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  • FIRST POST
    • Silence101
    • By Silence101 3rd Aug 17, 4:27 PM
    • 294Posts
    • 445Thanks
    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 4
    • Silence101
    • By Silence101 22nd Aug 17, 8:20 AM
    • 294 Posts
    • 445 Thanks
    Silence101
    Exciting times. I actually enjoy the process of de cluttering as it feels very cathartic! Also fully with you on the spreadsheet, but a word of warning...spreadsheet fiddling becomes very addictive!! Mine is permanently open on my work work laptop and my chromebook at home!
    Originally posted by shangaijimmy
    I'm forever looking at different scenarios on the online calculators, even though we can't do anything about yet
    The mortgage is for 35 years, and we're hoping to bring it down to 15 (10 is my optimistic goal) so we're still young enough to get a mortgage for the second half.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £312.22/£100
    • Silence101
    • By Silence101 22nd Aug 17, 11:52 PM
    • 294 Posts
    • 445 Thanks
    Silence101
    Argh, found out today that the solicitors haven't started the searches yet, as they were waiting for us to confirm the go ahead. Telepathically obviously since they never contacted us to ask for said confirmation. We (stupidly it seems) assumed that us paying for the search fees last week was a pretty good confirmation. So we've wasted a whole week on this so far. Really not happy, as they would have gone through most of the searches by now if they had started last week. I was going to wait 10 days (as that's the council deadline for their searches) before contacting them, and I'm so glad I got too impatient and emailed them today. So we will email them again soon to see how far they've got with the process.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £312.22/£100
    • shangaijimmy
    • By shangaijimmy 23rd Aug 17, 7:07 AM
    • 2,232 Posts
    • 10,268 Thanks
    shangaijimmy
    Solicitors and house purchases cause more agro than anything else. Another poorly regulated industry in my opinion.
    MFW: Turning June 2036 into March 2023... 32//120 Payments Challenge, Diary Reduction £34,271.00
    Aug 2009: £163,051 // Current: £101,729.00 // Avg Daily Interest £4.57
    MFiT-T4 #8 - 56.74% of £41,000
    • Silence101
    • By Silence101 23rd Aug 17, 8:07 AM
    • 294 Posts
    • 445 Thanks
    Silence101
    Yes, I heard that we needed to keep contacting them, but I didn't realise that they weren't going to even start! I've reminded them of the deadline from the HA, and will keep on reminding them. Hopefully it's just a blip and not a sign of things to come...
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £312.22/£100
    • Jessy103
    • By Jessy103 23rd Aug 17, 9:49 AM
    • 467 Posts
    • 1,973 Thanks
    Jessy103
    What a lack of common sense from the solicitors!! I agree, keep on at them because then they'll get sick of you and put yours as a priority so they can get shut of you! Lol!
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount Oct 2017 - £61,990.00
    Overpayment Target for 2017 - £5,000 /£4,060.70
    Jan - £873.26 Feb - £185.38 March - £269.07 April - £193.66 May - £467.64 June - £407.79 July - £849.96 August - £255.11 September - £177.22 October - £381.61
    • Silence101
    • By Silence101 23rd Aug 17, 11:18 AM
    • 294 Posts
    • 445 Thanks
    Silence101
    Oh, I had an email from them without having to chase them! Searches have been initiated!
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £312.22/£100
    • Silence101
    • By Silence101 23rd Aug 17, 1:12 PM
    • 294 Posts
    • 445 Thanks
    Silence101
    I've just rediscovered the joys of Pinterest... we're trying to find ways to add storage space, and as we'll finally be able to use vertical space ideas, I'm making a mental list of all the ideas we could use! The main issue is that we have a lot of antique furniture that we will need to build around, but I've already seen some great ideas that should work . And we might have to sacrifice our ikea furniture for floor to ceiling storage solutions. The antique furniture is beautiful but not the best space saving designs so we need to work around that.

