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  • FIRST POST
    • Silence101
    • By Silence101 3rd Aug 17, 4:27 PM
    • 98Posts
    • 188Thanks
    Silence101
    Saving for a deposit/paying down the mortgage
    • #1
    • 3rd Aug 17, 4:27 PM
    Saving for a deposit/paying down the mortgage 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?
Page 4
    • Silence101
    • By Silence101 22nd Aug 17, 8:20 AM
    • 98 Posts
    • 188 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.
    08/2017 £129.78 sent to savings
    3 NSDs
    • Silence101
    • By Silence101 22nd Aug 17, 11:52 PM
    • 98 Posts
    • 188 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.
    08/2017 £129.78 sent to savings
    3 NSDs
    • shangaijimmy
    • By shangaijimmy 23rd Aug 17, 7:07 AM
    • 2,172 Posts
    • 9,787 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... 29//120 Payments Challenge, Diary Reduction £30,703.25
    Aug 2009: £163,051 // Current: £105,296.75 // Avg Daily Interest £4.73
    MFiT-T4 #8 - 47.86% of £41,000
    • Silence101
    • By Silence101 23rd Aug 17, 8:07 AM
    • 98 Posts
    • 188 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...
    08/2017 £129.78 sent to savings
    3 NSDs
    • Jessy103
    • By Jessy103 23rd Aug 17, 9:49 AM
    • 418 Posts
    • 1,770 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 July 2017 - £62,900.00
    Overpayment Target for 2017 - £5,000 /£3,501.87
    Jan - £873.26 Feb - £185.38 March - £269.07 April - £193.66 May - £467.64 June - £407.79 July - £849.96 August - £255.11
    • Silence101
    • By Silence101 23rd Aug 17, 11:18 AM
    • 98 Posts
    • 188 Thanks
    Silence101
    Oh, I had an email from them without having to chase them! Searches have been initiated!
    08/2017 £129.78 sent to savings
    3 NSDs
    • Silence101
    • By Silence101 23rd Aug 17, 1:12 PM
    • 98 Posts
    • 188 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.
    08/2017 £129.78 sent to savings
    3 NSDs
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