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  • FIRST POST
    • FloppyDisk
    • By FloppyDisk 21st Dec 15, 3:35 PM
    • 568Posts
    • 3,994Thanks
    FloppyDisk
    From Flat to Farmhouse
    • #1
    • 21st Dec 15, 3:35 PM
    From Flat to Farmhouse 21st Dec 15 at 3:35 PM
    Hello everyone, I am hoping some of you might recognise my name and no, my mission hasn’t changed, I still have lofty ambitions of upgrading from my flat to something a little more spacious.

    So where were we? Oh yes, paying £400 a month in interest on my mortgage! I need to start 2016 with a renewed vigour towards my financial management. Whilst this won’t be wholey directed at the mortgage, I have found the community of MFWers so helpful in getting the balance right. Despite having the all-important spreadsheet, I have gotten a bit lost with my finances with the poor interest rates and having to use current accounts for savings, so I need to do a proper audit.

    As old friends will know, I have the slight disadvantage of being owned by an event horse who insists on having the best of everything. I am also severely hampered by my inability to cook and tend to fritter money away buying lunches.

    It is lovely to be back and focused on security, I have missed you all!
    Last edited by FloppyDisk; 02-01-2018 at 1:07 PM.
Page 9
    • hiddenshadow
    • By hiddenshadow 24th Dec 17, 6:11 PM
    • 2,391 Posts
    • 10,848 Thanks
    hiddenshadow
    Fingers crossed the offer goes well!

    (We live on a fast/busy main road and I only notice when giant tractors/super noisy vehicles go by.)
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • FloppyDisk
    • By FloppyDisk 27th Dec 17, 12:56 PM
    • 568 Posts
    • 3,994 Thanks
    FloppyDisk
    Thanks Shadow. There is a low hedge currently that we could grow but over the road are nice treelined fields so as long as I don't see headlights it might be nice to have it low.

    Slowly putting the cottage back together after a successful Christmas. It is beautiful snowy sunshine here so going to take photos of the lorry in it's new/old home at the yard before I ride. BF wants to dress it up with some champagne to make it look like a lorry of champions.... wishful thinking!

    £18,438/£42,500
    • EatingTheElephant
    • By EatingTheElephant 27th Dec 17, 1:10 PM
    • 1,191 Posts
    • 6,495 Thanks
    EatingTheElephant
    Good luck with the offer, our driveway comes off the main road through our village and I’m always amazed at how easy it is to reverse in or out onto the main road. Even though it’s a main road, because it’s a village it’s not quite the same level of busy as we were used to in a town.
    • FloppyDisk
    • By FloppyDisk 28th Dec 17, 9:27 AM
    • 568 Posts
    • 3,994 Thanks
    FloppyDisk
    Gosh I hadn't thought about manoeuvring, particularly as I will hopefully have a trailer! The drive has a bit of a spur to it so I think that will be ok but I might need some practise. Or I will just take up the whole road like all good horse people.

    We did some serious spreadsheeting last night to come up with a strategy for offering, I think BF will be the one to make the call as I'm far too excited about it all. It is really really nice to be doing all of this with someone!

    £18,438/£42,500
    • FloppyDisk
    • By FloppyDisk 29th Dec 17, 10:29 PM
    • 568 Posts
    • 3,994 Thanks
    FloppyDisk
    We appear to have bought a house. Unnofficially of course and I have a horrible feeling we may be gazumped before this can become official. Trying to remain neutral and cool for the next 3 months ish.

    £18,438/£42,500
    • Watty1
    • By Watty1 29th Dec 17, 10:41 PM
    • 2,982 Posts
    • 20,807 Thanks
    Watty1
    Yay so pleased for you.
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaid next mortgage. £79,491 down to £27152
    Knotted hanky fund now in full swing: £3776.40
    • smallholdingsister
    • By smallholdingsister 30th Dec 17, 6:39 AM
    • 3,624 Posts
    • 28,962 Thanks
    smallholdingsister
    Congratulations! Try and spend less than your sellers have at all times (be a little behind them in the process).
    • FloppyDisk
    • By FloppyDisk 30th Dec 17, 8:07 AM
    • 568 Posts
    • 3,994 Thanks
    FloppyDisk
    Thanks both. Sellers are going into rented so we are already ahead by half a million or so!

    £18,438/£42,500
    • hiddenshadow
    • By hiddenshadow 30th Dec 17, 3:01 PM
    • 2,391 Posts
    • 10,848 Thanks
    hiddenshadow
    Congratulations!
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • Jessy103
    • By Jessy103 1st Jan 18, 1:17 PM
    • 510 Posts
    • 2,165 Thanks
    Jessy103
    Congratulations! Fingers crossed it all goes smoothly for you.
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount Jan 2018 - £58,500.00
    Overpayment Target for 2018 - £5,000 /£369.23
    Jan - £369.23
    • EatingTheElephant
    • By EatingTheElephant 1st Jan 18, 2:15 PM
    • 1,191 Posts
    • 6,495 Thanks
    EatingTheElephant
    Yay congratulations
    • FloppyDisk
    • By FloppyDisk 1st Jan 18, 9:06 PM
    • 568 Posts
    • 3,994 Thanks
    FloppyDisk
    Thanks all, I feel exhausted after so much Christmas socialising and am looking forward to getting back to normal life and starting the house ball rolling. Fingers crossed the vendors have used the long weekend to sort out a good plan and not have second thoughts and back out. What a pessimist I am!

    Back in the real world, savings took a hit over Christmas and I am assuming the worst and that I will have minimal pay for the rest of the tax year due to code mess ups therefore just hoping to maintain my balance for the next few months.

