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  • FIRST POST
    • Silence101
    • By Silence101 3rd Aug 17, 4:27 PM
    • 313Posts
    • 478Thanks
    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 2
    • Silence101
    • By Silence101 10th Aug 17, 8:48 PM
    • 313 Posts
    • 478 Thanks
    Silence101
    The first 2 years or so for the vast majority in a new house is tough, as people naturally stretch themselves to get the best they can. I know people have had much worse interest rates than us but when we bought in 2006 we could only afford interest only mortgage (would never have gotten such a big mortgage in the post financial crash world). Every 3 months for the first 18 months the interest rates went up. We went from approx £690 to £900 a month, but we found a way due to budgets and discipline. And now it was all worth it, and i still like eating baked beans on toast!!

    My advice is not to look too far ahead, and i'd suggest 5yrs is too far. Focus on the next 3-6 months, then re-evaluate and go again!

    And whatever does happen having your diary to vent, share and seek advice/reassurance is a fantastic asset.
    Originally posted by shangaijimmy
    Thanks! Yes, if we can survive the first month of necessary expenses (which we should be able to do, if we're careful, and do a lot of DIY) it should be much easier after that to build a budget, as we won't have huge expenses once the flooring is done. We've already got most of the furniture apart from a fridge, and we'll probably only get a cheap one for the foreseeable future. That's the good thing about a new build, there shouldn't be any expensive issues any time soon (hopefully not famous last words)
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £471.44/£100 12/17 £114/£100
    • Silence101
    • By Silence101 10th Aug 17, 8:50 PM
    • 313 Posts
    • 478 Thanks
    Silence101
    And wow, that was a huge increase in interest!! Glad it worked out!
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £471.44/£100 12/17 £114/£100
    • Silence101
    • By Silence101 10th Aug 17, 8:52 PM
    • 313 Posts
    • 478 Thanks
    Silence101
    Transferred £25 to stop me from spending it. I have a very bad habit of spending what I have in my account, so if I can divert it asap, I could save a lot more than what I've been doing.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £471.44/£100 12/17 £114/£100
    • Silence101
    • By Silence101 11th Aug 17, 5:33 AM
    • 313 Posts
    • 478 Thanks
    Silence101
    Transferred another £12 to rent account to round it up to £2600. We now have enough for solicitors fees and this month's rent. My husband will get paid at the end of the month and will cover next (and hopefully last) months rent. I did some calculations last night to see how much we should have left for flooring but completely forgot that the rent portion of the S/O is due in advance, so we might not have as much for flooring as previously planned.

    We're trying to keep groceries to £60/week but I think we can try and shrink that expense a little more.

    And I read that underlay quality is more important than carpet, but I'm not convinced a very cheap carpet will really work, but I guess we just need to go to see samples, because if the cheapest carpet is not too bad, we could save a fair bit. We're only looking to carpet bedrooms and stairs, as the children keep spilling things in the living areas, so we want a wipeable flooring downstairs (not sure what type yet, they all seem to have their pros and cons. And the cost is an issue)
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £471.44/£100 12/17 £114/£100
    • Silence101
    • By Silence101 12th Aug 17, 6:39 AM
    • 313 Posts
    • 478 Thanks
    Silence101
    TT another £3. Pretty impressed I've managed to transfer almost £100 since the beginning of the diary. And I know I would have spent quite a bit of that had I left it in my current account. My husband should be able to transfer a substantial amount today as he worked a second job last month, although we've had a few unexpected expenses, so we haven't been able to save as much as originally planned but we haven't had to dip in our savings to cover the costs, so it's all good.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £471.44/£100 12/17 £114/£100
    • michelle09
    • By michelle09 12th Aug 17, 2:00 PM
    • 470 Posts
    • 1,856 Thanks
    michelle09
    Hey Silence! Looks like you're doing well so far - and it really does help to put money in another account to where you can't get at it easily.

    I'm not sure if underlay quality is more important than the carpet, but I certainly wouldn't skimp on it. Particularly if it gets a lot of use.
    • Viking_mfw
    • By Viking_mfw 12th Aug 17, 4:32 PM
    • 60 Posts
    • 267 Thanks
    Viking_mfw
    Expensive underlay can really make a huge difference. When they came to do our hall, much later than the rest of the house because the original carpet had been ripped, they didn't have the underlay we'd ordered, only the more expensive one. It feels like a completely different carpet as a result - much much thicker and more cushy to walk on. I would definitely consider really good underlay with maybe a second or third cheapest carpet range.
    • Silence101
    • By Silence101 12th Aug 17, 7:39 PM
    • 313 Posts
    • 478 Thanks
    Silence101
    Thanks for the recommendations re underlay. We're starting to try and price things up, and seeing what can fit in our budget.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £471.44/£100 12/17 £114/£100
    • Kittenkirst
    • By Kittenkirst 12th Aug 17, 9:11 PM
    • 1,641 Posts
    • 8,577 Thanks
    Kittenkirst
    We didn't opt for carpets in most of our rooms, but a key tip from people who had houses and experience was to pay more for the better underlay in high-traffic areas such as hallways and the stairs. Spare bedrooms or even master bedrooms could have a slightly cheaper underlay as they won't have anywhere near as much treading on over time.

    Your savings are going well, and like you I have to move cash out of accounts to prevent it being frittered away and to give me motivation when I see the figures building
    2017 MFW #20 - OP £2508.28/ £2150 117%. New target £2500 100%
    Last 3 months- Oct: £179.60 Nov: £160.33 Dec: £212.41

    Emergency fund £4K/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • Silence101
    • By Silence101 12th Aug 17, 10:25 PM
    • 313 Posts
    • 478 Thanks
    Silence101
    We didn't opt for carpets in most of our rooms, but a key tip from people who had houses and experience was to pay more for the better underlay in high-traffic areas such as hallways and the stairs. Spare bedrooms or even master bedrooms could have a slightly cheaper underlay as they won't have anywhere near as much treading on over time.

