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  • FIRST POST
    • katep23
    • By katep23 29th May 14, 7:45 PM
    • 1,187Posts
    • 8,938Thanks
    katep23
    Forever Home Fund
    • #1
    • 29th May 14, 7:45 PM
    Forever Home Fund 29th May 14 at 7:45 PM
    I have been lurking here for a few weeks and decided it was time to stick my head above the parapet

    I'm a bit of a fraud TBH, I don't even have a mortgage, but OH and I are saving to buy a house so it's kinda the same thing - will you let me join in?

    OH and I are both mid (ahem, okay getting less mid by the day) 30s and currently rent a lovely house on a farm with no passing traffic and about a quarter of an acre garden. And there lies the problem... we can't find anything similar in the Thames Valley for a price we can even look at without smelling salts

    So. we're saving and looking but as we don't have a target in mind we can lose out way a bit... that's where the diary comes in. I shall use this as a way of staying on track and keeping a record of where I am, it's good to be accountable.

    I'd love to buy a place but it has to be the right place so we might be in for a long wait.

    Why the forever home now? It's us, 3 cats, 18 ducks, 4 cars, 5 motorbikes, a tankful of tropical fish, a garden full of plants, a 3-bed semi filled to bursting, a garage, two outhouses, a greenhouse and a shed to find a new home for
Page 23
    • katep23
    • By katep23 12th Feb 17, 8:43 PM
    • 1,187 Posts
    • 8,938 Thanks
    katep23
    Got our annual statement through:

    Original mortgage end date - Dec 2044
    Anticipated mortgage end date - April 2038
    Total OPd this year - £3,559.71
    Plus interest saved by offsetting - £2,813.88

    Just changed my goffgaff goody bag and reduced it by £2 a month, not going to make a huge dent!

    OH's car is poorly and he needs to think about replacing it - not good timing with all other expenses this year but can't be helped.

    Wood burner has been used every day since it was installed but we had to buy some wood to start us off. Got lots of wood to chop up and dry so hopefully won't need to buy much/any more.

    • katep23
    • By katep23 2nd Mar 17, 7:24 PM
    • 1,187 Posts
    • 8,938 Thanks
    katep23
    December 2014
    Mortgage £346,545.00
    Mortgage free date 2044
    LTV 86.64%

    2nd March 2017
    Mortgage £324,113.55

    Total paid off capital in last month: £886.32
    Total paid off capital: £22,481.45

    MOS: £4,254.05

    LTV: 81.03%

    Amount to Mortgage Neutral - £319,859.50


    • katep23
    • By katep23 12th Mar 17, 5:15 PM
    • 1,187 Posts
    • 8,938 Thanks
    katep23
    Sooo..

    Wedding postponed for a year or so until we can afford it, but...

    Talking to OH today we want to try and remortgage on1st February 2018 when we go down to 2% ERP but need to be at 75% LTV; we are currently forecast to be at 79% ish.

    Current debt on roof is at £4k (down from £5.6k) but another £7k ish to pay, worst case is £12k. Plus £17K extra to pay off mortgage and £7k ERP - total £36k to save before February 2018.

    My car should sell for £7k plus van for £1.5k but we're aiming for £30k saved over 10 months - it'll be a challenge but should technically be possible

    Anyone sees me on here talking about what I've been spending slap me on the wrist
    Last edited by katep23; 12-03-2017 at 5:57 PM.

    • katep23
    • By katep23 19th Mar 17, 8:34 AM
    • 1,187 Posts
    • 8,938 Thanks
    katep23
    Spends on the credit card are low for the month, we did go out yesterday to watch the rugby and had lunch at the pub but we rarely go out so I'm happy with that.

    Youg0v is at £25.50 so need to make sure I complete all surveys as they come in.

    Got a bath listed on Gumtree and FB, need to reduce the price as we just need it gone and anything we get is a bonus.

    We've decided to try and sell tickets we have to see OH's fave guitarist - we have seen him three times and he tours regularly but it's on a Thursday in London, train tickets would cost £100, hotel would be from our free nights but it would be spendy as we would want to make a trip of it (London Eye etc).

    If we can sell the tickets for face value we should get £150 back so well worth it on top of what we would not spend.

    No spend day planned here - may go to a garden centre but got vouchers for that!

