Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Silence101
    • By Silence101 3rd Aug 17, 4:27 PM
    • 240Posts
    • 388Thanks
    Silence101
    Half a house
    • #1
    • 3rd Aug 17, 4:27 PM
    Half a house 3rd Aug 17 at 4:27 PM
    So we're applying for a mortgage for a shared ownership. IF it goes ahead I want to try and overpay a little every month and save up for the deposit for the 2nd half.
    If it doesn't go ahead I want to save up more deposit. Either way I need to try and stay accountable!

    I was thinking of dividing our spare monthly cash in 4 (after bills and food etc)
    a) 1/4 to overpay mortgage
    b) 1/4 to save towards deposit
    c) 1/4 to save for emergency fund etc
    d) to spend

    If the mortgage doesn't work out I'll be putting a+b towards a deposit to improve our LTV rates.
    Is it a realistic division or would you add more categories, like home improvement?

    UPDATE (p8)
    We have got the keys! I'll update some more once we have all the paperwork sorted.
    Last edited by Silence101; 27-09-2017 at 7:24 PM. Reason: We've bought the house!
Page 10
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 7th Oct 17, 11:25 AM
    • 450 Posts
    • 1,735 Thanks
    wishingthemortgaheaway
    Oh my goodness. You are really on this op malarkey.
    Have you even paid your first
    Proper
    Mortgage payment yet?

    What a way to start. I wish I'd kept track of all the interest I'd saved, it would be something to make e smile when the going gets tough.
    The 100 payment countdown (each payment = £400)
    2017 July : £36,800 8/100 August: £36,411.85 8/100 September: £35,945.66 10/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • Silence101
    • By Silence101 7th Oct 17, 12:16 PM
    • 240 Posts
    • 388 Thanks
    Silence101
    Haha, not yet! It's due next week, then the next will be 2 weeks later. Hopefully after that it will all be settled! I thought I might as well, and I can check it worked once the Internet banking is set up.
    I think I will have to keep track of the interest saved, I couldn't believe it when it said we saved over 80% of the OP amount!

    We've been very lucky and have been able to do most of the house stuff without touching the ISA (apart from the amount earmarked for the solicitors) so our EF stands at a healthy (ish) £2K.
    I think we're going to try and send equals monthly amounts to our EF and our OPs. So I need to find £50 for our EF this month, but I'm waiting until we've actually moved in and said goodbye to this place.

    If we can borrow a van from work, we'll be saving another £150/200 from hire costs over a weekend.

    In other news, Mr S found a wardrobe on the side of the road, and he's happy with it (he used to make furniture so if he thinks it's ok I believe him). We still haven't found a bunk bed, but I keep looking regularly on all the second hand websites, so I'm sure something will come up in time.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £50
    • michelle09
    • By michelle09 7th Oct 17, 8:44 PM
    • 303 Posts
    • 948 Thanks
    michelle09
    It becomes so addictive, it's crazy. And as your SO you will probably been keen to start staircasing once you've made dents in the mortgage.

    But you've done so much already, well done on being so proactive and successful with your DIY.
    • Silence101
    • By Silence101 8th Oct 17, 12:03 AM
    • 240 Posts
    • 388 Thanks
    Silence101
    Thanks! Yes, there's definitely a sense of urgency because it's a SO. Mr S would be 70 when we finish the mortgage if we don't overpay, meaning we'd have no chance of getting another mortgage then for the 2nd half. At the moment we're also only dealing with his wages, so once youngest is at school, we should be able to afford a lot more (if I manage to find a job).
    Our mortgage is 2 year fixed, so we're only allowed to OP 10% a year, but it's unlikely we'll reach those amounts anyway, it is very much a little is better than nothing for the time being. Once we're properly settled I should have a better idea of how much we can OP on a regular basis, and we'll probably try some challenges ever so often to cut some bills, especially groceries.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £50
    • Silence101
    • By Silence101 8th Oct 17, 6:48 AM
    • 240 Posts
    • 388 Thanks
    Silence101
    Today is a "blitz the house" day. Old house. (Not fun anymore as it's not for our benefit, although it's never been fun to do the housework). There's a viewing tomorrow, and it's likely we won't be back as the girls are now at school near the new house, and we'll be waiting for our fridge and dishwasher delivery.
    I'm so excited about the dishwasher, I even bought some tablets yesterday so as soon as it's plumbed in I'll be using it all the time. I'm hoping our kitchen will look a lot cleaner a lot quicker thanks to it.
    We've tried to set up the kitchen so one side is all plates and pots and the other side is all food and cleaning stuff. Time will tell if it's working!

