The 'We're saving for a deposit' thread

diggingdude · 1 July 2018 at 9:48PM

Dizzy_Ditzy wrote: »

Hope everyone's savings are continuing to do well

I'm ultra proud of the fact that tomorrow I'll be going past £1000, in under 3 months and then I see other folks' posts here and I'm lol

I've managed to put away £266 this month

Its often far more impressive when someone on a low salary can save £20 in a month than someone putting a couple of grand away when considering disposable income. But you are saving and that is the high five fact

diggingdude · 1 July 2018 at 10:00PM

June was another good month. I'm managing to stick to the set target I had per month and am managing a little more on top. My current account is healthy at the moment but won't put that here as looking to be approved for driving again this/next month so will have to splash out on a decent car. More importantly I have the 10% deposit for anything I am likely to be able to buy on my salary so anything now is a bonus.

Last month's total £14621. Had a £25 bonus paid into Skipton as well after having a play and putting £100 in there last month. I have decided to start a new legal fees fund. It wont cover it all but will take away the sting next year. Total save this month £1400

Current Savings

Club Lloyds Regular 3% - £3,525 (matures next month, hope they still run it)
Lloyds Regular 2.5% - £750
Halifax Regular 2.5% - £750
Virgin Regular 2% - £750
LISA Account 0.75% - £10,021
Ford Money 1.21% - £225 (legal fees)
Target - £20000 April 2019 Total so far £16021

tara747 · 2 July 2018 at 12:12PM

diggingdude wrote: »

Its often far more impressive when someone on a low salary can save £20 in a month than someone putting a couple of grand away when considering disposable income. But you are saving and that is the high five fact

100% agreed! Saving anything is better than nothing, you should be very proud of your savings

Dizzy_Ditzy · 2 July 2018 at 12:35PM

Thank you both - i am very proud that I have managed to get what i have got so far in such a short space of time, considering that my salary isnt that great

Next target is 3K by Christmas

lildoonbuggy · 2 July 2018 at 1:11PM

Hey all, still ticking along over here but not as diligently as originally planned. Saving at about 65% of one salary, from an original target of 100%.

This month we saved £1500, bringing our total to:

Me: £17k
DH: £4K
Index funds: £1.5k
Total: £22.5

Our original goal was £35k plus fees and taxes, whereas now we are thinking £45k plus fees and taxes. Bobsybunny, we are in the same boat as you, however our rationale was we'd rather buy for 10-15 years and if we went smaller, wewould only get 3-5 max out of it. We would also look to have boarders/housemates if we got a bigger house, and we would be fine in terms of affordability.

We have a fairly big overseas investment which technically we were saving for retirement but we are now thinking about liquidating. It should leave us with about £90k meaning we could purchase immediately. I am holding off thinking about that until later in the year though. Next step for us, other than saving, is moving to a new part of London to test out whether we could picture us buying there. So far, end date is looking like mid 2019, give or take 6 months.

Well done all for another month admiring our dreams from afar!

diggingdude · 2 July 2018 at 8:13PM

Dizzy_Ditzy wrote: »

Thank you both - i am very proud that I have managed to get what i have got so far in such a short space of time, considering that my salary isnt that great

Next target is 3K by Christmas

I just re=read what I wrote and was worried it came across as patronising. Really sorry if it did anyone as it certainly wasn't meant that way

Dizzy_Ditzy · 3 July 2018 at 7:46AM

diggingdude wrote: »

I just re=read what I wrote and was worried it came across as patronising. Really sorry if it did anyone as it certainly wasn't meant that way

I didnt read it that way :beer:

You're quite right, because my salary is below average, I dont have as much disposable income as others might do so anything that I am able to put away is good.

And with any luck, it might just encourage one other person in a similar situation that if I can do it, they can too

compbren · 13 July 2018 at 6:02PM

Quick question, but do you guys include the Help To Buy Bonus money in your totals?

Anyway, I've not posted on here in about a year, I'm still saving as best I can but it's so hard. I ended up buying a car last year which dented my savings a bit but I had to.

I'm currently at £35,400 at the minute, aiming to get to £40,000 by the end of the year, with the aim to buy early next year (I'll be 34). I was at £40k this time last year but ended up buying a car.

Will try and be more regular on here whilst I aim for my target. Hopefully I'll hit £36k by the end of the month.

Dizzy_Ditzy · 13 July 2018 at 6:15PM

compbren wrote: »

Quick question, but do you guys include the Help To Buy Bonus money in your totals?

Anyway, I've not posted on here in about a year, I'm still saving as best I can but it's so hard. I ended up buying a car last year which dented my savings a bit but I had to.

I'm currently at £35,400 at the minute, aiming to get to £40,000 by the end of the year, with the aim to buy early next year (I'll be 34). I was at £40k this time last year but ended up buying a car.

Will try and be more regular on here whilst I aim for my target. Hopefully I'll hit £36k by the end of the month.

I'm counting the interest but not the bonus bit

bopsybunny · 16 July 2018 at 10:31AM

I count our HTB bonuses when I total up all of our savings, to see how much we actually have to go towards a house.

I am aiming to save enough so that we have 10% deposit in actual savings, plus money for solicitors fees etc, and then whatever we end up getting from HTB bonus is - well, just that - a bonus!

However, if the right house came along for the right price, we would try to exchange with a slightly under 10% deposit, knowing that on completion, after claiming HTB bonus, we'd have the 10% needed for the better mortgage deals. If the seller won't allow it, then we would borrow the difference from family (as a "gift" in solicitor's eyes, but we'd repay anything we borrow), and end up with over 10% mortgage deposit after HTB bonus is claimed.

PLEASE READ BEFORE POSTING

The 'We're saving for a deposit' thread

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free