    Next door to our current home have replaced their doors with sliding doors, meaning they can fit furniture in places that would get in the way of a traditional door, giving them quite a lot more options on room layout, which we might be able to copy in the new house.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £312.22/£100
    • Silence101
    • By Silence101 24th Aug 17, 9:21 AM
    • 294 Posts
    • 445 Thanks
    Silence101
    Sent off some more forms to the solicitors.
    Decluttered one drawer yesterday. I'm going on the same principles as overpayments, every little bit helps....
    I need to do more today. We're not packing yet, but it would help to get things under control here. DD1 is back at school soon, so we need to check we have everything she needs, and more importantly know where it all is!
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £312.22/£100
    • Silence101
    • By Silence101 25th Aug 17, 6:20 AM
    • 294 Posts
    • 445 Thanks
    Silence101
    DH is back later after a week away for work. I need to get the house tidied. I think we're going to have to buy bunk beds for the kids to give them more space to play in their room, as they keep bringing all their toys downstairs. But again this is a "to do later" plan. We're slowly writing a list of things we want/need and trying to decide on the priority, as we only have very limited funds especially if we're planning on starting to overpay from the beginning.
    We'll probably have to make do with what we have furniture wise for quite a while, as rebuilding our emergency fund will be the highest priority.
    I'm still going back to the idea of vinyl flooring everywhere, as it really looks like it's the cheapest option, but might have to be replaced in the next 3/5 years. We both seem undecisive about the budget we're willing to use on the floor, which makes it hard to choose which one to go for.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £312.22/£100
    • Silence101
    • By Silence101 25th Aug 17, 1:12 PM
    • 294 Posts
    • 445 Thanks
    Silence101
    Tt a couple of £s to round up our rent account. DH should have his pay today so we can take stock of how much money we have all together. Depending on dates we might have another payday between now and completion, but the original plan is that everything is happening between now and the next payday. Obviously, it could be wishful thinking re dates, but it gives us a ballpark figure to work towards.
    The rental agreement for this place runs out in October, so the sooner we get the keys for the house, the easiest the move could be (taking a car full up every day, meaning we'd only have to hire a van for the big furniture. But if time runs out, the whole move will get more expensive.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £312.22/£100
    • MichaelDH
    • By MichaelDH 25th Aug 17, 1:33 PM
    • 100 Posts
    • 470 Thanks
    MichaelDH
    Solicitors can be a complete nightmare to deal with. When we bought our house the solicitors we used were excellent, and came very highly recommended, but our vendors solicitor and estate agent were awful and needed to be chased constantly, to the point that we actually told the estate agent that we were pulling out unless they pulled their socks up. Fingers crossed the searches don't take too long and all comes back ok.
    • Silence101
    • By Silence101 25th Aug 17, 2:59 PM
    • 294 Posts
    • 445 Thanks
    Silence101
    Solicitors can be a complete nightmare to deal with. When we bought our house the solicitors we used were excellent, and came very highly recommended, but our vendors solicitor and estate agent were awful and needed to be chased constantly, to the point that we actually told the estate agent that we were pulling out unless they pulled their socks up. Fingers crossed the searches don't take too long and all comes back ok.
    Originally posted by MichaelDH
    Thanks! I'm assuming that as it's a new build, there can't be much wrong about the searches, but you never know!
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £312.22/£100
    • Silence101
    • By Silence101 25th Aug 17, 7:22 PM
    • 294 Posts
    • 445 Thanks
    Silence101
    I was just planning on calling the solicitors on Monday, completely forgetting it's a bank holiday! We hopefully won't have to spend much, apart from food. And might have time to sort out some more drawers and bookshelves.
    So this is to wish you all a very MSE bank holiday!
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £312.22/£100
    • Poorlittletightgirl
    • By Poorlittletightgirl 25th Aug 17, 9:28 PM
    • 29 Posts
    • 87 Thanks
    Poorlittletightgirl
    Can you have a look on local FB selling sites/gumtr3e for bunk beds? I just bought an almost new Ike@ toddler bed for £10. Some great deals out there.
    • Silence101
    • By Silence101 25th Aug 17, 10:50 PM
    • 294 Posts
    • 445 Thanks
    Silence101
    Can you have a look on local FB selling sites/gumtr3e for bunk beds? I just bought an almost new Ike@ toddler bed for £10. Some great deals out there.
    Originally posted by Poorlittletightgirl
    That's a good idea thanks! We also need a fridge, so I might as well have a look for that too! At the moment, it still doesn't feel real, so I'm finding it hard to put any plans into action, but it's a good idea to know where I should look once we have exchanged!
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £312.22/£100
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 26th Aug 17, 4:09 AM
    • 585 Posts
    • 2,232 Thanks
    wishingthemortgaheaway
    Morning (up with a non sleeping toddler, so reading and subscribing to diaries to pass the time while he lays eyes open, but calm in my arms)

    A few pages back you said something about costs when you move in that you hoped wouldn't be there as it's a new build - I think.
    If there are any snags with the house, get onto the builders and nag them to get it sorted. Try and get someone (from the builders) to go round with you before you move in and check the house, making a list of things you aren't happy with. Things like bits not being finished off neatly. Then, once you moved in and started noticing things, get them back.
    You are paying a lot of money for this, they have to get it right.

