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  • FIRST POST
    RoxieW
    The 'We're saving for a deposit' thread
    • #1
    • 10th Mar 08, 10:03 AM
    The 'We're saving for a deposit' thread 10th Mar 08 at 10:03 AM
    Hi all

    Thought I'd start one of these as it seems a lot on this board are in this position and I couldn't find such a thread. Sorry if there is one - please point me in the direction of it someone!

    Not sure of the best way to do this, but thought it would be good to have a thread where we can state our goals, log our savings and encourage one another.

    So, I'll start -

    Hi I'm Roxie and I'm saving for a house deposit (titter)

    We currently have a 50!!!37; shared ownership 3 bed semi that has (at the minute!) 20K equity in our share.

    We want a whole house (lol) with 4 beds, an ensuite, a garage and utility. Basically, more living space all round.

    We currently have nearly !!!163;11K in saving and are aiming to save !!!163;700 a month - although this has gone to pot recently as we've been doing abit of sprucing up in our current house. !!!163;700 is generally quite realistic IF we stick to budget. Thats just the problem I'm afraid! I chart my progress in my sig below.

    Current savings portfolio

    !!!163;6500 - ISA 1
    !!!163;800 - ISA 2
    !!!163;2000 - 10% reg saver (!!!163;200 month to be transfered to ISA on term)
    !!!163;1250 - 10% regular saver (!!!163;250 a month to be transfered to ISA on term)
    !!!163;100 premium bonds

    total - !!!163;10650

    Monthly I save like this -
    !!!163;250 regular saver
    !!!163;200 regular saver
    !!!163;250 6% saving account - this is what I dip into if needs be.

    We're planning to have another baby and will have to move when said baby is 4/5 as our 3rd bedroom is teeny. We're aiming to have 50K saved by then, which seems realistic. As we're planning another baby I'm basing my figures on just one income as I dont plan to be working until little one starts school.

    My only worry is that the market will rise much more between now and then, rendering our deposit saving pointless.

    Does anyone thin it would be worthwhile sharing SOA's as on the DFW board so point out to each other where any possible cutbacks could be made in order to save?

    So that's me - anyone else care to join in?
    Last edited by RoxieW; 10-03-2008 at 10:22 AM.
    MANAGED TO CLEAR A 3K OVERDRAFT IN ONE FRUGAL, SUPER CHARGED MONEY EARNING MONTH!
    10 a day challenge Aug 408.50, Sept 90
    Weekly.
    155/200
    "It's not always rainbows and butterflies, It's compromise that moves us along."
Page 248
    • Dizzy Ditzy
    • By Dizzy Ditzy 9th Apr 18, 8:54 PM
    • 16,672 Posts
    • 281,493 Thanks
    Dizzy Ditzy
    Any room for a little one?

    Little bit of background on me - I'm just over 40 and have been renting for the mast fifteen years or so, the last ten in the same place. We've been very lucky with our LL so far but he's just out our rent up and I decided to work out how much rent we've paid in those ten years - enough to buy half a house

    This seemed to trigger something in me and I've decided to take the plunge and start saving to buy. I'm starting absolutely from scratch and have set myself the tough task of getting a deposit together in 4 years. This is going to be hard work but I'm determined to do it.

    I've opened a HTB ISA and made a small deposit in there to start with. I'm a week too old to open a LISA which is very annoying It's a good chance to have a good clear out of the house and get rid of anything I don't need or use.

    Another slow and steady here but I'm determined to win that race
    I'm a board guide on Quick Grabbit while you can, Marriage, Relationships and Families, Health & Beauty Moneysaving, Greenfingered Moneysaving, Praise, Vents and Warnings, Consumer Rights and Sports & Fitness Moneysaving boards.

