The 'We're saving for a deposit' thread

cazza83 · 5 June 2011 at 10:56AM

Hello everyone, can i join in too please?

I am 27 and am saving for a house deposit with my fiance, i work full tine but am only on £14k a yr, looking to either increase my income by getting a 2nd job or getting a better paid job.

I have managed to save £12k over the past few years, not been easy; job was made redundant in '09 and have had a couple of rubbish jobs thay were full of misery!

My other half is self employed but business has been slow he doesn't have much to add to the 'pot'.

We are starting to save £500 a month each for our deposit fund with monthly 'meetings' to make sure that we are both on track. Aiming for (an extra) £20k in 2 years! not going to be easy but i am pretty stubborn!
Also have an OU degree to fund, and a driving test to pass yikes!

Jackies · 5 June 2011 at 12:53PM

welcome to everyone new.

Sounds sad but today is my day to transfer money into my VSP so have 25p shy of £400 in there. Never thought I'd get so excited about saving 9 quid lol

J_i_m · 5 June 2011 at 2:29PM

Alejandro wrote: »

Up to £121,000 now, but still doesn't seem like much when faced with London house prices. We're looking for somewhere with a 25% deposit, but not found anything yet.

Wow! In my shoes you'd be looking to buy outright (or nearly) with that, not just slap it down as deposit. Differing situations and all that. Well done all the same on saving that sum thus far

cazza83 wrote: »

Hello everyone, can i join in too please?

I am 27 and am saving for a house deposit with my fiance, i work full tine but am only on £14k a yr, looking to either increase my income by getting a 2nd job or getting a better paid job.

I have managed to save £12k over the past few years, not been easy; job was made redundant in '09 and have had a couple of rubbish jobs thay were full of misery!

My other half is self employed but business has been slow he doesn't have much to add to the 'pot'.

We are starting to save £500 a month each for our deposit fund with monthly 'meetings' to make sure that we are both on track. Aiming for (an extra) £20k in 2 years! not going to be easy but i am pretty stubborn!
Also have an OU degree to fund, and a driving test to pass yikes!

You managed to save 12k on that patence salary? You sir/madam are a money saving god....now... would you care to swap? :P

Jackies · 5 June 2011 at 3:00PM

J_i_m wrote: »

You managed to save 12k on that patence salary? You sir/madam are a money saving god....now... would you care to swap? :P

agreed! well done!

Jackies · 5 June 2011 at 10:03PM

Saved £200 today as didn't transfer any money when I got paid last week as have lots of things to pay out this month....................brings total to £61247.09 = 84.47%

tara747 · 5 June 2011 at 11:19PM

cazza83 wrote: »

Hello everyone, can i join in too please?

I am 27 and am saving for a house deposit with my fiance, i work full tine but am only on £14k a yr, looking to either increase my income by getting a 2nd job or getting a better paid job.

I have managed to save £12k over the past few years, not been easy; job was made redundant in '09 and have had a couple of rubbish jobs thay were full of misery!

My other half is self employed but business has been slow he doesn't have much to add to the 'pot'.

We are starting to save £500 a month each for our deposit fund with monthly 'meetings' to make sure that we are both on track. Aiming for (an extra) £20k in 2 years! not going to be easy but i am pretty stubborn!
Also have an OU degree to fund, and a driving test to pass yikes!

A huge well done to you, that is great going. :j

Well done to everyone else as well!!

I have had an expensive weekend (charity shop binge, plus stocking up on craft bits and pieces) but am happy with my bargains and the craft materials will keep me amused for a while!

quintwins · 6 June 2011 at 9:28AM

morning all, i also had a very expensive weekend, however next weekend we will be decorating so not spending anything so it all evens out eventually and we can't keep every penny

i just transfered £500 into my savings, however oh is owed 2 weeks pay so i will be transfering in another £360 in a few days so far my total is £760

i've been very busy lately with taking my DS to lots of appointments and it's not gonan let up anthing soon, this unfortunatly means i've been putting close to £50 of desil in my car a week

hopefully this will drop back down to a reaosnable amount once the kids break up for summer and i'm not doing 2 trips to town a day

loveGSDs · 6 June 2011 at 10:59AM

hi everyone

managed an extra £500 this month, leaving me with £400 to do me til payday (no major expenditures planned) hope to scrimp and put most of this in the savings when i get paid again

got car tax and repairs for car to pay for next month :mad: so wont quite manage same amount

quick question....do you get offered 3 x join salaries or is it 4?

plus do they factor in deposits for that? e.g 3 x joint salaries is £150,000 - we have £20k deposit, can we get mortgage for £170,000?

xx

tara747 · 6 June 2011 at 11:57AM

loveGSDs wrote: »

hi everyone

managed an extra £500 this month, leaving me with £400 to do me til payday (no major expenditures planned) hope to scrimp and put most of this in the savings when i get paid again

got car tax and repairs for car to pay for next month :mad: so wont quite manage same amount

quick question....do you get offered 3 x join salaries or is it 4?

plus do they factor in deposits for that? e.g 3 x joint salaries is £150,000 - we have £20k deposit, can we get mortgage for £170,000?

xx

Even 3x joint is a lot, 4x joint would be extremely risky.

OH and I have agreed that we would not borrow more than 2x joint at the very most, and that's only if we saw our dream house in our dream location. We are very tempted to just keep saving and buy for cash or with a VERY small mortgage and clear it in 5 years.

It depends how long you want to have a mortgage for, I guess. I see my current savings efforts as an investment in the future, and hopefully we will be mortgage free relatively soon and able to make lifestyle choices that would not be possible if we were shackled to a mortgage.

Everyone is different. Just do your sums in advance. Good luck! :T

rictus123 · 6 June 2011 at 12:19PM

I think you have a great idea Tara but would you not be better going for it with a kind of small mortgage then what u pay in rent will cover mortgage and what you currently save can be used to over pay....that way you will get your place sooner. Not seen sue going about...last I heard she was buying somewhere and had 110k I think it was?

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