    You sound like you are doing really well, I hope you get things sorted quickly. As well as fb groups, download Shpock! For 2nd hand things. Dead easy to use and you can search by location so you may find the things you need near your new house as well as the old. Also, bigger items, like bunk beds try and arrange collection on the day you have the van to move, bit of a pain as you'll be busy, but easier than trying to fit a bed in the car.

    Finally, if you buy any second hand electrical items, try and get them pat tested for electrical safety. You may know someone who can do it, but if
    You don't, it's worth ringing round bigger electrician companies and finding out if you can take things to them for pat testing (should be about £1 an item) my hubby works I. The entertainment industry so we just ask one of the theatre sparks to check our stuff, usually in return for beer.

    Have a great Day, I'm subscribing.
    Wish.
    The 100 payment countdown (each payment = £400)
    2017 July : £36,800 8/100 Aug: £36,411.85 8/100 Sep: £35,945.66 10/100 Oct: £35,500 11/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • Silence101
    • By Silence101 26th Aug 17, 7:14 AM
    • 294 Posts
    • 445 Thanks
    Silence101
    Morning (up with a non sleeping toddler, so reading and subscribing to diaries to pass the time while he lays eyes open, but calm in my arms)

    A few pages back you said something about costs when you move in that you hoped wouldn't be there as it's a new build - I think.
    If there are any snags with the house, get onto the builders and nag them to get it sorted. Try and get someone (from the builders) to go round with you before you move in and check the house, making a list of things you aren't happy with. Things like bits not being finished off neatly. Then, once you moved in and started noticing things, get them back.
    You are paying a lot of money for this, they have to get it right.

    You sound like you are doing really well, I hope you get things sorted quickly. As well as fb groups, download Shpock! For 2nd hand things. Dead easy to use and you can search by location so you may find the things you need near your new house as well as the old. Also, bigger items, like bunk beds try and arrange collection on the day you have the van to move, bit of a pain as you'll be busy, but easier than trying to fit a bed in the car.

    Finally, if you buy any second hand electrical items, try and get them pat tested for electrical safety. You may know someone who can do it, but if
    You don't, it's worth ringing round bigger electrician companies and finding out if you can take things to them for pat testing (should be about £1 an item) my hubby works I. The entertainment industry so we just ask one of the theatre sparks to check our stuff, usually in return for beer.

    Have a great Day, I'm subscribing.
    Wish.
    Originally posted by wishingthemortgaheaway
    Ooh, that's an early wake up for such a little person! My eldest usually tries to wake us up at 6, and we find that early!

    Thank you so much for all the tips! We wouldn't have thought about the van idea for the bunk beds or the pat testing. Our next door neighbour is an electrician so I'll ask him if we end up finding a second hand fridge, and dishwasher.

    We're now at a standstill due to the bank holiday, paperwork wise. As DH is back from a week away, I'm hoping we can try and find boxes to start packing the seldom used stuff (and then get rid of the full boxes as we obviously don't need them )
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £312.22/£100
    • Silence101
    • By Silence101 27th Aug 17, 1:20 PM
    • 294 Posts
    • 445 Thanks
    Silence101
    DH has gone to look for boxes. We've been playing with bits of paper showing our furniture to scale with the new room layout, and it's pretty obvious we won't be able to fit all the furniture. We're going from separate dining and sitting rooms to one room that needs to fit everything. I think we're losing about 40/45% of the space we have currently downstairs. I think we will also lose a bit of space upstairs as they've added a bathroom there.
    I think we basically need to get rid of a 1/3 of our stuff, which seems like a crazy amount!
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £312.22/£100
    • Silence101
    • By Silence101 27th Aug 17, 7:01 PM
    • 294 Posts
    • 445 Thanks
    Silence101
    No boxes found, but we're starting to think about where we could put floating shelves. Our initial budget is going on flooring, so these might be projects to do at a later date.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £312.22/£100
    • Silence101
    • By Silence101 28th Aug 17, 4:34 PM
    • 294 Posts
    • 445 Thanks
    Silence101
    I've thought of a million and one things that we need to check with the solicitors. I was going to phone them today, forgetting it was a bank holiday!
    Sorted through a few more bits today, so we are creating a bit of space. The storage cupboards are getting slightly emptier. I can't see us becoming minimalists yet, but it would be great to take steps in that direction.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £312.22/£100
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