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  • FIRST POST
    • Silence101
    • By Silence101 3rd Aug 17, 4:27 PM
    • 310Posts
    • 464Thanks
    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 3
    • Silence101
    • By Silence101 15th Aug 17, 8:21 PM
    • 310 Posts
    • 464 Thanks
    Silence101
    Just transferred another £20 into savings. My husband wants to buy a dishwasher when we move, so it'd be nice if I can save towards that.
    We're on holiday at the moment, so spending a bit more than planned, but trying to keep costs low.
    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 16th Aug 17, 8:28 AM
    • 310 Posts
    • 464 Thanks
    Silence101
    The rent account is looking healthy, but rent due out tomorrow so won't be quite so good. Waiting for solicitors to invoice us for the necessary searches, as I understand that they won't start them until we've paid them.
    Not quite convinced we'll be ready by the 28 day deadline, but it shouldn't be too long after. (Hopefully!)
    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
    • Jessy103
    • By Jessy103 16th Aug 17, 10:54 AM
    • 468 Posts
    • 1,981 Thanks
    Jessy103
    Great news! I hope it all goes smoothly for you!
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount Oct 2017 - £61,990.00
    Overpayment Target for 2017 - £5,000 /£4,060.70
    Jan - £873.26 Feb - £185.38 March - £269.07 April - £193.66 May - £467.64 June - £407.79 July - £849.96 August - £255.11 September - £177.22 October - £381.61
    • Silence101
    • By Silence101 16th Aug 17, 11:40 AM
    • 310 Posts
    • 464 Thanks
    Silence101
    Great news! I hope it all goes smoothly for you!
    Originally posted by Jessy103
    Thanks! It hasn't quite sunk in yet, maybe by the time we can exchange

    Paid the searches fee, and the solicitors have received the HAs contracts, so it should all be going forward 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
    • Silence101
    • By Silence101 17th Aug 17, 6:12 AM
    • 310 Posts
    • 464 Thanks
    Silence101
    TT £2 to rent account. The search fees and rent have come out so we need to build it up again. Obviously my tiny amounts don't really manage to cover the costs of moving, but it does add up to cover smaller costs that we're probably forgetting (we've only just remember that we need to get the oven cleaned professionally before we move 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 18th Aug 17, 6:26 AM
    • 310 Posts
    • 464 Thanks
    Silence101
    Expensive day out planned for today, but we're taking a packed lunch to keep the cost as low as possible. MiniMe2 had a fever yesterday, but seems a lot better after a night's sleep. We'll take the buggy in case she wants to sleep during the day.
    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 18th Aug 17, 8:48 AM
    • 310 Posts
    • 464 Thanks
    Silence101
    DH and I have been chatting about flooring for the new place. I think we've decided on vinyl in the living room, but with a strip of carpet where the sofa/TV will be. The living room is just a bit too big to find wide enough vinyl, so by having the carpeted area we should be able to get easily available vinyl, instead of paying a premium for a wider bit.
    I'm thinking a pale whitish wood look, as we have a lot of furniture and I want the room to look as big and bright as possible.
    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 18th Aug 17, 8:51 AM
    • 310 Posts
    • 464 Thanks
    Silence101
    Transferred £5 to rent account, meaning I've been able to send over £120 since August. I don't know how likely I can keep that up, especially with potential new school uniforms needed, but whatever I can save now will make it easier to get through the next 2 months.
    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
    • smallholdingsister
    • By smallholdingsister 18th Aug 17, 9:49 AM
    • 3,557 Posts
    • 27,670 Thanks
    smallholdingsister
    Exciting to have a new home soon.
    • Silence101
    • By Silence101 18th Aug 17, 5:27 PM
    • 310 Posts
    • 464 Thanks
    Silence101
    Exciting to have a new home soon.
    Originally posted by smallholdingsister
    Yes! We're waiting for news from the solicitors, but so far so 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
    • Silence101
    • By Silence101 19th Aug 17, 6:25 AM
    • 310 Posts
    • 464 Thanks
    Silence101
    Tt £5.16 this morning. I spent more than planned yesterday, so I need to be careful the rest of the month. It would be a pity if I needed to transfer back some of the money from savings.
    As we've only ever rented before, we're now learning that DH and I have different tastes in decor. I was looking at some vinyl designs for the hallway, and the ones I liked, DH really didn't. I'm hoping we can go with something more patterned, as we're keeping all the other rooms plain. (And patterns may help hide the dirt from shoes and the buggy.
    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 20th Aug 17, 8:59 AM
    • 310 Posts
    • 464 Thanks
    Silence101
    Tt £2.04 this morning. I've got £100 left in my current account for the next two weeks, and I've just remembered I need to buy school shoes and tights for my eldest. We've decided not to buy any other uniform bits until we know we're moving, as if we are, it's very likely to not be the same colours at the new school. So for the first half term she'll have to make do with last year's jumpers and skirts. If it all falls through we'll buy her new ones in October, so either way we'll have to spend the money, but not for just a month's worth.
    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
    • Poorlittletightgirl
    • By Poorlittletightgirl 20th Aug 17, 11:27 AM
    • 29 Posts
    • 87 Thanks
    Poorlittletightgirl
    Hi Silence,

    Congratulations on the mortgage! It's so exciting getting your first house and making plans. When we moved in people were so helpful giving us things like curtains and bits of furniture, so far we've not had to buy very much at all. I'm also thinking I'd prefer second hand stuff because I'd be devastated when the babies ruin everything, our carpet is already a bit of a mess - so I recommend dark colours and the stain resistant options they offer!

