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  • FIRST POST
    • Gibberish94
    • By Gibberish94 9th Sep 16, 3:57 PM
    • 30Posts
    • 33Thanks
    Gibberish94
    The Gibberish trek to a deposit!
    • #1
    • 9th Sep 16, 3:57 PM
    The Gibberish trek to a deposit! 9th Sep 16 at 3:57 PM
    Hi everyone, I've been lurking here for a few months but thought I'd set up my own thread to help me keep track of my savings and also to provide myself with motivation from other money savers!

    So I'm 22, graduated from university a year ago and have since been in a full time job in my desired field woo! Anyhow myself and my OH are renting at the moment and saving for a deposit. We live in the South East so a realistic target for our deposit/savings I think will have to be about 50,000 taking into account extra fees and additional furniture etc that we will need!

    Current savings stand at:

    My HTB ISA: 1,150
    OH HTB ISA: 2800
    Total: 3,950 / 50,000

    So currently we are a measly 7.9% there however its a start right?!
    The initial target for savings would be to reach this target by June 2022
    This means saving over 350 a month EACH! This is certainly not achievable currently however I'm hoping as we both get pay rises in the future this should become more achievable! (My pay particularly should increase a lot over the next few years once I become fully qualified - only a gazillion exams to go !!)

    I have a credit card with a balance of 1077 (interest free until Feb 17) so thats my priority first to get paid off before I really start to focus on my savings!

    Anyhow, hope you all enjoy coming on this journey with me, I'll be here a while!!
    Last edited by Gibberish94; 11-09-2016 at 9:51 AM.
Page 3
    • Gibberish94
    • By Gibberish94 6th Apr 19, 9:36 AM
    • 30 Posts
    • 33 Thanks
    Gibberish94
    BIG NEWS! We found a house!!!!
    We put in an offer and it's been accepted yay! Still lots to sort out but we are so so excited !

    Offer made 300,000

    Current deposit:
    My LT ISA: 4780
    OH LT ISA: 12,039
    Gov bonus due: 1,250
    Total deposit = 18,069

    I'm planning on putting another 500 in before things get submitted so final deposit will be a bit higher than that.

    We put the 5000 from family into the ISA - I know I said I wanted to save that 5,000 for wedding but speaking to the mortgage broker our mortgage repayments will only be 75 more than our current rent (I thought it would be much more!), our new property has solar panels so gas and electricity will be less than a quarter of what we currently pay so we should both be able to continue savings and I should be getting a healthy pay rise within the next 6 months so saving that 5000 again shouldn't be too much of a problem over 3 years or so, so it made sense to put the 5000 in the ISA and get the 1250 bonus on it (not often you get free money like that)!

    Exciting times ahead, hopefully everything goes through ok etc but I'll try to keep this post updated until we move on to the mortgage free wannabe thread!

    I don't think anything will move very quickly as the sellers are yet to find somewhere still and they're moving quite far away but we're in no rush as we're in rented so just going to sit tight and (hopefully) enjoy the ride!
    • savingwannabe
    • By savingwannabe 6th Apr 19, 7:07 PM
    • 14,209 Posts
    • 47,672 Thanks
    savingwannabe
    Gibberish, hurrah for new housey! Really well done.
    Christmas Fund 248 No spend month?
    • pinknsparkly
    • By pinknsparkly 13th Apr 19, 4:59 PM
    • 433 Posts
    • 931 Thanks
    pinknsparkly
    Yeeeeeaaaaaaayyyyyy!!! That's fantastic news, how exciting!! And I totally agree with getting your bonus money from the government if you can. Offers like that don't come round very often!
    MFW 2019 challenge #99: 8174 / 6,000 (4671 is in "offset" pot)
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 7483 / 30,000
    Save 12k in 2019 challenge #99: 21,357 / 12,000
    2019 keep moving challenge: 469 / 1000 miles
    Last updated: 10/10/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Jun 2052
    • Gibberish94
    • By Gibberish94 24th Jul 19, 7:09 AM
    • 30 Posts
    • 33 Thanks
    Gibberish94
    So I guess I should update this and bring this thread to a close.
    It's completion day TODAY eek!

    We got approved for our 282,000 mortgage with an 18,000 deposit (south east prices), this kept us within the 300,000 limit for stamp duty so nothing to pay there.

    The whole process has been fairly smooth besides a slight hiccup with our own solicitor but the people we purchased from were buying an empty property and we're going from rented so the chain was minimal thankfully!

    We are SO SO SO excited to get the keys later on today.
    Thank you so everyone that wrote kind words while I tracked our savings, whilst I didn't post tons I really enjoyed coming back to see how far I'd come each time.

    I started this thread in 2016 with a credit card balance that kept growing and a gazillion exams away from qualifying in my profession. I'm now qualified, have nothing on my credit card and just bought a house with my other half. AMAZING!

    I'll be making a thread in the future in mortgage-free-wannabes but for this thread it's good bye and thanks !
    • Skint yet Again
    • By Skint yet Again 24th Jul 19, 4:24 PM
    • 3,697 Posts
    • 19,370 Thanks
    Skint yet Again
    Congratulations Gibberish that's great news

    Wishing you every happiness in your new home.
    Balance 0% credit card 1360 698
    0% Car Loan 7500 balance to pay 1/10/19 160 1/11/19 160 1/12/19 160 finishes 1/1/2020 140.
    Emergency fund 100
    • savingwannabe
    • By savingwannabe 25th Jul 19, 11:55 AM
    • 14,209 Posts
    • 47,672 Thanks
    savingwannabe
    Gibberish really well done.

    :bee r:

    Good luck on the new thread. Many nice people have moved over to there and I am sure you will continue to be v clever. Enjoy the new house and have a lovely summer.

    love swxxxxxxx
    Christmas Fund 248 No spend month?
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