    Your savings are going well, and like you I have to move cash out of accounts to prevent it being frittered away and to give me motivation when I see the figures building
    Originally posted by Kittenkirst
    That's a thought! We hardly use our bedroom except to sleep so that would be a way to save some money.
    We know we don't want carpet downstairs, but still trying to weigh up the different flooring options, to see what should be the most child proof/budget proof. We keep going from the cheapest option of vinyl to the most expensive of wood. It will really depend on how much we have managed to save in the next month.

    The rent account is looking healthy but it's not for long, as the fees and rent are going to be due soon. Hopefully we've started a habit which we can continue long term.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £471.44/£100 12/17 £114/£100
    • penny*pincher
    • By penny*pincher 13th Aug 17, 4:28 PM
    • 43 Posts
    • 140 Thanks
    penny*pincher
    Hi Silence

    Wow looks like things are moving forward now! Well done on the TT's - nothing like the satisfaction of moving money money around and seeing how small amounts soon add up!!

    I do hope you are feeling much more positive/confident about the process now
    Help to Buy ISA: July 2017 £1200.00, August 2017 £1400.00, September 2017 £1604.01
    Savings: July 2017 £13,312.56, August 2017 £14,312.56, September 2017 £17,513.71
    - And so you all know - I absolutely LOVE Christmas!!
    • Silence101
    • By Silence101 14th Aug 17, 8:06 AM
    • 313 Posts
    • 478 Thanks
    Silence101
    Hi Silence

    Wow looks like things are moving forward now! Well done on the TT's - nothing like the satisfaction of moving money money around and seeing how small amounts soon add up!!

    I do hope you are feeling much more positive/confident about the process now
    Originally posted by penny*pincher
    Thanks!

    We should hear a bit more from the mortgage tomorrow, hoping it goes through smoothly. And the solicitors should be able to start searches by the end of the week.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £471.44/£100 12/17 £114/£100
    • shangaijimmy
    • By shangaijimmy 14th Aug 17, 8:11 AM
    • 2,281 Posts
    • 10,616 Thanks
    shangaijimmy
    [QUOTE=Silence101;72979001]We know we don't want carpet downstairs, but still trying to weigh up the different flooring options, to see what should be the most child proof/budget proof/QUOTE]

    Childproof - this mysterious dream doesn't exist in out house, even when we put all 3 of them in straight jackets they still find a way
    MFW: Turning June 2036 into March 2023... 33//120 Payments Challenge, Diary Reduction £35,448.08
    Aug 2009: £163,051 // Current: £100,551.94 // Avg Daily Interest £4.52
    MFiT-T4 #8 - 56.74% of £41,000
    • tori.k
    • By tori.k 14th Aug 17, 10:36 AM
    • 2,924 Posts
    • 6,680 Thanks
    tori.k
    In my first house I wanted the look of the same carpets throughout the upstairs rooms but didn't have the budget for it, but managed to find carpet remnants all within a shade or two of the same colour that saved a small fortune. Good luck
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 25300
    • Silence101
    • By Silence101 14th Aug 17, 12:46 PM
    • 313 Posts
    • 478 Thanks
    Silence101
    We'll have a look for remnants, we aren't too fussy (as long as they are the right size.)

    My husband thinks the living room is just concrete at the moment, so at a push we could leave it as it is for a month or two to save up for more expensive flooring, as it won't get damaged. I thought it was board so we'll find out when (if) we get the keys.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £471.44/£100 12/17 £114/£100
    • Silence101
    • By Silence101 15th Aug 17, 7:17 AM
    • 313 Posts
    • 478 Thanks
    Silence101
    Today we should find out a bit more about the mortgage progression. We're going through a broker who updates us twice a week. The valuation happened last week, and apparently they were checking our paperwork yesterday. Hoping it all goes smoothly, as we're already imagining ourselves living there... it's going to be rough if it falls through now...
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £471.44/£100 12/17 £114/£100
    • Kittenkirst
    • By Kittenkirst 15th Aug 17, 10:17 AM
    • 1,641 Posts
    • 8,577 Thanks
    Kittenkirst
    Fingers crossed for exciting news for you Silence
    2017 MFW #20 - OP £2508.28/ £2150 117%. New target £2500 100%
    Last 3 months- Oct: £179.60 Nov: £160.33 Dec: £212.41

    Emergency fund £4K/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • Silence101
    • By Silence101 15th Aug 17, 1:16 PM
    • 313 Posts
    • 478 Thanks
    Silence101
    Fingers crossed for exciting news for you Silence
    Originally posted by Kittenkirst
    We've been approved for the mortgage!! So happy!!
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £471.44/£100 12/17 £114/£100
    • tori.k
    • By tori.k 15th Aug 17, 6:28 PM
    • 2,924 Posts
    • 6,680 Thanks
    tori.k
    Great news, congratulations
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 25300
    • Silence101
    • By Silence101 15th Aug 17, 6:59 PM
    • 313 Posts
    • 478 Thanks
    Silence101
    Great news, congratulations
    Originally posted by tori.k
    Thanks!!
    I'm hoping the solicitors will be as fast, and that we can move by the end of September. Already trying to think of what we can start packing, although I probably shouldn't jump the gun too soon.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £471.44/£100 12/17 £114/£100
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