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    I used to be a queen, now I'm just me...
    • GoingOn30
    • By GoingOn30 20th Apr 18, 12:28 PM
    • 55 Posts
    • 41 Thanks
    GoingOn30
    How's everyone's savings going this month? I actually find it easier to save when the weather is good since I can keep myself amused sitting outside reading a book rather than spending money, I also seem to eat less in general!
    And less on transport too, lots of walking.
    Have to remember to take drinks out with me though, my water bottle is my friend!
    Anybody getting close to their house deposit goal?
    • lildoonbuggy
    • By lildoonbuggy 20th Apr 18, 1:03 PM
    • 59 Posts
    • 154 Thanks
    lildoonbuggy
    Hi GoingOn30! I started using Yolt this month and it is going so well being able to see a live update on spend against budgets. I have set myself a budget of 420 a month which includes all food, shopping, incidentals and holidays but not including bills, commuting and rent. Going well so far and have 200 left to last me through to pay day - happy days! That said, off to Nice for a long weekend next week so hopefully the food and travel allowance doesn't blow out! We're probably a year off having our deposit and stamp duty together, but that's not long in house buying terms right? :-)
    • AlisonResearch
    • By AlisonResearch 20th Apr 18, 1:49 PM
    • 33 Posts
    • 8 Thanks
    AlisonResearch
    Hope you don't mind me posting in this thread too, but if you're looking to buy in the near future maybe you could help me with my research?

    I'm looking to speak with people in West Yorkshire, West Midlands or Bristol/Bath/North Somerset/Gloucester area who are looking to buy or have recently bought, say in the last two years. Want to talk about how, what, where and when you bought and the decisions made and if shared ownership housing could help. It won't take long.

    Thank you. Looking forward to hearing from you!

    [I have permission to post on this site.]

    • List Maker
    • By List Maker 26th Apr 18, 11:36 AM
    • 56 Posts
    • 84 Thanks
    List Maker
    Just checked my LISA and the gov bonus has arrived!! Amazing to see it there, and given a boost to the deposit!
    HOUSE DEPOSIT - 6,720.50/42,000
    Future Mat Savings - 100/2,800
    Debt Free since July 2016
    SPC #585
    • diggingdude
    • By diggingdude 1st May 18, 9:27 AM
    • 187 Posts
    • 185 Thanks
    diggingdude
    Well April turned into a great month saving's wise compared to what I was expecting considering I booked a holiday for November. Had a 2% pay rise and went up an increment which I wasn't expecting having been off for the best part of 6 months. Had an unexpected windfall of 1500 too which I am kind of saving but wont count and instead leaving in my current account as i like to have a decent balance there and this will set me up to pre-accident reserves of about 3000. It's in a club Lloyds account so any interest earned on that goes into the beer fund

    Also, my LISA bonus was paid which has given me a big Brucey bonus. By next month I will have this years LISA money saved and be onto the next years savings.

    Last month's total 10225. Savings this month 2893.78 of which 900 was new money and the rest an LISA bonus

    Current Savings

    Club Lloyds Regular 3% - 2725
    Lloyds Regular 2.5% - 250 (opened this month)
    Halifax Regular 2.5% - 250 (opened this month)
    LISA Account 0.75% - 9,896.22 (Got to love free money)

    Target - 20000 April 2019 Total so far 13121.22

    On a side note, I am totally getting into cashback/free things. I remembered I have cinema tickets with Club Lloyds so seeing Avengers was free as will the next few movies. I am also up to 51 pending cashback on Topcashback since March for doing things I would normally do anyway
    Last edited by diggingdude; 01-05-2018 at 9:29 AM.
    House Deposit - Target 20000 April 2019
    Current Savings - 10225 13121.22
    • MrsLalore
    • By MrsLalore 1st May 18, 10:42 AM
    • 1 Posts
    • 5 Thanks
    MrsLalore
    Hi all,
    I would love to join.
    Me and my husband are saving for a 20% deposit of property prices up to 350k. Hoping to be saved by the end of the year to start looking early 2019.
    Our current savings are:
    Bank Account Amount
    Mrs Current 2,500.00
    Mr Current 2,500.00
    Mr ISA 18,646.25
    Joint Savings 13,311.33
    Mrs LISA 5,350.00
    Mr LISA 5,350.00
    Total 47,657.58
    Aim 70,000.00
    Remaining 22,342.42

    Luckily we have almost no outgoings. Living with in laws and don't pay any rent or bills. We have no debt or car loans so basically all our wages go on savings.