    £18,438/£42,500
    • FloppyDisk
    • By FloppyDisk 3rd Jan 18, 5:32 PM
    • 568 Posts
    • 3,994 Thanks
    FloppyDisk
    Why is is so complicated? I am attempting to use the brain power of two brokers who are telling me totally different things. One thinks we can get a let to buy mortgage no problem. The other thinks that we can't get a BTL mortgage on the flat for more than 50k. Well it's rented for a grand a month so sod the country house, I'll buy 10 BTLs on those returns! He is adamant that we can't get a BTL mortgage if we don't own another house at the time of application. I'm not sure if he just doesn't know about let to buy mortgages, or if he has excluded them for a reason, in which case, is the first broker wrong too??

    I really don't want to start down the path of the 'no problem' broker to find that the other was 3 steps ahead and find ourselves not able to move forwards. This all seemed very straight forward when I first investigated it.

    £18,438/£42,500
    • Watty1
    • By Watty1 4th Jan 18, 12:12 PM
    • 2,982 Posts
    • 20,807 Thanks
    Watty1
    No solutions....went down the route of following a broker at the start of last year only to find ...after having the house inspected and umpteen forms etc the mortgage did not meet the requirements he had written in his letter. Lucky I read the small print. Rather recklessly I told him he was an idiot !! That sort of ended our working relationship Maybe tell the no problem broker what the other broker has said and take it from there? Or post on the other boards, there are a few really helpful brokers that you could check in with?
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaid next mortgage. £79,491 down to £27152
    Knotted hanky fund now in full swing: £3776.40
    • FloppyDisk
    • By FloppyDisk 4th Jan 18, 1:38 PM
    • 568 Posts
    • 3,994 Thanks
    FloppyDisk
    Thanks Watty, going back and forth between them. Ultimately I don't think we are going to know until we submit everything. BF is telling me not to stress myself out doing their jobs for tbem, but if I can see their work doesn't make sense I can't ignore it! I have asked on the mortgage board but little feedback.

    £18,438/£42,500
    • FloppyDisk
    • By FloppyDisk 8th Jan 18, 4:24 PM
    • 568 Posts
    • 3,994 Thanks
    FloppyDisk
    Good start to house buying - vendors have reneged on their offer to move into rented, so now we play the patience game. I haven't decided how long am I prepared to wait but their behaviour so far doesn't bode well. Rightmove alerts have very much been switched back on.

    In the meantime it is just a case of getting our heads down and saving dosh. BF is away with work a lot over the next few months so I will revert back to my meal for one planning of beans on either toast or jacket potatoes.

    £18,438/£42,500
    • hiddenshadow
    • By hiddenshadow 9th Jan 18, 9:47 PM
    • 2,391 Posts
    • 10,848 Thanks
    hiddenshadow
    My meal planning for one consists almost entirely of pasta and/or popcorn.

    Hope something suitable comes up soon re: house, at least now people should be getting into the swing of putting houses on the market post-holiday.
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • FloppyDisk
    • By FloppyDisk 10th Jan 18, 1:12 PM
    • 568 Posts
    • 3,994 Thanks
    FloppyDisk
    My meal planning for one consists almost entirely of pasta and/or popcorn.

    Hope something suitable comes up soon re: house, at least now people should be getting into the swing of putting houses on the market post-holiday.
    Originally posted by hiddenshadow
    So glad it isn't just me! Yes hopefully we have done this all at the right time. Fingers crossed!

    £18,438/£42,500
    • FloppyDisk
    • By FloppyDisk 11th Jan 18, 4:11 PM
    • 568 Posts
    • 3,994 Thanks
    FloppyDisk
    Righto, patience does not befit me, so I have adjusted my budget to see the benefits of saving for the next few months and beyond.

    I have had a cheeky offer for my lorry, which is still on the table but I am trying to get a few more views and move things up if I can, but I am assuming it is sold at the low number for my savings forecast.

    Looking ahead - assuming the tax sorts itself out to what it should be, and that we don't have any silly moments of splurging - I should be able save £1500 a month. I intend to put the £500 into the joint account to build up for things like solicitors, surveys etc.

    Looking really far ahead I would like the option of getting another horse, so I aim to build up £25k of savings, to cover the horse, vetting, saddle fitting, etc plus swapping my car for a decent truck and trailer combo which I think will suit us better between BF and I.

    Even further down the line, the house we hope to get could do with a new kitchen, so I'll start with £7.5k for my share to that.

    I have deliberately avoided including lease extensions and sinking funds for the flat as I have decided that it now needs to fund itself and has a separate budget and plan based on the rent coming in. Given that I have never paid into the sinking fund in 5.5 years, I will give it a maturing regular saver to start it off. So that now has a balance of £8,650 which will cover the expected building upgrade and tax bill but should grow by £430 a month.

    I also intend to maintain a £10k emergency fund so I would like my savings to look something like £42,000.

    Ignoring the balance in the joint account and the flat account, my starting point is now £12,992. Who knows if I'll see it through, or if we get the house, or if I decide that £25k for a hobby is ludicrous, but it's all options for now and might just make an enormous OP one day! New house is in a very horsey area and I already have offers of horses to ride so I will be ok while I wait or maybe even indefinitely.

    Just have to hope that 'new house' comes good!

    £18,438/£42,500
    • hiddenshadow
    • By hiddenshadow 11th Jan 18, 5:30 PM
    • 2,391 Posts
    • 10,848 Thanks
    hiddenshadow
    Love the sound of your plans. We should sit down and make long-term wish list type goals for savings, but so far we just have sell house/buy house/buy car (ideally all with money from "sell house" ).

    Out of curiosity, what do you hope to get horse-wise for £25k? I'm pretty familiar with horse prices vs. training/showing levels in the US, but not the UK. (Will also now need to learn the Irish market!)
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
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