    • katep23
    • By katep23 4th Apr 17, 7:10 PM
    • 1,187 Posts
    • 8,938 Thanks
    katep23
    December 2014
    Mortgage £346,545.00
    Mortgage free date 2044
    LTV 86.64%

    4th April 2017
    Mortgage £323,517.17

    Total paid off capital in last month: £596.38
    Total paid off capital: £23,077.83

    MOS: £0

    LTV: 80.88%

    Amount to Mortgage Neutral - £334,887.60 (WIOTW)

    Last edited by katep23; 04-05-2017 at 9:22 AM.

    • katep23
    • By katep23 4th May 17, 9:21 AM
    • 1,187 Posts
    • 8,938 Thanks
    katep23
    December 2014
    Mortgage £346,545.00
    Mortgage free date 2044
    LTV 86.64%

    3rrd May 2017
    Mortgage £322,797.23

    Total paid off capital in last month: £719.94
    Total paid off capital: £23,797.77

    MOS: £0

    LTV: 80.70%

    Amount to Mortgage Neutral - £331,551.82 (WIOTW)


    • PrincessLou
    • By PrincessLou 4th May 17, 9:39 AM
    • 500 Posts
    • 1,913 Thanks
    PrincessLou
    Well done - you're so close to 80% LTV now!
    Mortgage - £105,500
    • katep23
    • By katep23 4th May 17, 10:08 AM
    • 1,187 Posts
    • 8,938 Thanks
    katep23
    Well done - you're so close to 80% LTV now!
    Originally posted by PrincessLou
    Thank you, should hit it in September!

    • katep23
    • By katep23 2nd Jun 17, 7:44 AM
    • 1,187 Posts
    • 8,938 Thanks
    katep23
    December 2014
    Mortgage £346,545.00
    Mortgage free date 2044
    LTV 86.64%

    2nd June 2017
    Mortgage £322,107.89

    Total paid off capital in last month: £689.34
    Total paid off capital: £24,487.11

    MOS: £0

    LTV: 80.53%

    Amount to Mortgage Neutral - £330,265.08 (WIOTW)

    Last edited by katep23; 02-06-2017 at 7:46 AM.

    • katep23
    • By katep23 4th Jul 17, 9:32 PM
    • 1,187 Posts
    • 8,938 Thanks
    katep23
    December 2014
    Mortgage £346,545.00
    Mortgage free date 2044
    LTV 86.64%

    4th July 2017
    Mortgage £321,487.34

    Total paid off capital in last month: £620.55
    Total paid off capital: £25,107.66

    MOS: £0

    LTV: 80.37%

    Amount to Mortgage Neutral - £327.936.80 (WIOTW) (-£2,328.28)


    • katep23
    • By katep23 4th Jul 17, 9:36 PM
    • 1,187 Posts
    • 8,938 Thanks
    katep23
    Looking to remortgage ASAP so repaying stooze money, sadly means OPs will decrease for the short term.

    Plan is to remortgage knocking 3 years off current term to reduce minimum payments but continue to pay current monthly repayment which would be an OP of £300 per month and would reduce term by another 5 years. This would give us flexibility if either of us lost our jobs.

    OH has just changed jobs and is in probation so not sure if we will be successful in remortgaging but nothing ventured...

    Current LTV in figures is based on value of house when we bought - the work we have already done (replacement roof) and Zoopla valuations indicates that our LTV should be less than 75%.

    • katep23
    • By katep23 5th Jul 17, 9:28 PM
    • 1,187 Posts
    • 8,938 Thanks
    katep23
    Repaid £11k stooze money, increase in daily interest makes me but will be worth it if we can re-mortgage.

    • katep23
    • By katep23 2nd Aug 17, 7:20 AM
    • 1,187 Posts
    • 8,938 Thanks
    katep23
    December 2014
    Mortgage £346,545.00
    Mortgage free date 2044
    LTV 86.64%

    2nd August 2017
    Mortgage £320,817.30

    Total paid off capital in last month: £670.04
    Total paid off capital: £25,777.70

    MOS: £0

    LTV: 80.20%

    Amount to Mortgage Neutral - £324,790.47 (WIOTW) (-£3,146.33)


    • katep23
    • By katep23 2nd Aug 17, 7:38 AM
    • 1,187 Posts
    • 8,938 Thanks
    katep23
    Good month for reducing debt, need a few more like those.

