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
    • Katzen
    • By Katzen 24th Jun 13, 9:32 PM
    • 502Posts
    • 1,611Thanks
    Katzen
    My first home &I want to OWN it!
    • #1
    • 24th Jun 13, 9:32 PM
    My first home &I want to OWN it! 24th Jun 13 at 9:32 PM
    Evening all!
    I've been lurking around MSE for a very long time but I finally have an excuse for my own thread as we have bought our first (together) house and now I'm planning how I can rid myself of this debt ASAP!

    Here's the headline figures:
    £153,995 mortgage on new house
    £30,000 bank of Mum &Dad loan to extend &refurb new house (pending)
    £107,000 owed on DH's house, that we will rent out when we move.

    Considering my only debt before this house was my student loan, this has caused many a sleepless night but I've done my maths and I'm sure we can make it- with a little help from

    Now, I know you would all like a little background. I am 29 and married my delightful (mostly) DH last August after 5 years together. The house we currently live in belongs to him and is on a mortgage deal that was astronomical before the crash but has dropped with interest rates to a point where we've been able to save for another deposit. DH is very keen to keep it as an investment. I can see the benefit but will be pushing to sell if rates change and life gets tough.

    Our new house was almost not bought as we were meant to be saving for another year. We had just started to skim through the property paper to get an idea of prices in the area when we came across this rather shabby looking little ex-council house a couple of miles up the road. A bit of research, a few visits and a chat to builder mates took a week and we put in an offer . It is just what we were looking for and we had the money for a deposit so we went for it and won. To put this into perspective- no house on this street has sold for over 10 years according to Zoopla so we had to move fast and the average property price for the postcode is well over £100,000 more than ours is worth (talk about buying the cheapest house in the most expensive area!) It's solid, well located and has loads of potential, if we can afford to unleash it.

    Which leaves us with the plan... We are currently applying for permission to extend to the back and also two bedrooms over the garage. It will be beautiful if we manage it and the perfect place to bring up little Katz. Unfortunately, we know we won't do all the work on the money my parents can lend us so it will be a work in progress for a long time. This diary is going to help me stay on our MSE track in order to get it done sooner rather than later. So far we have done the following:

    MSE achievement #1- invite DH's friend who owns some big power tools round to dismantle some pretty dodgy fake brick fire surrounds and built in wardrobes. The boys had a great day yesterday

    MSE achievement #2- avoid the cost of a skip for rubbish created by donating broken bricks to a friend who wants free hardcore to put under the new drive he's building.

    That's all for now. I shall update my signature and then save some electricity by going to bed!
    Mortgage Outstanding Nov '16 £142,772.75

    Mortgage Additional OPs 2017 Target £4522.80/ Actual £65.00
    GC Dec £174.99/250
Page 4
    • Katzen
    • By Katzen 14th Aug 13, 10:00 AM
    • 502 Posts
    • 1,611 Thanks
    Katzen
    Yesterday we bought our 1st new house furniture, a sideboard and a sink. Both second hand and both beautiful and exactly what we were looking for. I am especially excited about my kitchen sink, its a double bowl, double drainer and only cost £36 plus a bit in petrol to collect. A quick look online suggests that brand new we would be looking at over £200 so I'm very pleased with myself. Raided the charity shop for the sideboard too and have lots of bits on my watch list on eBay. Might need a little word with myself though as I probably shouldn't be filling an unfinished house with furniture!
    Mortgage Outstanding Nov '16 £142,772.75

    Mortgage Additional OPs 2017 Target £4522.80/ Actual £65.00
    GC Dec £174.99/250
    • FloppyDisk
    • By FloppyDisk 14th Aug 13, 10:07 AM
    • 357 Posts
    • 3,022 Thanks
    FloppyDisk
    That's a great price Katzen, I can see your mortgage is going to vanish with finds like that. I was rushed by a kitchen fitter to pick a sink and ended up with a huge one in my tiny kitchen and it annoys me every time I see it (good excuse to let Mr F do the washing up!)
    • Katzen
    • By Katzen 14th Aug 13, 10:43 PM
    • 502 Posts
    • 1,611 Thanks
    Katzen
    Yeah, my mum has a kitchen she hates because the designer talked her in to it. I'm hoping that we can use our extra time wisely and not end up in the same situation, although if I keep buying all the bargains I see we will end up looking like a junk shop!
    Mortgage Outstanding Nov '16 £142,772.75

    Mortgage Additional OPs 2017 Target £4522.80/ Actual £65.00
    GC Dec £174.99/250
    • Katzen
    • By Katzen 17th Aug 13, 7:44 AM
    • 502 Posts
    • 1,611 Thanks
    Katzen
    Just got a cheque in the post for £40 from car insurance. Turns out the bonus incentive extra 6yrs no claims I had with my previous insurer is transferable and new insurer have agreed to honour it so that's 9yrs instead if 3!
    Mortgage Outstanding Nov '16 £142,772.75

