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  • FIRST POST
    • Silence101
    • By Silence101 3rd Aug 17, 4:27 PM
    • 183Posts
    • 286Thanks
    Silence101
    Saving for a deposit/paying down the mortgage
    • #1
    • 3rd Aug 17, 4:27 PM
    Saving for a deposit/paying down the mortgage 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; 22-09-2017 at 4:59 PM. Reason: We've bought the house!
Page 5
    • Silence101
    • By Silence101 29th Aug 17, 10:26 AM
    • 183 Posts
    • 286 Thanks
    Silence101
    We're still waiting for the searches to come back (the bank holiday hasn't helped). Solicitors think it'll be another week, so we probably won't have any updates until then.

    I need to take a lot of books to the charity shop later, and try and fill another box up with unwanted stuff. If we manage to fill a box a day we should manage to declutter quite a large amount in a short amount of time. I sometimes dream of a skip, but doubt we'd fill it. It would just be easier to chuck everything out of the window.
    09/2017 We've bought a shared ownership house
    Mortgage amount £77500 over 35 years. Original date 2052 Hoping to pay it off in half the time or less.
    Realistic goal (I hope) 20 years, dream goal (but not very realistic) 10 years.
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 29th Aug 17, 10:49 AM
    • 315 Posts
    • 1,260 Thanks
    wishingthemortgaheaway
    Try we buy books or Ziffit for the books, zap them with your phone and see how much you can get for them. They don't take everything, but anything is better than nothing. I'm slowly sorting through books and have an empty nappy box under my bed I keep popping them into.


    Grrrr on the searches though. You would have thought, in this day and age, it would be a simple, straight forward, quick and cheap process.
    The 100 payment countdown (each payment = £400)
    2017
    July : £36,800 8/100
    August: £36,411.85 8/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • Silence101
    • By Silence101 29th Aug 17, 11:31 AM
    • 183 Posts
    • 286 Thanks
    Silence101
    Try we buy books or Ziffit for the books, zap them with your phone and see how much you can get for them. They don't take everything, but anything is better than nothing. I'm slowly sorting through books and have an empty nappy box under my bed I keep popping them into.


    Grrrr on the searches though. You would have thought, in this day and age, it would be a simple, straight forward, quick and cheap process.
    Originally posted by wishingthemortgaheaway
    We tried the online book places, but it really was pennies, so I've just taken them down to the charity shop, they might have more luck selling them at a slightly higher price.

    From what I gather most searches are quite quick, but I think they wait to get all of them before going through them, which probably makes sense instead of doing bits by bits, but it's no good for impatient people like me
    09/2017 We've bought a shared ownership house
    Mortgage amount £77500 over 35 years. Original date 2052 Hoping to pay it off in half the time or less.
    Realistic goal (I hope) 20 years, dream goal (but not very realistic) 10 years.
    • Silence101
    • By Silence101 30th Aug 17, 10:26 AM
    • 183 Posts
    • 286 Thanks
    Silence101
    The solicitors are now waiting for paperwork from the developers. They think it's unlikely that we'll be keeping to the deadline... As it's out of our control I'm not too worried about it.
    I keep looking on right move just in case there's properties coming on the market in our budget, but nothing yet, or at least nothing with an outside space for the kids to play. So hopefully this works out and soon!

    I keep forgetting to update my signature, so will probably remove it. Did a NSD yesterday and hoping for another today. As it's raining it shouldn't be too hard!
    09/2017 We've bought a shared ownership house
    Mortgage amount £77500 over 35 years. Original date 2052 Hoping to pay it off in half the time or less.
    Realistic goal (I hope) 20 years, dream goal (but not very realistic) 10 years.
    • Silence101
    • By Silence101 31st Aug 17, 8:39 AM
    • 183 Posts
    • 286 Thanks
    Silence101
    Another day of waiting. Found a few boxes in town, but haven't started packing yet. Can't believe it's September tomorrow!
    09/2017 We've bought a shared ownership house
    Mortgage amount £77500 over 35 years. Original date 2052 Hoping to pay it off in half the time or less.
    Realistic goal (I hope) 20 years, dream goal (but not very realistic) 10 years.
    • Silence101
    • By Silence101 3rd Sep 17, 11:55 AM
    • 183 Posts
    • 286 Thanks
    Silence101
    We received our contracts and have been reading through them. It's coming up with a lot of "cons" in our pros and cons list. We're viewing the house again this afternoon, so we've got a lot of questions to ask, before we phone the solicitors next week. Hopefully seeing the house again will ease my doubts. It no longer seems like a great idea to overpay on the mortgage for the house, as we've heard new builds depreciate quite a bit in the beginning, so I'm thinking we should just build our savings as much as possible to put down a bigger deposit for a whole house in the next 5/10 years. (Sooner the better but we're can only plan with the money/wages we have now)
    09/2017 We've bought a shared ownership house
    Mortgage amount £77500 over 35 years. Original date 2052 Hoping to pay it off in half the time or less.
    Realistic goal (I hope) 20 years, dream goal (but not very realistic) 10 years.
    • Silence101
    • By Silence101 4th Sep 17, 12:06 PM
    • 183 Posts
    • 286 Thanks
    Silence101
    Managed to transfer another £15 to the rent account. We viewed the house yesterday, and took all the room measurements, so we can get quotes for flooring.
    It's interesting because we had forgotten some things, so it was nice to refresh our minds. We get to see it one more time between exchange and completion.