    The plan for today is a relaxing morning, I've told Mr S he can have a lie in. He needs a lot of sleep, and between work starting early and doing the floor until quite late he's completely exhausted. We might do one trip to the new house today, but we'll be mostly concentrating on getting the old house sorted, and packed some more.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £50
    • Silence101
    • By Silence101 8th Oct 17, 7:20 AM
    • 240 Posts
    • 388 Thanks
    Silence101
    I forgot to say I got a bit emotional yesterday. You'll never guess what triggered it. We were unpacking some of the kitchen stuff, and once I saw our utensils pot on the counter, it hit me that we actually are moving. It doesn't feel real most of the time, probably because of all the stress whether it was the right decision or not, but I'm sure once the furniture is there we'll have forgotten how new it all feels!
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £50
    • Silence101
    • By Silence101 8th Oct 17, 5:34 PM
    • 240 Posts
    • 388 Thanks
    Silence101
    House is somewhat presentable. We just seem to have more stuff than space, so it never looks as tidy as I'd hope, even after hours of tidying. In the new house we're going to keep things in boxes until we find a real place, and will have to get rid of anything that doesn't fit.
    The girls have so many clothes, whenever I think they can't possibly have more I come across another pile. We try to regularly purge them, but they just seem to multiply constantly.
    Mr S is putting the flooring down in the hallway, so that's the last of it, apart from sorting out some skirting boards/beading. And tomorrow is our first day up at the house (with no internet- what will I do?). I can't actually unpack much, as all the furniture is still at the old house, so it's going to be a frustrating week I think.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £50
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 8th Oct 17, 6:42 PM
    • 450 Posts
    • 1,735 Thanks
    wishingthemortgaheaway
    Has mr S carried you over the threshold yet?
    You've not officially moved in until he has (even though you've made an overpayment which may also count as officially moving in.

