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  • FIRST POST
    • lcfcstephen
    • By lcfcstephen 1st Sep 16, 12:26 PM
    • 93Posts
    • 53Thanks
    lcfcstephen
    Stephen's Journey to Mortgage freedom
    • #1
    • 1st Sep 16, 12:26 PM
    Stephen's Journey to Mortgage freedom 1st Sep 16 at 12:26 PM
    Yesterday I finally completed on a house! It's a nice two bed in Manchester and cost me £133,995 and I'm so glad to be moving in shortly.
    I now have a mortgage of £67,195 as well as a Help to Buy Equity loan of 20% (currently 26,799).
    I am recently married (18th June) and currently work at an Investment bank on a salary that has just increased to £20,000. My lovely wife is currently looking for a job and so it is just my name on the mortgage. Between us we have slightly over £10,000 in cash left over spread across a few high interest savings accounts.
    My plans are: To overpay to at least £500 a month (£324 is the normal payment) and I think that this means that we can still save into LW's Help to Buy ISA (for next house) and save for furniture (we currently have the bare essentials - some of that being camping stuff!), whilst also hopefully saving for a car too.
    If/When LW gets a job (depending on salary) I am hoping that we can overpay to at least £600 and save into those other targets too.
    My long term plan is that I will remortgage in a couple of years and consolidate the Help to Buy Loan into the mortgage as I should be able to borrow enough to be able to do that. And we will move when it makes sense to (it's not a forever home.

    Obviously as I am moving into a new house there are several things I need to do especially to sort out with addresses with various official bodies, and I hope to do that by the end of the weekend, as well as being fully moved in!
    Hopefully I keep this updated and stick with it!
    Mortgage Debt £65,978.70 as of 1st December
    Help to Buy Equity Loan Debt £26,799
    Total Debt: £92,777.70 of £133,995 two bed house
Page 2
    • McTaggus
    • By McTaggus 26th Sep 16, 9:51 AM
    • 217 Posts
    • 252 Thanks
    McTaggus
    Welcome and congratulations on the new house! Good luck with your journey!
    • lcfcstephen
    • By lcfcstephen 27th Sep 16, 12:13 PM
    • 93 Posts
    • 53 Thanks
    lcfcstephen
    Thanks all!
    LW is very ill so job searching has been put on hold (especially as we have no Wifi - should be the 18th October) so both hoping she can get better today and get back to applying tomorrow.
    Had a call out of the blue from a friend who might be willing to take the flat off our hands and so saving us money. Just after we'd given up hope of not having to pay all of the contract! Fingers crossed when we show him tonight he likes it and we can get the deposit back early as well as saving on the £900 still to spend for two months rent!
    Mortgage Debt £65,978.70 as of 1st December
    Help to Buy Equity Loan Debt £26,799
    Total Debt: £92,777.70 of £133,995 two bed house
    • newgirly
    • By newgirly 27th Sep 16, 3:36 PM
    • 5,217 Posts
    • 35,918 Thanks
    newgirly
    Good news!
    MFW 21
    Target for 2016 £30,000 \ £72,350.11 paid so far

    Mortgage £63,080 5 yrs 8 months left. Total owed £92,893.96.

