Saving for the Mortgage

A question about : Saving for the Mortgage

I'm in a very sweet position.

Friends have bought a house for me using a revolving credit account and have given me the option of buying it off them at the same price that they purchased it at by January 2016.
I've been making monthly payments into the credit account and whatever I pay into the account will be used as a deposit towards a mortgage.
Currently it is being rented out and the rent is being used to cover all expenses related to the property and also the interest on the loan.

The house is in New Zealand and so all my monthly payments are at the whim of currency fluctuation's. So sometimes good and sometimes not so good.

The house was purchased for $96,000 and I have been paying Ј750 a month since February - total of Ј8,250. Also I paid in a deposit of $20,000 when the purchase was made back in February.
The New Zealand dollar is quite a steady currency and is worth about half of a pound. So I've found it easier to just halve or double to get the correct amount.
So $96,000 becomes Ј48,000 and Ј750 becomes $1,500.

My plan is to increase my deposits to Ј1000 a month from about April/May. And then start applying for a mortgage from about October.

By then I will hopefully be putting down a 50%+ deposit but lots can happen between now and then.

AAaaaaaaaaaaaahhhh I am getting me a 'little slice of heaven!

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Best answers:

• Goal for 2015 is to pay in Ј10k towards the mortgage.
  Lots of stuff can hamper this but I am going to be counting every penny this year.
  I am self employed and my current job is very up in the air at the moment. I don't know for how much longer it is going to last but I will carry on as if all is well. Moving on to a new job isn't something I relish.
  My next mortgage deposit payment is planned for the second week of the January. I get paid weekly but will not have the full amount to cover the payment so usually borrow from my Emergency Fund to tide me over till the next pay day and pay it back.
  Looming on the horizon are some major maintenance costs, starting with an exterior painting. It really badly needs a paint job.
  Yeeppieee I get to choose the colour but I also get to foot the bill.
• Sent off my first deposit payment for the year today but had to increase the amount by Ј20 to cover the difference in currencies. The pound is weak at present which is not good news when buying currencies.
  Work front is still a worry but I would be happy to just get through the month. At least I will have paid my self assessed tax bill that is due in January.
  So my goal is to pay Ј10k - only Ј9,250 to go!
• My monthly payment has been sent off today to cover my February deposit towards my mortgage savings.
  The big worry I have had, has been my employment. Being self employed has lots of down sides as well as up and I have been very fortunate in my last few jobs as they were long term. My current job is going well - well I hope so. It's a new experience for me which is good.
  Anyway - got a job, so got an income, so can pay my bills and my saving. And it's a good thing too as the paint job has been completed and the total bill has come to Ј2,603.10. This brings my total saving balance down to Ј17,146.90 (this includes my February deposit).
  My plan to get a mortgage later this year (around October) may now not be my only choice. The interest on personal loans are at an all time low and I am wondering if it would be cheaper to apply for an unsecured loan and then pay the rest off with my usual monthly payments (around Ј6,500). This will not be a stretch on my finances as I will have paid off my last loan and will be debt free by March and my monthly out going is very low. Less than a weeks pay in fact.
  What to do???
  I can apply for the loan and they can only say "No".
  Should I???????????????????????????