House deposit savers.

[Bedsheets4knickers]

Anyone want Start a support group for anyone saving for a house deposit ?
Be nice to hear some money saving tips along the way :-)

I'm in!

What timeline are people looking at? I'm hoping to have enough by the end of 2022 but that might be optimistic...

Yes same for us hoping for late 2022 early 2023 .
Aiming for 50k got 14.500 so far.
We are up against it with our ages . 42 and 40 😩😩

I started saving in 2017 and, honestly, I think I’m aiming for 2027. But I’m in!

I have just transferred my deposit saved so far into stocks and shares. I hope it will grow by 5% to 10% per year.

Can’t afford to save anymore right now (due to London rent) but may move back in with parents next year. Aiming to buy in the south east on my own so I need a huge deposit. The major hurdle for me will be the income multiplier.

We've got $16,000. Aiming for $70,000 but hoping that my in-laws will add in a small gift...

@Pineapplepyjamas

I started saving in 2017 and, honestly, I think I’m aiming for 2027. But I’m in!

I have just transferred my deposit saved so far into stocks and shares. I hope it will grow by 5% to 10% per year.

Can’t afford to save anymore right now (due to London rent) but may move back in with parents next year. Aiming to buy in the south east on my own so I need a huge deposit. The major hurdle for me will be the income multiplier.

We've talked about doing that too but I'm worried that we may end up worse off ?

@MitheringMytryl

We've got $16,000. Aiming for $70,000 but hoping that my in-laws will add in a small gift...

Good luck . How much are you able to save each month ?

If you're first time buyers in England id recommend getting a lifetime ISA. The government contributes 25% up to a certain point - think it's if you put 4000 in in a year they pay 1000. We did it and it really helped

@Sea62648

If you're first time buyers in England id recommend getting a lifetime ISA. The government contributes 25% up to a certain point - think it's if you put 4000 in in a year they pay 1000. We did it and it really helped

You have to be under 40 to qualify. Would of been a dream tho .

Put 100% of any wage rise into savings if you save money on something immediately transfer the saving to your savings same if you sell anything or at least sales money goes to replacement if you only have a few months to a year to go try and live as frugally and minimalist as possible It may not be possible or even desirable to live like that until 2027

I have just under 6k, I'm looking to get about 20k by the end of 2024. Need to save for stuff for house at same time. I have a lifetime isa and I'm based up north.

Being worst off is always a risk with investments, but I’ve decided it’s worth it based on the risks / benefits.

Just cleared my credit card . I'm now going to do a monthly food shop on it and pay it off in full every month to keep my credit score up .

If you have a credit card with no rewards then try and change for one with rewards. e.g M&S and HBC you earn points and M&S get back money in vouchers each quarter. Also get offer vouchers of extra points. Of course no good if you don't shop in M&S but if you do then the points can add up to several £ per year. We pay everything on ours so get points stacking for everything. Pay off in full each month and keep funds to pay on a savings account - every penny helps. We're not saving for a house deposit but just like to save money where we can!

Starting from Zero here!

I am putting 100 a week in (as I get paid weekly) (so about 400 a month ish). My DP is going to start contributing the same when he is past his probationary period with work so 200 a week after Dec will give us 41k in about 4 years if we stay on these salaries (which I do not intend to do but you never know).

Prompted by me finally getting a butdgeting spreadsheet together and realising I piss 1k away up the wall with nothing to show for it

I’m in! We’ve been saving for a while on a low income, I’m a student (nearly finished!) and DH works 25-30 hours minimum wage. We’ve got £9000 so far (and due about £400 LISA bonus this month) and hoping to get to £14000 by middle of 2022. We’re up North so thankfully house prices are cheaper but going up like mad around here

At the moment we're saving $2000 a month, but we've got a load of big expenses coming up that we haven't really budgeted for (some were unexpected but a couple we knew were probably coming so we have been a bit foolish here). We're also about to move to a more expensive rental which sadly is unavoidable.

So I think we'll probably have to drop it right down to more like $1000 a month. (Guessing everyone here is in UK - I think this is about £550 per month)

How is everyone doing ? We are now up to 19k with a clear few months ahead of us to really knuckle down and save ££££

We’re in our final few months of saving. Hoping to buy a new build so time scales are a bit up in the air at the moment until our meeting in a few weeks time where we’ll have more of an idea of which plots will be released when and which one we want.

Currently have £41k saved (plus probably a couple of extra thousand once DP has paid his tax bill). Aiming for £45k deposit and then £7.5k stamp duty plus fees and any upgrades we want. At the moment I save £1,200 a month and then an extra £2k every 3 months when I get commission paid. DP is more tricky as he’s self employed but aiming for roughly £500 a month.

We’re going to get our agreement in principle as soon as DP’s tax return is submitted this week. Our only concern at the moment is the multipliers as DP has had a rough couple of years work wise due to covid so profit is down.

I’ve got a very strict budget (with a spreadsheet) for the next couple of months with literally every penny accounted for. We’re also trying to do as many no spend days as possible over the next few months. Weirdly it feels so much easier to save now that the end is in sight!

@Sunsetsupernova

We’re in our final few months of saving. Hoping to buy a new build so time scales are a bit up in the air at the moment until our meeting in a few weeks time where we’ll have more of an idea of which plots will be released when and which one we want.

Currently have £41k saved (plus probably a couple of extra thousand once DP has paid his tax bill). Aiming for £45k deposit and then £7.5k stamp duty plus fees and any upgrades we want. At the moment I save £1,200 a month and then an extra £2k every 3 months when I get commission paid. DP is more tricky as he’s self employed but aiming for roughly £500 a month.

We’re going to get our agreement in principle as soon as DP’s tax return is submitted this week. Our only concern at the moment is the multipliers as DP has had a rough couple of years work wise due to covid so profit is down.

I’ve got a very strict budget (with a spreadsheet) for the next couple of months with literally every penny accounted for. We’re also trying to do as many no spend days as possible over the next few months. Weirdly it feels so much easier to save now that the end is in sight!

I can not wait to be where you are now . Some days it just feels impossible but it's good to hear a positive .

We've decided to try for a 5% deposit as lenders have started doing them again , if we get accepted we will have 2 years paying a higher interest rate before we can remortgage but feel like with the housing market as it is the quicker we act the better it'll be .