    Weight loss 2016 - 18.25 lb lost 40lb target
    • lcfcstephen
    • By lcfcstephen 28th Sep 16, 11:20 AM
    • 93 Posts
    • 53 Thanks
    lcfcstephen
    The friend likes the flat! They want to move in as soon as possible, so I am expecting that if everything goes well we will not have to pay one months rent (and hopefully get part of another months rent back) as well as getting the deposit back a month or two early. Which will help us and mean we could potentially buy something for the house!
    LW is still ill, but applying for jobs again, hoping something comes up soon. Need to tidy the house when we get back as friends are coming over to watch GBBO and the house needs a tidy anyway!
    Mortgage Debt £65,978.70 as of 1st December
    Help to Buy Equity Loan Debt £26,799
    Total Debt: £92,777.70 of £133,995 two bed house
    • lcfcstephen
    • By lcfcstephen 29th Sep 16, 12:08 PM
    • 93 Posts
    • 53 Thanks
    lcfcstephen
    Started the process to move the friend into the flat, but have been told it might take a month - which is frustrating, but at the end of the day even if we just get our deposit back earlier it's a win for us. Hoping to also get a months rent not paid too, but we'll see what happens.
    Had a conversation with friends about 'adult' things and persuaded a few of them to sign up to credit checking sites and look at their money better. The things that happen after Bake off!
    Got paid yesterday, with a bonus of overtime that I'd forgotten, unfortunately most of it will have gone by the weekend as all the bills go out around the 1st and we're still paying for the flat. Thats why it was budgeted though!
    Mortgage Debt £65,978.70 as of 1st December
    Help to Buy Equity Loan Debt £26,799
    Total Debt: £92,777.70 of £133,995 two bed house
    • lcfcstephen
    • By lcfcstephen 4th Oct 16, 11:07 AM
    • 93 Posts
    • 53 Thanks
    lcfcstephen
    Unfortunately I couldn't switch tariffs in the end because no one could tell me my tariff numbers in time because it was a new build. Hoping that there will be another switch before February!
    Friend who wants the flat looked over it again, and still wants it (which I was worried about) hoping to speed that process up, we still need to tidy it a bit too.
    LW has an interview today, hoping that goes well - especially as it seems to be a job she would be happy with! She's prepared, now needs the person interviewing to give her a chance!
    But one of our other friends heard that she had got a job yesterday so we celebrated with a meal at ours, hoping that we have to celebrate LW getting a job soon!
    Another mortgage payment has come out, I need to look at it and update my signature.... But the interest charged was £183.64 which is about a third of what we paid, hoping to reduce the percentage of the payment that is interest (which will come naturally over time, but also when we increase the payment when LW gets a job)
    Mortgage Debt £65,978.70 as of 1st December
    Help to Buy Equity Loan Debt £26,799
    Total Debt: £92,777.70 of £133,995 two bed house
    • lcfcstephen
    • By lcfcstephen 5th Oct 16, 12:12 PM
    • 93 Posts
    • 53 Thanks
    lcfcstephen
    So LW didn't get the job she interviewed for yesterday. But was instead offered a similar position in a different building (it's an office building and she interviewed for the managing company to be a receptionist - or "front of house" as they called it) The catch is that they wouldn't start her until mid January.
    We are trying to work out if she wants it, if she should accept but keep looking or what she should do, it's a tricky situation - we could manage fine without a job until then, though it would obviously be nice to not have to wait that long.
    We also changed our names yesterday (to combine our surnames) so have to go through the changing name process for everything having done the changing address thing for everything!
    Updated my signature to reflect the mortgage payments. Also need to figure out a budget, and stick to it. Difficult at the moment with renting the flat, trying to sort the house out and without a second job.
    Mortgage Debt £65,978.70 as of 1st December
    Help to Buy Equity Loan Debt £26,799
    Total Debt: £92,777.70 of £133,995 two bed house
    • lcfcstephen
    • By lcfcstephen 7th Oct 16, 12:59 PM
    • 93 Posts
    • 53 Thanks
    lcfcstephen
    LW has accepted the job (though we also think that it may be later than mid Jan that she starts as the lady she is covering is due in March) So now she's going to keep looking for jobs (and hopefully find a better higher paid one!) but also look at places where she should be able to get a job for a few months so we have a bit of income until then.
    Still having issues with the friend who says he wants to rent the flat - now saying that he didn't realise there was an admin fee (£125) and so might struggle to afford it (he's in quite a well paid job, got two months salary last month, been living with parents and was looking for more expensive flats - how he doesn't have enough to pay a months rent, deposit and a small fee is beyond me). Hoping it still goes through, but date has been delayed again, looks like we might get a months rent back which is nice, and obviously the deposit a month early too.
