side of July).

2) move out of in laws and rent privately for 6-12 months to give us the experience of living alone, together. OH is really not keen on this idea as he sees it as a waste of money. We'd still be able to save several £k over the year which would go towards our wedding or renovating the house.

it's so hard to know what to do for the best. What makes it worse for me is that I am life's definition of a list person, but I can't make any kind of plans until I get a job and know where I will be teaching!

head_in_clouds

That is a difficult choice, however we had to move out of the area and were forced into renting while saving for our wedding and house deposit which i in hindsight would never of done if i had the choice.
I know its tempting to get out there on your own and experience living together but to be honest you might be better off staying where you are and saving the money for the future or a bigger deposit?!

MrDT

ShelleyC wrote: »

I have enough of a deposit to proceed if the right house comes up but I think we've got another 10ish% of house price drops.

So in the mean time its save, save, save :dance:

We're in the same boat. Have enough saved now to put down over 50% on an ok terraced house, or about 25% on a very nice semi with offroad parking etc.

Just worked out that we have enough for an 80% deposit on one really horrible little house in the area, not falling apart or anything, it's habitable, just a bit rubbish, small, and ugly, I wouldn't be buying the place if we could be mortgage free from day one even lol!

Prices are headed in the right direction, savings are increasing each month, I see no reason to rush in. We just signed for 12 months tenancy in April anyway, and the rent is cheap. Happy to watch prices fall further