    Will update as much as possible to keep myself on track.

    Mrs L
    • DeeDee87
    • By DeeDee87 1st May 18, 11:13 AM
    • 2 Posts
    • 4 Thanks
    DeeDee87
    Newbie Alert! long time lurking in the background


    So me and the BF are both first time buyers in the south east, we have been saving for the past couple of years, first in a Help to buy and now the LISA .


    We opened the LISA as soon as they came out and were able to transfer our existing savings from the H2B in March this year.
    Yay free bonus money!


    Savings so far are as follows...
    Joint account: 6302.00
    Gifted sum: (from BF parents) 5000.00
    His LISA (inc 1900 for transfer 16/17 and tax year 17/18 contributions): 15755.44
    My LISA (inc 1700 for transfer 16/17 and tax year 17/18 contributions): 14759.58


    Total saved: 41,817.02


    Deposit total (tot -7,500.00 for fees and spare) = 34,317.02

    (Still have 2000.00 tot bonus to come from this tax years LISA contributions due some time this month or early June)


    We have been in contact with our mortgage broker and he's given us the go ahead to start looking!


    We are still saving a min of 1200 a month so hopefully by the time we find somewhere we will have a better deposit too
    • diggingdude
    • By diggingdude 1st May 18, 11:27 AM
    • 187 Posts
    • 185 Thanks
    diggingdude
    Newbie Alert! long time lurking in the background


    So me and the BF are both first time buyers in the south east, we have been saving for the past couple of years, first in a Help to buy and now the LISA .


    We opened the LISA as soon as they came out and were able to transfer our existing savings from the H2B in March this year.
    Yay free bonus money!


    Savings so far are as follows...
    Joint account: 6302.00
    Gifted sum: (from BF parents) 5000.00
    His LISA (inc 1900 for transfer 16/17 and tax year 17/18 contributions): 15755.44
    My LISA (inc 1700 for transfer 16/17 and tax year 17/18 contributions): 14759.58



    Total saved: 41,817.02


    Deposit total (tot -7,500.00 for fees and spare) = 34,317.02

    (Still have 2000.00 tot bonus to come from this tax years LISA contributions due some time this month or early June)


    We have been in contact with our mortgage broker and he's given us the go ahead to start looking!


    We are still saving a min of 1200 a month so hopefully by the time we find somewhere we will have a better deposit too
    Originally posted by DeeDee87
    Welcome. I am assuming you have paid this years contributions for LISA, otherwise I am wondering how you have got so much into them with the limits on H2B and LISA contributions. Best of luck with the house search

    Edit - Ignore that I just read again and can see you have contributed this year
    House Deposit - Target 20000 April 2019
    Current Savings - 10225 13121.22
    • DeeDee87
    • By DeeDee87 1st May 18, 11:47 AM
    • 2 Posts
    • 4 Thanks
    DeeDee87
    Hi


    We added the 4k max as soon as we could for this year as we really didn't know how long they would take to pay out and they say 4 to 9 weeks after each subscription so just took it out of our cash savings to not have that issue if we found anywhere we liked enough to offer on. We were originally looking at a starting looking at the end of August but figured if we can find somewhere earlier then we might as well.


    I was a bit confused at how the H2B transfer would work as there was almost no details about it on the internet. But we each had over 5k in our H2B accounts and on the transfer forms there was a 'Transfer whole account amount' (or similar wording) check box which allowed us to transfer it all to the LISA even though our 17/18 contributions were complete!