    As we've been reading through the lease we have a million and one questions to ask the solicitors.

    And as expected, after telling us the house had to be reserved there and then, we've found out that none of the other houses have been reserved yet. And that was all over a month ago, so not quite the emergency it sounded like it was going to be.
    • Silence101
    • By Silence101 4th Sep 17, 4:57 PM
    • 183 Posts
    • 286 Thanks
    Silence101
    In an attempt to control the toy clutter, (as the new house is smaller and we already struggle with the toys as it is) I've asked the children to pick their 5 favourite soft toys. They were surprisingly quick to finding the ones they wanted to keep. They were a bit upset when I packed all the other soft toys, but I've told them that if they ask me for a specific toy from the bag I will get it out, but they will all go to the charity shop if/when we move (so by the end of the month). I'm pretty sure that at least half will be forgotten (hopefully more)

    I've also started packing finally, and can already see a lot of random bits that won't make it to the new house.
    09/2017 We've bought a shared ownership house
    Mortgage amount £77500 over 35 years. Original date 2052 Hoping to pay it off in half the time or less.
    Realistic goal (I hope) 20 years, dream goal (but not very realistic) 10 years.
    • Silence101
    • By Silence101 5th Sep 17, 9:02 AM
    • 183 Posts
    • 286 Thanks
    Silence101
    Tt £0.43! We had to buy a few school bits yesterday, and more folders for all the paperwork the solicitors have sent us.

    I packed a bit more yesterday, and have got a bag of things we haven't used since we moved.
    We still don't know what we're doing about the house, as the lease is quite prohibitive. We were going to try and overpay initially, but now we're worried about the prices potentially going down that we don't know if it make financial sense to overpay or to just grow our savings. I need to read up on what happens when we're in negative equity really.
    09/2017 We've bought a shared ownership house
    Mortgage amount £77500 over 35 years. Original date 2052 Hoping to pay it off in half the time or less.
    Realistic goal (I hope) 20 years, dream goal (but not very realistic) 10 years.
    • Jessy103
    • By Jessy103 5th Sep 17, 11:04 AM
    • 439 Posts
    • 1,860 Thanks
    Jessy103
    Sounds like you're making great progress with the sorting and packing! We've been in our house 10 years now and that's longer than what we thought we'd be because it went into negative equity (we bought it in 2007 and in 2008 the financial crisis happened!). We're working on our savings and getting it up to 6 months worth of bills but we're still making overpayments on the mortgage because we figured the less we have to pay on the mortgage the more we can put into savings. I'm sure once you are moved in and get settled you'll be able to figure out what works best for you.

    Fingers crossed you're in your new home soon!
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount July 2017 - £62,900.00
    Overpayment Target for 2017 - £5,000 /£3,679.09
    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
    • Silence101
    • By Silence101 5th Sep 17, 11:26 AM
    • 183 Posts
    • 286 Thanks
    Silence101
    Thanks!
    We've received the contracts from the solicitors, but we are (ok, ok I am) having second thoughts about it, so we haven't signed them yet. We can't seem to get hold of our solicitors either so things are going into standstill at the moment. I can't say I'm impressed with their communication skills but hopefully the sale will be sorted this month and we won't have to deal with them again.

    I am worried there will be a repeat of 2008 what with Brexit and the new landlord tax rules, but I guess house buying always comes at a risk. It just seems to be a bigger risk buying into a shared ownership, as we're dealing with even more people's interests. With a "normal" house purchase you have the owner and the bank to take in account, here we also have a landlord involved, so our "rights" are very similar to rented accommodation, and we could end up losing a lot more than if we were renting. I'm sure it'll all work out, but it's too easy to dwell on the negatives, until we are actually in the house and can start making it a home.
    09/2017 We've bought a shared ownership house
    Mortgage amount £77500 over 35 years. Original date 2052 Hoping to pay it off in half the time or less.
    Realistic goal (I hope) 20 years, dream goal (but not very realistic) 10 years.
    • Silence101
    • By Silence101 6th Sep 17, 1:30 PM
    • 183 Posts
    • 286 Thanks
    Silence101
    Took some more books and clothes to the charity shop. I'm working with the new rule "it has to fit in the space we have". Groundbreaking rule, which is probably obvious for 99% of people but seems to have bypassed me for all this time. It helps that we're trying to see what furniture will fit where in the new house, and the realisation that we have more furniture than space at the moment.
    09/2017 We've bought a shared ownership house
    Mortgage amount £77500 over 35 years. Original date 2052 Hoping to pay it off in half the time or less.
    Realistic goal (I hope) 20 years, dream goal (but not very realistic) 10 years.
    • Silence101
    • By Silence101 8th Sep 17, 6:50 AM
    • 183 Posts
    • 286 Thanks
    Silence101
    I think today is the day we're signing the contract, mortgage deeds and lease. We're both a bit unsure, it's such a big step!

