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  • FIRST POST
    • Silence101
    • By Silence101 3rd Aug 17, 4:27 PM
    • 317Posts
    • 515Thanks
    Silence101
    Half a house
    • #1
    • 3rd Aug 17, 4:27 PM
    Half a house 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?

    UPDATE (p8)
    We have got the keys! I'll update some more once we have all the paperwork sorted.
    Last edited by Silence101; 27-09-2017 at 7:24 PM. Reason: We've bought the house!
Page 14
    • Silence101
    • By Silence101 13th Dec 17, 10:29 AM
    • 317 Posts
    • 515 Thanks
    Silence101
    I’ve just done most of the Christmas shopping online. I was going to go in town, but realised this was easier. Now I just have to hope I didn’t leave it too late for the deliveries! I just need to think of something for my husband, and I think that’s it. I think I know what he wants but it’s rather pricey, so I’m not sure I’ll be getting it now or waiting for his birthday instead.
    Managed to OP some left over change.
    I don’t think we’ve got plans for this weekend so I’m hoping we can keep it cheap, as last weekend was very expensive. I also need to make a meal plan to use up all the food in the fridge/freezer.
    09/17 Shared Ownership 50% share - Mortgage 77500 Original MFW 2052
    17/18 OP 7700
    • Silence101
    • By Silence101 12th Jan 18, 10:25 PM
    • 317 Posts
    • 515 Thanks
    Silence101
    Happy New Year!

    It’s been a while since I’ve been here.
    We’ve been very fortunate as we’ve received a lump sum from an inheritance which means I was able to overpay the 10% limit for this year. We will continue to save to hopefully build up a good percentage to OP in October. I’m not sure we’ll be able to match the 10% OP limit next year, but any amount will help.
    I keep worrying about how much the mortgage might go up at the end of the fixed term, as the interest will double if the SVR rates stay at what they are. Hopefully we’ll be in a strong position to remortgage when the time comes.
    09/17 Shared Ownership 50% share - Mortgage 77500 Original MFW 2052
    17/18 OP 7700
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 13th Jan 18, 7:01 AM
    • 816 Posts
    • 3,602 Thanks
    wishingthemortgaheaway
    Welcome back Silence & Happy NewYear.

    I hope you all treated yourselves to a little something with the inheritance money as well as paying your 10%?

    What difference has it made to the monthly interest applied?
    The 100 payment countdown (each payment = 400) 2018 Starts at 13/100 o/s 34,750.
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2025
    MFW 2018 Challenge Member #162 0/2,500
    • Silence101
    • By Silence101 13th Jan 18, 8:19 AM
    • 317 Posts
    • 515 Thanks
    Silence101
    Hi!
    Yes, were planning on updating a few things at home, although I did feel a bit put out when I did the mature thing and OPed We are trying hard to make sure we spend it on stuff that will improve our lifestyle long term, and not just frittered away on random stuff.

    I think its saved us 10 a month on interest, but Im not sure if our monthly payments will go down now, as I think they recalculate amounts if we OP over 500. So I think long term well still be saving money, but Im not 100% sure well be saving as much as we thought...

    In other news, Mr S has noticed that newer houses on the estate are now being sold at 5K less than what we bought. So I guess wed be in negative equity if I hadnt OPed. Scary thought as weve only just bought the house. I was expecting the value to go down in the next few years (as its a new build) but not so soon!
    09/17 Shared Ownership 50% share - Mortgage 77500 Original MFW 2052
    17/18 OP 7700
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