    Congratulations, virtual bottle of bubbly winging its way to you to celebrate

    Wish.
    The 100 payment countdown (each payment = £400)
    2017 July : £36,800 8/100 August: £36,411.85 8/100 September: £35,945.66 10/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • Silence101
    • By Silence101 8th Oct 17, 7:03 PM
    • 240 Posts
    • 388 Thanks
    Silence101
    Well, he tried I'm no longer the dainty 9 stone woman he met 10 years ago, so it wasn't a very dignified attempt but he tried.
    We celebrated our first cooked meal up there with some pink lemonade last night. We are waiting for the fridge before we can have proper bubbly (that'll be once we've moved the furniture, which isn't until next weekend).
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £50
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 8th Oct 17, 8:10 PM
    • 450 Posts
    • 1,735 Thanks
    wishingthemortgaheaway
    Trying is acceptable.
    And pink lemonade the perfect family toast to your new home all together.
    The 100 payment countdown (each payment = £400)
    2017 July : £36,800 8/100 August: £36,411.85 8/100 September: £35,945.66 10/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • Silence101
    • By Silence101 10th Oct 17, 6:45 AM
    • 240 Posts
    • 388 Thanks
    Silence101
    Fridge and dishwasher have been delivered. The hose of the DW is too short, so I need to buy a longer one today.
    Car is having its MOT today, we're dreading the cost if it goes pear shaped. Mr S had to take the bus really early this morning, and we need to take the bus up the school later. As I have to pay for a day's worth of trips, I'm planning on going back to the old house while eldest is at school. We've manage to get a lot of empty boxes, so I'm hoping to pack the rest of the house in the next few days.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £50
    • Silence101
    • By Silence101 10th Oct 17, 5:45 PM
    • 240 Posts
    • 388 Thanks
    Silence101
    MOT passed, so happy we didn't have to pay for anything more than the test.
    Expensive week for food, as we're still between two houses, and the girls are getting quite unsettled, so we've been eating out quite a bit. I can't wait until we finally live in the new house and get back into a routine. It's been a long month really.
    Mr S is sorting out the dishwasher. The instructions are really awful, I think they should get a crash course with Ikea, to learn how to do them properly!
    I still need to pack some more this evening, I think we'll take the toys up tomorrow, so the girls can play in the evenings after school. Because we have all 4 of us in the car we can't actually move too many boxes at once, so we started with the kitchen stuff, as we could put it away.
    I'm counting down the days until this weekend, where we'll finally do the real move.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £50
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 10th Oct 17, 6:38 PM
    • 450 Posts
    • 1,735 Thanks
    wishingthemortgaheaway
    You will get there Silence.
    How are the girls getting on at the new school?
    The 100 payment countdown (each payment = £400)
    2017 July : £36,800 8/100 August: £36,411.85 8/100 September: £35,945.66 10/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • Silence101
    • By Silence101 10th Oct 17, 7:15 PM
    • 240 Posts
    • 388 Thanks
    Silence101
    Thanks!
    Youngest really enjoyed her first morning at nursery, and wanted to go back today (we're only doing one morning a week as I'm not working). Eldest seems to be ok after a wobbly start yesterday. I'm sure by the end of half term she'll be right at home. Luckily she's never really been the shy type.
    Still haven't packed as youngest hasn't gone to bed yet, and she gets into everything.
    I've booked the oven cleaning for next week. We won't be using it after this weekend, and we have to hand the keys back next Thursday, so this should be perfect timing.
    The plan is to completely empty the house by Sunday (hopefully doing most of it Saturday afternoon.) Depending on the time we finish packing the van I will start cleaning the rooms upstairs. If we can it would be good to have most of the house clean by the end of the weekend, but I'll have Tuesday and Wednesday to do more. I tried to take most of the weeds out of the garden, but I might put some weed killer on the last day.
    Next Thursday we have the official check out with the estate agents. We're half prepared for deposit issues, so I've mentally decided to think we're not getting it back, but if we do it'll be a good bonus, to go towards our savings/OPs, although Mr S has spotted an expensive sofa he likes so maybe we will be spending it sooner than I planned!
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £50
    • Silence101
    • By Silence101 11th Oct 17, 11:23 AM
    • 240 Posts
    • 388 Thanks
    Silence101
    We've had to cancel our internet for the next 2 weeks! I've been experimenting with the hotspot function on my phone, but gets expensive as I have no data allowance. Mr S does, so we might try it on his phone in the evenings.
    Went food shopping, it's a good 30 minute walk to the closest supermarket. I'm not sure how we'll arrange the food shop once we've moved, maybe we'll start using the online shopping more regularly.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £50
    • Silence101
    • By Silence101 14th Oct 17, 5:46 PM
    • 240 Posts
    • 388 Thanks
    Silence101
    We've done most of the move today, but we haven't started unpacking. We just have so much stuff! We desperately need to get rid of a lot of stuff, so we've created a "to skip" area. Mr S will make a trip there next week. So tired, so I'm going to sleep well tonight.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £50
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 14th Oct 17, 5:59 PM
    • 450 Posts
    • 1,735 Thanks
    wishingthemortgaheaway
    You'll get there with the unpacking, essentials first and chill with the rest.
    The 100 payment countdown (each payment = £400)
    2017 July : £36,800 8/100 August: £36,411.85 8/100 September: £35,945.66 10/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • Silence101
    • By Silence101 14th Oct 17, 6:35 PM
    • 240 Posts
    • 388 Thanks
    Silence101
    Thanks! We'll start tomorrow!
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £50
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,283Posts Today

9,135Users online

Martin's Twitter