    Most of stooze money has been repaid now so daily interest is eye watering. Want to wait for credit agencies to update before applying for remortgage so have to grin (grimace) and bear it for a few months. Will be worth it in the long term.

    Plan is to have a few very lean months to reduce outgoings in advance of remortgage. OH now has corporate credit card so that reduces spends on the credit card.

    Next month's CC bill is a whopper due to some big bills so unlikely to pay much off debt in September.

    • CathT
    • By CathT 2nd Aug 17, 8:40 AM
    • 5,315 Posts
    • 36,501 Thanks
    CathT
    Making steady progress Kate. Good luck with the remortgage too.
    August 2017 -
    part 1 - £79,967
    part 2 - £46,351
    Total - £126,318
    • katep23
    • By katep23 21st Aug 17, 6:40 AM
    • 1,187 Posts
    • 8,938 Thanks
    katep23
    Making steady progress Kate. Good luck with the remortgage too.
    Originally posted by CathT
    Thanks CathT. First part of remortgage application done and got agreement in principle. Need to send off documents today then when they have reviewed them we will book a mortgage phone call appointment to go over expenditure in detail.

    Even OH is excited about remortgaging! The plan is to start the new mortgage in February as our ERC drops by 1% then. The offer will be valid for 6 months so this works well.

    We will keep the term the same (will be 27 years) but continue to pay our current monthly payment (or maybe round it up a bit) which would mean an automatic overpayment of £400 each month but would give us flexibility to drop our payments temporarily if one of us lost our jobs (more applicable if OH did as he earns 2 x my salary).

    Booked a day off today, OH has just left as he works away Monday to Thursday so having a cuppa and planning my day.

    Will be changing gyms at start of November which will save £27 a month - I went with a more expensive gym with a pool but it's so busy I never swim so have cancelled and just waiting for contract to finish. New gym is next door to office and does half hour lunchtime classes so much more convenient as well as cheaper.

    • wildesavings
    • By wildesavings 21st Aug 17, 7:09 AM
    • 170 Posts
    • 468 Thanks
    wildesavings
    Wow Kate! I remember reading your diary back in the day when you didn't even have a mortgage yet. Now look at you, smashing it!

    Well done and thanks, I'm inspired xxx
    Started my MFW journey in August 14 : £103,650
    2017 : Mortgage at 1/1/17 - £96,839 - now : £91,342 - capital reduced by £5497 so far this year
    • smallholdingsister
    • By smallholdingsister 21st Aug 17, 7:47 AM
    • 3,415 Posts
    • 26,584 Thanks
    smallholdingsister
    Well done Kate. We have just bought a Smallholding and our mortgage is now bigger than your WIOTW. We are also paying it until DH is 311!!
    • katep23
    • By katep23 21st Aug 17, 9:36 AM
    • 1,187 Posts
    • 8,938 Thanks
    katep23
    Wow Kate! I remember reading your diary back in the day when you didn't even have a mortgage yet. Now look at you, smashing it!

    Well done and thanks, I'm inspired xxx
    Originally posted by wildesavings
    Thank you, seemed like it took forever to start making an impact but stoozing has made a huge difference.

    Well done Kate. We have just bought a Smallholding and our mortgage is now bigger than your WIOTW. We are also paying it until DH is 311!!
    Originally posted by smallholdingsister
    We've got a micro-holding rather than a smallholding

    • katep23
    • By katep23 27th Aug 17, 10:22 AM
    • 1,187 Posts
    • 8,938 Thanks
    katep23
    Grrr, mortgage advisor has told us they cannot progress our application currently because OH is still in his probation period with his new job.

    This is despite two separate conversations, one before we started the application and one with the woman when we applied who both advised us we would be considered because we don't want the mortgage to start until February and OH's probation will end in December.

    The second woman even asked questions around whether he was changing profession (no), why ask if it is not relevant?

    So we now have to wait 4 months until his probation ends before we can progress our application (which is valid for 6 months so still within our timescales) and just hope that the deal we want is still available then.

    We considered going for a mortgage with another bank but the terms are not as good so we'd rather wait to continue the application with this provider.

    So 4 months to reduce our debt and outgoings to try and make sure we pass the affordability checks etc, would be a real kicker if we waited the four months then got turned down

    Current debt is around £3K so should be cleared within 2 months (well debt neutral as we have more stoozed money still offset at present) and hopefully we can save up ERC so we don't need to put it on the mortgage.

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