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Anyone saving for a house deposit?

4 replies

Nonverbalmum · 07/04/2023 08:28

Apologies if it’s not the right or best place to post this and of there’s already a similar thread somewhere I have missed.

I was wondering if anyone else saving for a deposit fancied a bit of a support thread 😊? Feeling a bit demotivated at the moment.

We were about to apply for an AIP for a home where we currently live, have rented for years as DH moves often due to work, however have visited our parents this week and agreed we really do need to consider moving back home within the next 18 months at most. They’re in increasingly poor health, missing the grandchildren, and we can see are going to start needing more practical support in the next few years. Unfortunately for a fairly basic family home we’ll need around £10k more added onto our deposit so feeling a bit so near yet so far!

We’ve been saving £1000 a month, but when I’m due back at work come September this will reduce to around £600 due to childcare costs when I go back part time, so sense we may need to get creative increasing our income for this to become possible.

Just wondering if anyone else is saving and in the same boat. We’re currently at 12.5k/23k so a long way to go.

OP posts:
Nonverbalmum · 07/04/2023 08:30

I should have added that I’m sorry if this comes across as insensitive - I realise we’re incredibly fortune to finally be in the position to save anything at all.

OP posts:
Workerbeep · 07/04/2023 09:40

have you thought about a lifetime ISA. I acknowledge that there are conditions: only available for 18-40year olds, must be for first time buying, etc. but the government will add 25% of your annual deposit every financial year. So if you put in the maximum £4000 they will add £1000. Martin Lewis has good info on this.

Nonverbalmum · 07/04/2023 10:04

Hi @Workerbeep - we both already have lifetime ISA’s 😊 to be honest I had completely forgotten about thev25% on top which will make a fair bit of difference!

OP posts:
ThankmelaterOkay · 09/04/2023 14:22

Nonverbalmum · 07/04/2023 10:04

Hi @Workerbeep - we both already have lifetime ISA’s 😊 to be honest I had completely forgotten about thev25% on top which will make a fair bit of difference!

You’ve literally just missed the tax year end!

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