    We only got the bonus for the contributions from the H2B from the 16/17 tax year and not all that we had put in the H2B in 17/18, which we knew about before opening the LISA.


    So all in all a pleasant surprise that we didn't have to faff about with more transfers
    • excelwizard
    • By excelwizard 1st May 18, 8:59 PM
    • 24 Posts
    • 131 Thanks
    excelwizard
    I've not posted here since July 2017 - my personal savings was around 12,000 and my partner's was around 7000 at the time.

    My current saving totals:
    Current account - 1050
    Joint account - 750 (my half)
    Flex Saver - 6150
    Credit card - -720
    LISA - 10300 (including last years bonus)
    total - around 17650

    My partner has around 11500 so our combined total is around 29,000 We're saving until a date rather than having a specific target - our tenancy on the rented house we live in expires in February 2019 (was fixed for 12 months) so our motivation is not to spend more than a penny than we have to on rent

    Everyone's doing amazingly well and it always inspires me to read such like-minded stories!
    GOAL: Save 25,000 - current total 16,900
    Save 12k in 2017 #186 - 8,507.30 / 10,000
    Save 12K in 2018 #113 - 3441.56 / 6,000
    • *little.squirrel*
    • By *little.squirrel* 2nd May 18, 3:29 PM
    • 60 Posts
    • 50 Thanks
    *little.squirrel*
    How's everyone's savings going this month? I actually find it easier to save when the weather is good since I can keep myself amused sitting outside reading a book rather than spending money, I also seem to eat less in general!
    And less on transport too, lots of walking.
    Have to remember to take drinks out with me though, my water bottle is my friend!
    Anybody getting close to their house deposit goal?
    Originally posted by GoingOn30
    Savings pretty low this month but mainly because DH had lots of work expenses. Some we will get back and some not. Hoping we can do a better job in May! We try not to buy water when we are out too - I really hate buying bottled water!! We were both gifted bottles that keep water cold so they should do us well throughout the summer!

    Seeing everyone's savings totals has made me think about how much we actually have to hand, and where it is sitting. I know most of our deposit savings are just sitting in a lame savings account so I should really make that work harder. DH has a HTB ISA that we just opened this year but I don't qualify for one because I already have a mortgage.

    So... as of May 2018
    HTB ISA - 2000
    Deposit Savings (in lame account) - 4589.81
    Money still in US bank account waiting to transfer - $2703.79 (about 1985)
    Total: 8574.81


    Seems like we have a long way to go to 25000! In saying that, there is also money in a US retirement fund that we have to transfer and are planning to use towards the deposit. I *think* its about 8000. Anyway, this is why we are trying really hard to save 6000 this year and next. Hopefully more!
    #112 Save 12k in 2018: 2131.81/6000
    • Samjh87
    • By Samjh87 4th May 18, 4:30 PM
    • 1 Posts
    • 3 Thanks
    Samjh87
    Room for a super slow one!

    Background- 31 years old, one 4 year old daughter, separated from husband at the end of last year and determined to get on to the property ladder regardless of how long it takes! Currently have 3125 in a LISA. Savings will only be 100- 300 a month but anything is better than nothing!

    I hope this thread gives me the kick up the bum I need to stop spending the here and there and to put all I can in to savings.
    • datlex
    • By datlex 5th May 18, 12:45 PM
    • 1,630 Posts
    • 1,533 Thanks
    datlex
    Well I have savings of 12257. Next month it will be 12557. I had an offer accepted on a 2 bed property this week of 90,000. I have an AIP but I have been to a mortgage broker and am going through the process of getting a mortgage with a different company that is 30 a month cheaper. (allowing me to over pay and be no worse off). I will be putting down 9,000. Now obviously it is early days. My only disappointment is my HTB, had I realised it was not a product for under 40s only, I would have put money into it earlier and had a bigger bonus. Unfortunately it is promoted alongside LISA which are for under 40s.
    • lildoonbuggy
    • By lildoonbuggy 7th May 18, 8:18 AM
    • 59 Posts
    • 154 Thanks
    lildoonbuggy
    So, my travel budget blew out by 200 this month, and is already massively on track to blow out this month but I'm hoping that will even out as we steer away from summer holiday travel over June and July. Maybe this is just wishful thinking, as April and May always end up being our busiest months for exploring the mainland!