    Ideally they want us to exchange on the 12th but even if we send the forms back at the weekend I think the solicitors haven't finished their queries. So we might miss the date, but hopefully not by much.
    09/2017 We've bought a shared ownership house
    Mortgage amount £77500 over 35 years. Original date 2052 Hoping to pay it off in half the time or less.
    Realistic goal (I hope) 20 years, dream goal (but not very realistic) 10 years.
    • Silence101
    • By Silence101 8th Sep 17, 8:20 PM
    • 183 Posts
    • 286 Thanks
    Silence101
    It's official, WE HAVE SIGNED THE PAPERS! We'll be sending them tomorrow, hoping to exchange by next Friday and complete a week later. If that happens it'll be great timing as Mr Silence has a few days off at the end of the month so he can put the flooring down (although we haven't ordered it yet, and I'm not sure how soon as we order it we can have it delivered.
    09/2017 We've bought a shared ownership house
    Mortgage amount £77500 over 35 years. Original date 2052 Hoping to pay it off in half the time or less.
    Realistic goal (I hope) 20 years, dream goal (but not very realistic) 10 years.
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 8th Sep 17, 10:50 PM
    • 315 Posts
    • 1,260 Thanks
    wishingthemortgaheaway
    Woo hoo great news. Hope it runs smoothly from here onwards
    The 100 payment countdown (each payment = £400)
    2017
    July : £36,800 8/100
    August: £36,411.85 8/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • Silence101
    • By Silence101 8th Sep 17, 11:43 PM
    • 183 Posts
    • 286 Thanks
    Silence101
    Thanks! Can't wait now!
    Someone viewed our rented house and wants to move in if we move out, so it's all fitting into place now. Just need to actually decide what flooring and where we'll get it from.
    09/2017 We've bought a shared ownership house
    Mortgage amount £77500 over 35 years. Original date 2052 Hoping to pay it off in half the time or less.
    Realistic goal (I hope) 20 years, dream goal (but not very realistic) 10 years.
    • Silence101
    • By Silence101 11th Sep 17, 9:31 AM
    • 183 Posts
    • 286 Thanks
    Silence101
    I'm sending off the paperwork this morning. If all goes smoothly now we'll have the keys by the end of next week. I'm not actually sure how/where we pick them up from! Mr Silence is working all day on the estimated completion day and I have the school run to think about, so I hope I won't have to go all the way to the solicitors to pick them up, as they are over an hour away by train.
    09/2017 We've bought a shared ownership house
    Mortgage amount £77500 over 35 years. Original date 2052 Hoping to pay it off in half the time or less.
    Realistic goal (I hope) 20 years, dream goal (but not very realistic) 10 years.
    • Silence101
    • By Silence101 12th Sep 17, 6:41 AM
    • 183 Posts
    • 286 Thanks
    Silence101
    I've read about what happens with getting the keys, so now I'm thinking the sales person will hand them over on the day, instead of us having to go to the solicitors. (Which makes a lot more sense)
    In theory the solicitors should be getting all the paperwork today, and hopefully we haven't missed any!
    We've been playing around with the furniture and have finally got a plan about what will go where. Because we're losing the dining room, we have to repurpose a cupboard as a TV stand so we're able to close it when we don't want the children watching it.
    09/2017 We've bought a shared ownership house
    Mortgage amount £77500 over 35 years. Original date 2052 Hoping to pay it off in half the time or less.
    Realistic goal (I hope) 20 years, dream goal (but not very realistic) 10 years.
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 12th Sep 17, 6:51 AM
    • 315 Posts
    • 1,260 Thanks
    wishingthemortgaheaway
    Really hope it all goes smoothly for you over the next few days.

    Did you get the furniture bits sorted? Was it you that needed bunk beds for when you moved?
    The 100 payment countdown (each payment = £400)
    2017
    July : £36,800 8/100
    August: £36,411.85 8/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • Silence101
    • By Silence101 12th Sep 17, 9:25 AM
    • 183 Posts
    • 286 Thanks
    Silence101
    Thanks!
    We haven't actually looked for them yet, as it still doesn't feel real (luckily we should have almost a month overlap between getting the keys and moving out and I think we'll wait until the last weekend before hiring the van) We're thinking of maybe getting the beds with desks and wardrobes underneath, so we could save a lot of space. Found some on Argos, so now I know whether the ones I find second hand are a good deal or not.
    We need to wait until we've exchanged before we can apply for schools so the eldest will probably have to stay at the current school until half term, meaning we have to try and see what bits can go to the new house soon, and which bits have to stay here. We'll probably end up on air beds the last week, living from a suitcase or two.
    09/2017 We've bought a shared ownership house
    Mortgage amount £77500 over 35 years. Original date 2052 Hoping to pay it off in half the time or less.
    Realistic goal (I hope) 20 years, dream goal (but not very realistic) 10 years.
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