    Also sometimes waiting a bit to decorate is a good idea, as when you've lived there a few months you realise what will actually work better than you first thought!

    Enjoy the move and I'll enjoy following your thread!

    PLTG x
    • Silence101
    • By Silence101 20th Aug 17, 6:01 PM
    • 310 Posts
    • 464 Thanks
    Silence101
    Hi Silence,

    Congratulations on the mortgage! It's so exciting getting your first house and making plans. When we moved in people were so helpful giving us things like curtains and bits of furniture, so far we've not had to buy very much at all. I'm also thinking I'd prefer second hand stuff because I'd be devastated when the babies ruin everything, our carpet is already a bit of a mess - so I recommend dark colours and the stain resistant options they offer!

    Also sometimes waiting a bit to decorate is a good idea, as when you've lived there a few months you realise what will actually work better than you first thought!

    Enjoy the move and I'll enjoy following your thread!

    PLTG x
    Originally posted by Poorlittletightgirl
    Thanks!
    We're lucky we've been renting so long we've hardly anything to buy, apart from 2 appliances, and a few lampshades. The flooring really will be our biggest cost, but we'll try to get it as cheap as possible, with the idea to replace some when the kids are older (or moved out ) I know that I don't want to spend all my time fretting because they could be staining things, so wipe able flooring is a must downstairs!
    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 20th Aug 17, 9:06 PM
    • 310 Posts
    • 464 Thanks
    Silence101
    Just got home from holidays to find our mortgage offer letter! Rather exciting stuff!
    I need to make a spreadsheet for overpayments, I keep looking at the online calculators but a spreadsheet feels more permanent. We're planning on overpaying the difference between our current rent and the new rent/mortgage to start with. At least DH and I are on the same page as I've shown him how much interest we'd be able to save. We can overpay by 10% the first 2 years, then any amount we like/can afford.

    On a spending note, I've been buying photobooks these last few months, which might not be very MSE but at least we now can look through our photos in print instead of forgetting them on the computer.
    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 21st Aug 17, 11:26 AM
    • 310 Posts
    • 464 Thanks
    Silence101
    Tt £0.01 today
    I've got a £40 budget for food this week (and laundry powder) but I'm hoping we can do it for less, by raiding the freezer, and making meals with what we do have, although it won't be a spend free week as I have already been trying to use up the cupboard stuff before our holidays. And the kids aren't too keen on random food mixtures
    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 22nd Aug 17, 7:41 AM
    • 310 Posts
    • 464 Thanks
    Silence101
    NSD yesterday, but today is food shop day. I need to write a list!

    Trying to keep busy as all I want to do is phone the solicitors to see how the searches are going. We paid for them last week, so I doubt they are all back yet. Our council website says it takes them 10 working days, although I'm hoping it'll be quicker!
    The original completion date is in 4 weeks time, still don't know how likely it'll happen by then!

    We moved to this house is January and got rid of quite a lot in the process, but the new house is even smaller, so we need to be more ruthless, but I don't really know where to start! There's a lot more storage here too (apart from the kitchen which will be an improvement to what we have 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 22nd Aug 17, 7:57 AM
    • 1,633 Posts
    • 8,516 Thanks
    Kittenkirst
    We did loads of decluttering ready for our house, and am still doing it now.
    A good way I've found is to look at what you use regularly and move them out of he way, then look at what you have left. Anything not used in 6 months/ a year is it needed? If not, list it on eBay/gumtree/fb/ charity shop it.
    Anything you have duplicates of get rid of extras and keep the one (we had three can openers all working fine!).

    Tackling decluttering/sorting in sections always helps....I had five open moisturizers in different cupboards/make up bags etc. I'm still working on using up loads of toiletries but it's meant I haven't bought a lot of toiletries in 10 months :-o

    Good luck with the decluttering and hope you hear back soon on the searches
    2017 MFW #20 - OP £2348.20/ £2150 106%. New target £2500 93.9%
    Last 3 months- Oct: £179.60 Nov: £160.33 Dec: £52.33

    Emergency fund £4K/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • shangaijimmy
    • By shangaijimmy 22nd Aug 17, 8:04 AM
    • 2,274 Posts
    • 10,516 Thanks
    shangaijimmy
    Exciting times. I actually enjoy the process of de cluttering as it feels very cathartic! Also fully with you on the spreadsheet, but a word of warning...spreadsheet fiddling becomes very addictive!! Mine is permanently open on my work work laptop and my chromebook at home!
    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
    • Silence101
    • By Silence101 22nd Aug 17, 8:14 AM
    • 310 Posts
    • 464 Thanks
    Silence101
    We haven't touched our books since we moved so I've donated a few, waiting for DH to come home this weekend to hopefully get rid of some of his too.
    I was surprised to see we used at least 85% of our kitchen stuff, but there's a couple of random drawers that we can probably empty. And we really need to be strict about space, if it doesn't fit we can't keep it all (our current house is a smidgen neater than the old flat, because we tried to make sure things fitted in the storage we have, but it's starting to overflow again.)
    The new house has a shed, I can already see how we could easily keep unnecessary things just because we have the storage...
    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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