    Mortgage Additional OPs 2017 Target £4522.80/ Actual £65.00
    GC Dec £174.99/250
    • Katzen
    • By Katzen 1st Sep 13, 8:53 PM
    • 502 Posts
    • 1,611 Thanks
    Katzen
    Right then- back off holiday and back to work tomorrow. Hols were wonderful but SO expensive, not quite sure where that is going to leave me for the rest of the month but nothing to be done about it now! Planning permission was officially granted last week : so work will be starting properly in a couple of weeks when the builder gets back off his hols- this is where the money stuff gets really interesting...
    Mortgage Outstanding Nov '16 £142,772.75

    Mortgage Additional OPs 2017 Target £4522.80/ Actual £65.00
    GC Dec £174.99/250
    • Katzen
    • By Katzen 16th Sep 13, 7:41 PM
    • 502 Posts
    • 1,611 Thanks
    Katzen
    Been a couple of weeks since the last post and things have moved on- although not really in the right direction. We've had the quote off the builder and the bottom line is that we can't afford to do what we wanted to do We are now faced with two options, either cut back on plans or do what we can then do the rest piece by piece.
    I think DH is more interested in the latter option, I'm still weighing it all up, but it looks likely that we will be living off beans on toast long before we start to tackle this mortgage in any meaningful way.
    Mortgage Outstanding Nov '16 £142,772.75

    Mortgage Additional OPs 2017 Target £4522.80/ Actual £65.00
    GC Dec £174.99/250
    • Katzen
    • By Katzen 14th Oct 13, 4:56 PM
    • 502 Posts
    • 1,611 Thanks
    Katzen
    Building work has officially started and we are going to be able to get it watertight (fingers crossed) within budget but not much else. Had a few set backs with having to pay through the nose for slight alteration to planning permission (due to the architect's mistake) and for application to build over a sewer (which water company apparently didn't know existed until we contacted them). DH has done some ebaying and we've sold the old heating system to the scrap yard which just about makes up for those issues. Plan at the moment (she says, ignoring the rain) is to be in by the end of November so we can get some rental income. Fingers tightly crossed please!
    Mortgage Outstanding Nov '16 £142,772.75

    Mortgage Additional OPs 2017 Target £4522.80/ Actual £65.00
    GC Dec £174.99/250
    • Katzen
    • By Katzen 26th Oct 13, 7:52 AM
    • 502 Posts
    • 1,611 Thanks
    Katzen
    Building work has well and truly started and we are now up to the damp proof course on the extension. Some major stress caused by the sewers situation but thats all sorted now so that we can crack on with building. The money is still very tight and all a bit in the air really. Heating and windows will need to be credit carded I think, but not sure we can do that as tradesmen don't tend to have card machines! Have let frugal ways slip rather a lot lately, need to get back to it.
    Mortgage Outstanding Nov '16 £142,772.75

    Mortgage Additional OPs 2017 Target £4522.80/ Actual £65.00
    GC Dec £174.99/250
    • Katzen
    • By Katzen 16th Oct 16, 5:37 PM
    • 502 Posts
    • 1,611 Thanks
    Katzen
    3years almost to the day since I last posted and definitely no nearer to paying off the mortgage for a number of reasons.
    1) renovating a house is way more expensive than I anticipated. We moved in just over two years ago and major work is all done but there are a million little jobs which all seem to require at least £100 so we are working through that slowly.
    2) we now have a toddler so I've gone back to work part time and he is not exactly free to run.
    3) we have the next bundle on the way and I'm seriously considering giving up work, it's just not worth the stress and hours for the small amount I'd have left after childcare for two.
    All that said though, we should be doing better than we are, even if it's just at getting through the list of little jobs. With that in mind I find myself back on here trying to squeeze pennies where I can. More on that later
    • Katzen
    • By Katzen 17th Oct 16, 8:22 PM
    • 502 Posts
    • 1,611 Thanks
    Katzen
    Current penny squeezing plan:
    -opened an easy saver to sit alongside joint account so that any little left over each month or windfalls can be squirrelled rather than squandered
    -switched my personal savings into an easy access ISA. interest is minimal but better than previous easy saver
    -stopping buying stuff unless I have the actual money, so no cc juggling from one month to the next
    -Tilly tidies etc into savings
    -keeping on top of online banking so I know exactly how much we have at any point
    -cancel cleaning service and divert funds to round up mortgage to nearest £100
    - shop around and switch providers for utilities. Have already cut down internet, renewed RAC for cheaper and switched energy tariff

    Next job is to get on top of the mortgage and to get some of our clutter sold, probably a boot sale job but I've never done one so I'm a bit scared!
    • kirtsypoos
    • By kirtsypoos 18th Oct 16, 9:53 AM
    • 1,782 Posts
    • 6,718 Thanks
    kirtsypoos
    Congrats on the toddler and one on the way!