    Not sure what we will use that for, may just be to bulk the savings up a bit more, especially with Christmas. Not sure we're going to buy much for the house until LW has the job, which is annoying because there's still more we want/need and also want to save to be able to afford a car. Fortunately, we're not stretching ourselves, which is good, but I want to be in a place where we don't need to think about what to get/save for next!
    Mortgage Debt £65,978.70 as of 1st December
    Help to Buy Equity Loan Debt £26,799
    Total Debt: £92,777.70 of £133,995 two bed house
    • lcfcstephen
    • By lcfcstephen 11th Oct 16, 11:27 AM
    • 93 Posts
    • 53 Thanks
    lcfcstephen
    Been trying some new recipes! Tried a slow cooker one that sounded and smelled nice, but the meat (pork) ended up just being a bit dry - not sure how that can have happened when cooked for hours in liquid! Trying a barbecue pork belly recipe tonight, hopefully it's good!
    Friend still causing issues with the flat, doesn't want to go through all the checks etc. At the moment I don't think we're going to get anything back which is annoying.
    LW is ill, has been on and off for ages, finally getting her to go to the doctor. But it's meant that we haven't done any tidying, and she hasn't done many job applications.
    We've been told we should have Wifi by tomorrow which would end a very long and annoying saga! Though I took two half days off for engineers appointments (they told me a day was booked, then changed it) now been told I don't need to be in the house for the appointment. Very annoyed! Was then told they'd compensate me £30 for it which is just ridiculous especially with the other stuff thats happened with it too!
    Mortgage Debt £65,978.70 as of 1st December
    Help to Buy Equity Loan Debt £26,799
    Total Debt: £92,777.70 of £133,995 two bed house
    • lcfcstephen
    • By lcfcstephen 12th Oct 16, 8:27 AM
    • 93 Posts
    • 53 Thanks
    lcfcstephen
    1 Year Anniversary on MSE forums today! Half day at work due to needing to book time off for WiFi engineers, despite now being told I don't need to be in the house. So a day of tidying is in order as the house is a bit of a mess and LWs parents are coming to stay as LW is graduating this weekend.
    Constantly remembering things that need to be included in the budget (TV licence being the latest extra thing). The difficulty is that the budget I am editing is the one where LW has a job, which may not be until January - though most of her wage in that scenario is savings towards buying house things or a car so we're not overspending. Will be glad when she does get a job and we stop paying for the flat though!
    Mortgage Debt £65,978.70 as of 1st December
    Help to Buy Equity Loan Debt £26,799
    Total Debt: £92,777.70 of £133,995 two bed house
    • lcfcstephen
    • By lcfcstephen 19th Oct 16, 1:08 PM
    • 93 Posts
    • 53 Thanks
    lcfcstephen
    It's been a good few days with LW's parents. Good day at graduation, and having two rooms meant they could stay over at our house, rather than a hotel!
    Been a rubbish few days since. We were supposed to get Wifi yesterday (after midnight possibly) but we don't have it. This is after six weeks of waiting. We've been told that it seems that the engineers that were supposed to come on Wednesday couldn't be bothered and that means that we don't have Wifi. Fortunately they've been fairly good at dealing with this and we should apparently have Wifi on Friday. Who knows if that will actually happen.
    On top of that the bins we've requested five times still haven't come, so we keep having to do tip runs. And the bin that we do have now has maggots because it's not been collected in two normal collections and a special collection - again because people can't be bothered.
    It's frustrating that we stilll have to pay for these services despite the lack of service.
    Mortgage Debt £65,978.70 as of 1st December
    Help to Buy Equity Loan Debt £26,799
    Total Debt: £92,777.70 of £133,995 two bed house
    • lcfcstephen
    • By lcfcstephen 25th Oct 16, 12:11 PM
    • 93 Posts
    • 53 Thanks
    lcfcstephen
    We now have bins and Wifi! Starting to get things settled, and the builder came round to fix some of the problems with the house. Starting to get there, looking forwarded to a good weekend break though!
    Mortgage Debt £65,978.70 as of 1st December
    Help to Buy Equity Loan Debt £26,799
    Total Debt: £92,777.70 of £133,995 two bed house
    • lcfcstephen
    • By lcfcstephen 26th Oct 16, 12:31 PM
    • 93 Posts
    • 53 Thanks
    lcfcstephen
    LW is likely to get a job for four weeks which will help us a lot and fits in quite nicely with when she starts the other job!
    The Friend has pulled out of the flat at the last moment (was moving in on Monday) so means we have to pay the £450 rent and wait another month for our deposit too. Not happy.
    Mortgage Debt £65,978.70 as of 1st December
    Help to Buy Equity Loan Debt £26,799
    Total Debt: £92,777.70 of £133,995 two bed house
    • SueP19
    • By SueP19 26th Oct 16, 12:49 PM
    • 1,697 Posts
    • 14,450 Thanks
    SueP19
    Hi Stephen didn't want to read and run............love the fact she is your LW

