Best put on my big girl pants! my saving for a deposit diary

January aims have £2000 in total saved towards deposit . see below (amounts to add in January)
£200 emergency fund
£650 house extra
£250 house 5%
£50 car savings account
£50 Xmas / birthdays


this isnt including my owed holiday pay which should be around £200 according to my manager . my owed holiday will also go straight to savings. im trying to keep the savings to rounded numbers :rotfl:

Before I had the loan at 6.8%

I had a credit card at 9.9% and a car finance at 13.9% hence why I consolidated . I also consolidated so we only had one money payment with fixed interest so we could save quicker.

By December next year I'll owe around 8k in debt but may have more than that in savings if that happens we will consider paying the loan off early and continuing to Save for a deposit. But ATM my debt doesn't worry me. But what does is every month longer we are here is one less month I am making a mortgage repayment it's also one more month we are effectively throwing money away at a much higher amount.

It's also another month we are having to live in a property where we are tight for space.

I do understand why people would say to pay my loan first but I really would like to move before the baby needs to be in a bed. It's not so much I'd like to we have to we don't have room in the 2 bedrooms we have for a single bed for her once she has grown out of her toddler bed.

Hence me asking for people's experiences on part buying as we would potentially be able to move in the next 12-18 months and possibly clear my loan with the left over we would have in savings as we wouldn't need such a substantial deposit. I hope I make sense. In what I'm trying to explain

My loan repayment is 196 a month. Which is actually less than my car finance alone is.

Thankyou for the advice both. We have got rid of most of the stuff we no longer use or need. Put it this way our place is so small we don't even have room for a small table to eat dinner at which really makes me sad .

The reason I took the loan at the amount I did is so we had 1k a month or thereabouts surplus to put into savings. Effectively giving us 12k in one year saved or 24k in 2 years.

Part buy we would be looking at a .£3500 deposit. And 12 months direct debits will bring my loan down by £2300 or there abouts . That would leave around 9000 of the loan so effectively in 16 ish months I could pay the loan off and move using the part buy scheme

Moving using a 20% deposit we would need 24k or thereabouts so it would take us around 36 months minimum with also clearing the loan. I suppose I was focused on the saving for a house because as much as I love the area. And as much as we are trying to make it work living here is really stressing me out. We have no wardrobes becUse we don't have the room. We all have minimal clothes and possessions now as I have sold and skipped 95% of it.

I just want to be able to sit and have a meal together as a family and want my oldest son to have some space to be able to do his homework without the little ones distracting him or annoying him. I just wanted to move as soon as possible. To give us these 2 basic things. I'm sorry I guess at 25 Im nieve. I thought I was doing what was best given our situation ATM.
I can get a mortgage both part buy with the rent top up or a 20% deposit for not much more than we pay now in rent and I do pay full rent and council tax here. I've already had a dip only 3 months ago which is why We won't be approaching the bank again until needed.