    Good luck with your to do list, you'll be back to checking in on here before you know it
    £2025/3000 OH BC(32.50% PAID) £1600/3851 B/C (58.45% PAID)
    £530/1000 Tesco (47% PAID) MBNA £3400/3795.64 (10.42% PAID)
    PAID VERY, Barclaycard, Vanquis, Natwest, O/D & MBNA PAID
    LBM 24/07/15 - Debt: £7555/31010.23 (75.63% paid)
    Mortgage - £85,000.00 (O/P £666.48 so far) PAYDBX 16 #006 - £14962.15/£10000
    • try harder
    • By try harder 18th Oct 16, 10:08 AM
    • 180 Posts
    • 460 Thanks
    try harder
    Welcome back and good luck on your journey.
    • Katzen
    • By Katzen 18th Oct 16, 6:28 PM
    • 502 Posts
    • 1,611 Thanks
    Katzen
    Hello Kirstypoos and try harder, thank you for the support.

    Targets for the moment:
    1. Emergency fund to £5000
    2. Order topsoil so I can plant fruit trees already on order £150
    3. Save for new windows in both houses

    I need to find out from DH where his savings currently stand so I know how far off we are with the emergency fund. Now I've started writing things down I can see that we need to prioritise these little jobs so that we do them in the most efficient order.
    • Katzen
    • By Katzen 18th Oct 16, 7:28 PM
    • 502 Posts
    • 1,611 Thanks
    Katzen
    Switched my broadband provider from sky to EE last week but just seen the plus net deal on here. Would save me ~£35 over the year and then there's the £80 cash back. As I'm still within the cooling off period for EE I might see if I can cancel the switch and then open plus net.
    Also, looking at switching my current account to get the bonus. Thinking if I switch to m&s I can have their £100 and then I think I could get away with transferring £1000 in and then back out each month to get the extra £10/month. Need to think on that one as I'm currently with FD and they are great!
    • Katzen
    • By Katzen 18th Oct 16, 7:43 PM
    • 502 Posts
    • 1,611 Thanks
    Katzen
    Just read the m&s bank thread. Thinking maybe life is too short for a that...
    • Katzen
    • By Katzen 20th Oct 16, 3:43 PM
    • 502 Posts
    • 1,611 Thanks
    Katzen
    Aaargh, wrote a list post this morning but now it's gone. Think it said...
    1. Book free brake check
    2. Cancel cleaner
    3. Cancel EE broadband order
    4. Open plusnet broadband order
    5. Apply for m&s bank
    6. Online shopping order at Morrisons via quidco and with Halifax cash back
    • Katzen
    • By Katzen 21st Oct 16, 8:01 AM
    • 502 Posts
    • 1,611 Thanks
    Katzen
    Brake check has been booked.
    I've emailed the cleaning service to cancel but no reply yet, funny how they reply in minutes when it's a new business enquiry!
    Ordered my Morrisons shop. Quidco offer had changed from 6% back to £3. Was initially gutted but then found they had a voucher code available for £12 off £60 so actually much better off. That plus 7% from Halifax and I'm £7.20ish in cashback plus the £12 saved. Happy with that.

    Will do the broadband today
    Call carboot man to book a stall
    • Katzen
    • By Katzen 21st Oct 16, 4:17 PM
    • 502 Posts
    • 1,611 Thanks
    Katzen
    I've sorted my broadband, managed to get the plusnet deal but with that being paid upfront I need to make sure the £30 I was paying to Sky gets transferred to the savings pot and not eaten up each month.

    Finally got hold of the cleaning service and have to pay a month's notice but that will be £80 a month saved. Current mortgage payment is £814.20 so I might put the cleaning money straight to a monthly OP to make a nice round £900. The calculator says it would take 2yr2mth off our term if we did that!!

    Called the car boot man, he doesn't book more than one month in advance so I've put a note in the diary to go and pop over on the next sale day so I can book then. Now need to find some boxes and get collecting 'junk' we can sell
    • hugglemonster
    • By hugglemonster 22nd Oct 16, 6:55 PM
    • 105 Posts
    • 420 Thanks
    hugglemonster
    HI, congratulations on the sprogg and the impending sprogg hope they bring you lots of love, fun and mischief.


    Sounds like you are right back on track since your break, houses are very expensive definitely we've done 4 replacement windows, one porch door and one room since we moved in - we've been here 9 years!!!


    OP's are fantastic, well done it amazing when you write it as months/years saved!


    H x
    Debt:
    Computer £646.52 - now £360
    Overdraft 1 £2200 Overdraft 2 £1200 Credit card £2200
    • giblet1979
    • By giblet1979 23rd Oct 16, 6:57 AM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    Your story really resonates Katz......what a lot of work. Sounds like you're right back on track tho! X
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


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

4,211Posts Today

6,523Users online

Martin's Twitter