    Sorry to hear about the flat, have you long to go on the contract?

    Glad you got your bins and WiFi

    Plus try lightly frying your meat before putting in slow cooker, it supposed to seal in the juices, it could be the pork was cooked for too long on too high, yes you can cook things for too long in them
    MFiT-T4 #57 £300/£20,000 MFW 2016 #53 £300/£4,800
    Mort Oct 15 £70,353 £66,422 MF Dec 31 Jun 31(191 176 mnths)
    EF 2016 £700/£1,000 Debt May 09 £30,217Jan 16 £17,734
    Tilly Tidy #1 £50.55/£250
    • lcfcstephen
    • By lcfcstephen 27th Oct 16, 12:20 PM
    • 93 Posts
    • 53 Thanks
    lcfcstephen
    Hi Stephen didn't want to read and run............love the fact she is your LW

    Sorry to hear about the flat, have you long to go on the contract?

    Glad you got your bins and WiFi

    Plus try lightly frying your meat before putting in slow cooker, it supposed to seal in the juices, it could be the pork was cooked for too long on too high, yes you can cook things for too long in them
    Originally posted by SueP19
    She's always LW - sometimes annoying, but always lovely!

    We've got a month left on the flat contract, which we'd budgeted for, but it's more that we were five days away for not having to pay it thats the annoyance! Though the letting agent has said they've re-marketed it (wasn't marketed in the first place) and arranged a move out date for the 1st November which could mean that we still get out of the contract (not holding out hope though, and very happy if it just ends up being that we get our deposit back a little earlier)

    We'd fried the meat a bit, but yeah I think we cooked it too long - I thought if anything it would get better, not worse! Oh well, live and learn!
    Mortgage Debt £65,978.70 as of 1st December
    Help to Buy Equity Loan Debt £26,799
    Total Debt: £92,777.70 of £133,995 two bed house
    • SueP19
    • By SueP19 27th Oct 16, 12:39 PM
    • 1,697 Posts
    • 14,450 Thanks
    SueP19
    How annoying the contract not your LW...........I am an AW to my OH


    Keep going with the SC it can really help, I have just started batch cooking myself so it's all a learning curve
    MFiT-T4 #57 £300/£20,000 MFW 2016 #53 £300/£4,800
    Mort Oct 15 £70,353 £66,422 MF Dec 31 Jun 31(191 176 mnths)
    EF 2016 £700/£1,000 Debt May 09 £30,217Jan 16 £17,734
    Tilly Tidy #1 £50.55/£250
    • lcfcstephen
    • By lcfcstephen 1st Nov 16, 12:02 PM
    • 93 Posts
    • 53 Thanks
    lcfcstephen
    Great weekend in London - got to watch my american football team play thanks to tickets from LW for my birthday (back in February) Also relaxed, and went to the Natural History Museum, all in all we had a great time and still stuck to our budget!
    We have moved out of the flat and no longer have keys - but are apparently still responsible for bills (tenancy ends 30th) but having worked it out - we should only be about £3 in debit which is manageable! But still means we don't get the rent back and also means that we don't get the deposit for another month and a bit.
    Mortgage Debt £65,978.70 as of 1st December
    Help to Buy Equity Loan Debt £26,799
    Total Debt: £92,777.70 of £133,995 two bed house
    • lcfcstephen
    • By lcfcstephen 3rd Nov 16, 1:06 PM
    • 93 Posts
    • 53 Thanks
    lcfcstephen
    LW working is a big change - she's getting up at a similar time to me but not getting home until 3/4 hours after me. But it means we can start saving some and in time for Christmas too! Need to start budgeting soon but we're waiting till January when we can work figures out easier (but still being sensible along the way - just not being particular about noting everything down)
    Mortgage Debt £65,978.70 as of 1st December
    Help to Buy Equity Loan Debt £26,799
    Total Debt: £92,777.70 of £133,995 two bed house
    • lcfcstephen
    • By lcfcstephen 8th Nov 16, 5:25 PM
    • 93 Posts
    • 53 Thanks
    lcfcstephen
    The Sofa we bought over six weeks ago which was promised six weeks delivery hasn't been delivered - turns out despite us giving them the right contact information - somewhere along the process for delivery they gave them the wrong number to contact us to arrange a day so now we have to wait for a further two weeks. And they choose a day and I can't guarantee that I'll be in because I can't take time off and LW is working at the moment. We'll have to see what happens with what time slot they give us in the end
    Mortgage Debt £65,978.70 as of 1st December
    Help to Buy Equity Loan Debt £26,799
    Total Debt: £92,777.70 of £133,995 two bed house
    • lcfcstephen
    • By lcfcstephen 10th Nov 16, 2:26 PM
    • 93 Posts
    • 53 Thanks
    lcfcstephen
    Today I've been fiddling around with the spreadsheet that will keep track of everything in the new year (expenditure, mortgage, savings for car, house things, monthly balances etc). It looks magical! Can't wait to use it! The reason for waiting is because we will then be keeping track of everything properly because we have a consistent income (as LW will start her job) and so means everything else will be easier to keep track as things will have calmed down a bit too.
    LW first pay was all taxed, so trying to get that sorted so it's correctly taxed by the time that it reaches us on Friday. We're on less money than I thought we would be so this helps us, especially as she will get paid three times and I will get paid before we need to spend anything big again (especially with not paying for the flat now). Hopefully going to get back to our savings buffer limit so we can start living out the budget fully in the new year and reach our targets in terms of the house, and car.
    Mortgage Debt £65,978.70 as of 1st December
    Help to Buy Equity Loan Debt £26,799
    Total Debt: £92,777.70 of £133,995 two bed house
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