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    • Silence101
    • By Silence101 3rd Aug 17, 4:27 PM
    • 318Posts
    • 527Thanks
    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
    • 318 Posts
    • 527 Thanks
    I!!!8217;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!!!8217;t leave it too late for the deliveries! I just need to think of something for my husband, and I think that!!!8217;s it. I think I know what he wants but it!!!8217;s rather pricey, so I!!!8217;m not sure I!!!8217;ll be getting it now or waiting for his birthday instead.
    Managed to OP some left over change.
    I don!!!8217;t think we!!!8217;ve got plans for this weekend so I!!!8217;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
    • 318 Posts
    • 527 Thanks
    Happy New Year!

    It!!!8217;s been a while since I!!!8217;ve been here.
    We!!!8217;ve been very fortunate as we!!!8217;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!!!8217;m not sure we!!!8217;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!!!8217;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
    • 1,085 Posts
    • 4,976 Thanks
    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.
    Jan 18 14/100 Feb 15/100 March 16/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2025
    MFW 2018 Challenge Member #162 £413/£2,500
    • Silence101
    • By Silence101 13th Jan 18, 8:19 AM
    • 318 Posts
    • 527 Thanks
    Yes, we’re 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 it’s saved us £10 a month on interest, but I’m 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 we’ll still be saving money, but I’m not 100% sure we’ll 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 we’d be in negative equity if I hadn’t OPed. Scary thought as we’ve only just bought the house. I was expecting the value to go down in the next few years (as it’s a new build) but not so soon!
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    17/18 OP £7700
    • Silence101
    • By Silence101 19th Jan 18, 3:57 PM
    • 318 Posts
    • 527 Thanks
    We received a letter from the mortgage provider, and our payments have gone down £25/month. They!!!8217;ve given us the option to shorten the term, but we!!!8217;ve decided not to do that, just in case things go pear shaped in the future. We!!!8217;ll be saving the difference to OP in October though.

    We!!!8217;ve been here a few months now and have noticed the living room hardly gets any natural light, so I!!!8217;m thinking about getting a few bright floor lamps. I really don!!!8217;t like being in the dark during the day, it makes me feels really unproductive. I!!!8217;m also trying to figure a better layout for our furniture, to try and get the table closer to the garden doors, to get the tiny bit of light there is.
    I can!!!8217;t wait for spring now, as I want to plant a lot more flowers in the garden. The turf seems to have recovered fairly well compared to how it was when we got the keys, but as the garden is in the shade all day, the grass is constantly soggy. Again I!!!8217;m hoping spring/summer will improve things.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    17/18 OP £7700
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