    Otherwise, project 'living on one wage' is going well and I was able to put away 2250 of my leftover pay and this months pay. This bought me up to 14,000 savings. My husband (who pays the bulk of our outgoings for rent/ct, bless him) was able to stash away 700 from last months pay bringing him up to 4200.

    Grand total: 18200/45000. I can't believe we have cracked the 18k mark - I am ridiculously pleased and keeping an ever watchful eye on Yolt to help identify more ways to get us there even quicker.

    Congrats to everyone for reaching another milestone!
    • WodaSodowa
    • By WodaSodowa 12th May 18, 10:29 PM
    • 17 Posts
    • 29 Thanks
    WodaSodowa
    Hi WodaSodowa, that's a great deal on gym membership, especially including yoga - my local charges 18 per class was it a special offer? I'm just starting to look at cheap ways of improving fitness. Have been purchasing Groupon deals and spacing them out. Does keep things mixed up.
    Originally posted by lildoonbuggy
    I go to Pure Gym- it's 20 a month (you go to as many spin classes as you want) plus I pay 2 to yoga teacher every week so it works out about 28. I think that a lot of stuff is a lot cheaper in N. Ireland (including houses ).

    On the house front a lot has changed. Yesterday we got our AIP and put an offer on the house. A great house came along- has a lot of space and is a lot less than we thought we will have to spend. It was really unexpected- I didn't think we would start looking before July but my OH persuaded me to have a look at it and I'm so glad he did. I will keep you updated, hopefully we will manage to get it and there will be no major problems in the process.
    House deposit 4863.90/13500
    • lildoonbuggy
    • By lildoonbuggy 13th May 18, 1:43 PM
    • 59 Posts
    • 154 Thanks
    lildoonbuggy
    Huge congrats WodaSodowa!! That must be so exciting, especially coming in under budget and ahead of schedule, that's the big dream! Keep in touch about how you get on. I will keep my eye out for cheap yoga deals around London in the meantime
    • WodaSodowa
    • By WodaSodowa 15th May 18, 2:00 PM
    • 17 Posts
    • 29 Thanks
    WodaSodowa
    Thanks lildoonbuggy Today we had our offer accepted So far everything is running smoothly except that I can't find my passport anywhere...luckily I have my European ID card so hopefully that will be accepted by Natwest but in the meantime I will have to shred our entire house and try to find that stupid passport We don't even have a mortgage yet and I'm already thinking about overpaying it, I love looking at mortgage free wannabe board- I'm sure I'm not the only one dreaming about it
    House deposit 4863.90/13500
    • GoingOn30
    • By GoingOn30 15th May 18, 4:10 PM
    • 55 Posts
    • 41 Thanks
    GoingOn30
    Great news!
    At least with the BoE keeping rates on hold mortgages should stay affordable to sound-to-be buyers for another few months.
    Keep saving Wodasodowa, you might just back the next LTV bracket before your mortgage application!
    • mylastpound
    • By mylastpound 15th May 18, 5:30 PM
    • 99 Posts
    • 235 Thanks
    mylastpound
    Today we had our offer accepted I love looking at mortgage free wannabe board- I'm sure I'm not the only one dreaming about it
    Originally posted by WodaSodowa

    Aww Congrats and i the same. i was on there last night thinking the same lol
    3-6 Emergency Fund, No96: 600 / 2,000
    House Deposit: 11,000 / 11,000
    Holiday Fund: 100 / 1,300
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